Ways to improve my architecture/engineering firm’s professional liability renewal premium-
The renewal premium is based on the fully completed professional liability renewal application, but there are some ways to help to get a lower insurance premium.
One of those ways is to have as many risk management measures as possible in place to improve your firm’s premium. These risk management measures include peer reviews, pre-project planning process, construction administration services, continuing education, constructability reviews and a risk management program at your firm. These measures will vary with each insurance company but to have these in place to begin with will help with your firm’s overall risk management program.
Having a high percentage of written contracts will help with your firm’s professional liability renewal premium. Having contracts in place is always better for your firm in the event of a claim but it also helps with your firm’s renewal premium. Also, within those contracts if your firm has a limit of liability some insurance companies provide discounts for this clause.
If your firm has provided feasibility studies, master plans, reports, opinions, non-structural interior design, or forensic engineering be sure to include those on the application. Even if a part of the project included these services be sure to include those on the renewal application.
Several insurance companies also have other policies, such as workers compensation and business owner policies. If your firm has other policies with the same insurance company, they will provide an additional discount on your firm’s professional liability policy.
The application also asked about direct reimbursables in the billings section. If your firm has been reimbursed for travel, printing or per diem, do include them on the line item on the billings question. Please note this does not include sub consultants. Most applications will have a separate section for subs.
If your firm has questions about how to save on your professional liability renewal premium please call, or email, your Professional Underwriter agent for assistance.