risk management tools

Risk Management Tools

Risk management tools available for architect and engineering firms-

Insurance policies are a part of a risk management program for design firms.  However, there are additional risk management tools available to help to alleviate claims.

Contract reviews from insurance companies for insurability are available.  This is typically offered as a free service from your insurance company.  They will provide feedback as to what is and what is not covered by your firm’s policy.  It is always advised that your firm’s attorney review the contract as well for legal issues.

Webinars, seminars, and general continuing education.  There are several resources for education.  This is not only important for principals but for staff working with your firm’s clients.  There is always something to be learned at a seminar or webinar.  Your firm’s agent may provide a seminar and your firm’s insurance company will likely have webinars available at no cost.  Professional associations also offer seminars, check with your local chapter.

Newsletters from your firm’s insurance agency and insurance company will provide additional risk management information.  The websites of insurance agents and insurance companies will also have risk management information available.

Procedures that can be implemented at your firm and are effective for risk management.  Your firm can implement a client and project selection process, written quality control procedures, pre-planning process, design review process, construction administration services, and peer reviews.

Always keep in mind that if your firm does get into a situation that feels ‘off’ with a project, your professional liability insurance company will typically have a pre-claim reporting available.  This is a time when there hasn’t been an actual claim reported but there have been some issues that have been raised on the project.

If your firm has any questions on risk management tools available, please call, or email, your Professional Underwriter agent for assistance.

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