Not only will risk management provide additional protection and education for your firm but it could provide additional premium credit for your firm’s professional liability policy.
Typically, there isn’t one section of the application under risk management that provides premium credit. It is an overall risk management program that your firm has implemented that will help in the premium. Here are a few key areas to note in risk management.
Does your firm have an updated quality control manual? It is good to have a quality control manual but equally important is to keep it up to date. CLICK HERE for a resource that may be helpful in developing the quality control manual.
Does your firm have a project/client selection process? Typically, it will be what your firm is familiar with in regard to a client and/or project. However, if your firm decides to go outside of your typical project or client, do you have a process to make sure the risk management of the project or client fits your firm’s risk management practices.
Does your firm have a pre-project planning process? This may be included in your firm’s quality control manual already, but it is always a good idea to have a process for pre-project planning. CLICK HERE for help with pre-project planning.
Does your firm have an internal or external peer review? This can be good to catch items that may cause issues further down the road. Peer reviews don’t have to be a formalized process, but it is always a good idea to get a second set of eyes on a design.
If you have any questions about risk management premium savings please call, or email, your Professional Underwriter agent, for assistance.