Professional service firms are facing an increased exposure to cyber liability. According to Victor, many firms do not take the necessary steps to secure their systems, guard their digital assets, protect confidential client information, and maintain productivity. Each firm should have digital protection protocols that help avoid or minimize data breaches. There should also be…
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Yearly Financial Checklist
A new year is an excellent time to consider how you’re doing financially and set goals for the year ahead. Pursuing your goals may be easier when you focus on one specific priority each month. This calendar of ideas will stimulate your thinking about dollars-and-cents objectives. January Pay off any holiday season credit card bills…
Read MoreOne Trip Away from Financial Crisis
Most people will agree that quality medical insurance is an important part of an individual’s overall health and wellness. However, there is a great deal of variance in the level of coverage offered. In addition, the level of emergency coverage and the type of emergency services included in a medical policy are significant because emergency…
Read MoreTen Things To Know About P3s
In her role as Director of Victor’s Risk Management Services, Yvonne Castillo will be expanding the company’s resources in terms of project delivery for public works. She’s identified the 10 things on which architects should focus when trying to enter the public-private partnership or P3 project delivery market. With governments across the nation struggling to…
Read MoreProtect Your Firm from Ransomware Disaster
In this age of increasing cyber crime, professional service firms either have been victims of ransomware or likely will be eventually. Firms that have experienced the chaos and despair that a ransomware attack causes know that the effects are costly, debilitating, and damaging to a firm’s reputation. Through staff education, comprehensive data protection procedures, and…
Read MoreMaterials Transparency: Opportunities and Risks
Materials transparency refers to an advocacy movement that promotes requiring manufacturers to fully disclose the material content and chemical makeup of products used in the construction of the built environment. The disclosure is in reference to a pre-determined list of substances that have been identified for potential harmful impacts to human health and the environment.…
Read MoreArchitecture Firm Insurance
Is Your Firm Covered? A design professional encounters many risks that can result in financial losses to numerous people. Insurance transfers those risks to an insurance company in return for a premium payment. There are a number of important types of architecture firm insurance that an owner should understand to determine if coverage is warranted.
Read MoreCyber Liability Is Real
Cyber liability insurance is a valuable risk management solution that addresses the emerging coverage gaps found in traditional professional liability policies. This is mainly due to the increasing reliance on technology and the use of data in design firms. From criminals tricking you into paying false invoices, to liability arising from lost data, to income…
Read MoreWhat is Key Person Life Insurance?
Key Person Insurance is life insurance coverage usually owned by the business on the key individuals within that business. In a small business, or firm, this individual is normally the owner/cofounder of the business, managing partner, and/or person responsible for the majority of profits. These key people are crucial to the business and without them…
Read MoreDon’t Neglect Four Important Risk Mitigation Techniques
Any professional practice includes risk. How a firm handles that risk is critical to its profitability, and essential to its viability. According to Victor which manages the AIA Trust-sponsored CNA professional liability insurance program, four techniques are paramount to a firm to pursuing its preferred future.
Read MoreDon’t Neglect Four Important Risk Mitigation Techniques
