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.
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Cyber 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 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 the business couldn’t…
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 MoreWhat Do You Need to Know About Life Insurance?
First off, do you even need life insurance? If anyone currently relies on you financially, you should have life insurance. When you’re gone, your family will not have the support of the income you had provided in the past so life insurance helps replace that financial contribution to your family. Whether it’s enough life insurance…
Read MoreTo Have and to Hold, in Sickness and in Health: Strategies for Managing Risk on Design/Build Teams
By Jonathan C. Shoemaker, Esq. Before joining a team to submit a proposal on a design-build project, it is important to understand the risks to the design professional’s firm associated with participating on a design-build team – including risks that arise even before the design-build team is awarded the project! This paper provides a framework…
Read MoreCan Architects Rely on Manufacturer-Provided Information?
Recently, there have been disputes and judicial decisions addressing the responsibility of architecture firms to understand the composition, performance, and availability of specified products, materials, and systems. In most cases, absent an affirmative statement by the architecture firm that it will determine the attributes of components specified for a design, courts have not unreasonably extended…
Read MoreFAQs About Disability Income Insurance
While disability income insurance is one of the most overlooked types of insurance, it is one of the most important. It can help provide a safety net for unexpected pitfalls in life, such as injury or illness that prevent you from performing your duties and obtaining your normal cash flow. Some frequently asked questions (FAQs)…
Read MoreBack to Basics: An Effective Risk Management Program
A successful risk management plan requires consideration of exposure, capability, responsibility, and power. Regardless of how a firm positions itself and selects its clients, a carefully crafted risk management program is the basic foundation for a firm’s ultimate survival and a major contributor to a firm’s success and profitability.
Read MoreRetirement & Financial Planning Tools
The AIA Trust offers resources to assist AIA Members with challenging financial and retirement decisions. Financial Management Resources Whether you’re just starting your own firm or running an established firm – managing your company financials is critical. This list of helpful resources will help you plan strategically for success. View > Financial planning online tool Developed…
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