Premium Credits Your Firm Can Receive on Insurance Policies

Premium credits your architecture/engineering firm can receive on insurance policies-

Each type of insurance can provide different premium credits, depending on your firm and your firm’s practices.

Professional Liability offers premium credits for several items in the application. For example, if your firm provides services that include feasibility studies, master plans, reports, opinions, non-structural interiors design or forensic engineering. These are all considered lower risk services and insurance companies will provide credits for these types of services.

Professional Liability will provide credits for a strong risk management program. This will include, but not limited to, written contracts, limitation of liability clause in your firm’s contract, quality control procedures, project/client selection process, peer review and construction administration. With most insurance companies the credit is an overall risk management credit, the more risk management the better for your firm and the premium.

Workers Compensation provides premium credits for adding a deductible to your firm’s policy. Your firm may also select a designated medical provide, from the insurance companies approved list of providers, to offer a premium credit.

With the business owner policy, there are not as many credits available but adding a deductible is always a good way to get a premium credit.

With all insurance policies, being claims free is always the best way to receive premium credits. This can be done by having a good risk management program and procedures in place with your firm to prevent claims from happening. In the event your firm does have a claim it is always best to be proactive in the claim so the claim settlement is a reasonable amount. Additionally, longevity with insurance companies will also provide premium credits.

Ask how your firm can get premium credits on your insurance policies. If you have any questions with regards to premium credits call or email your Professional Underwriters agent for assistance.premium credits



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