×

Making the Transition to Running Your Own Firm

In operating a professional practice as a private business, a licensed design professional faces many risks. A prudent design professional entering private practice should consider insurance to cover certain exposures, including professional liability, cyber liability, commercial general liability, commercial auto coverage, and the risk of property loss. In addition, practitioners should be sure they have adequate personal coverage–for their own life, health, and retirement needs. As firms grow, they may consider providing benefits to staff, such as health insurance, life & disability insurance, and retirement plans, among others. In addition, firms must consider how to manage these benefit plans. Sole proprietors should consider acquiring insurance to protect themselves and their families from injury or financial harm.




You may also be interested in:

Bridging the gap: Navigating the risks and mitigating claims in construction contract administration services

Introduction In recent years, the design industry has experienced a significant disparity in experience levels among the workforce in the field of construction contract administration (CCA) services. With a visible gap between junior staff (1-5 years of experience) and senior staff (10+ years of experience), many firms are finding themselves in a conundrum, compelling less-experienced…

ESOPs Fable: an overview of what an ESOP is and what should be considered

The Fable A sheepdog getting to the end of her prime working years, was told by the farmer that her final task was to select an appropriate replacement. So, early the next morning, she began her search of the farm for a suitable heir to her position.