Do you know that most professional liability (PL) insurers offer a “pre-claim assistance” or “loss prevention” benefit to their PL policies? When you are confronted with a difficult situation on a project that has not risen to the level of a “claim” (i.e., no one has asked you for money or services to take care…
Read MoreResource Type: Article
Climate Impact on Professional Liability
AIA’s 2021-2025 Strategic Plan states that the mission of AIA is to “inspire and empower architects to improve society and transform the world.” A key tool to enabling architects to fulfill this mission is developing a better understanding of architect’s liability as the world changes around us. And professional liability is evolving due to climate…
Read MoreAvoiding Fee Disputes
With the passage of the $1.2 trillion infrastructure act, architecture firms across the board can anticipate more work in the next few years. While the prognosis for the industry is positive, firms should take the time to establish meaningful fee collection practices so that they can remain financially solvent. Avoiding fee disputes with clients helps maintain…
Read More2021 Trends in Professional Liability Insurance
Together with the American Council of Engineering Companies, the National Society for Professional Engineers, and the American Institute of Architects, the AIA Trust participates in an annual insurance carrier interview and review of professional liability trends and risk management issues. Here’s a summary of the fall 2021 review.
Read MoreThe Importance of Employee Benefits for Small Business
For small-business owners, the importance of employee benefits is a significant factor when it comes to attracting and retaining talent. The majority of workers prefer attractive types of employee benefits—like insurance, paid time off, and a retirement plan—over pay raises. Whether you’re competing for talent or keeping the high performers you already have, small-business employee…
Read MoreOptimize Your Savings in 2022
Most architects and their employees are actively contributing to a retirement plan. Regardless of your personal situation, it makes sense to review the type of retirement plan that you have as well as your individual savings plan for retirement to make sure that you are maximizing your potential savings. The type of retirement plan, investment…
Read MoreA New Sustainable Standard for Architects
Environmental, Social and Governance (ESG) is a system of criteria related to the environment, social equity, governance and supply chain practices that measure how investments and services can be scored and screened regarding sustainability. Why is this important to you as a design professional? Let’s first define ESG. The four components when considering ESG criteria…
Read MoreDo You Know?
Do you know that the importance of documentation cannot be overstated? From the outset of a project, it is important to have a signed written contract in place that clearly sets forth your scope of services, compensation, and anticipated schedule, as well as the legal terms and conditions governing your relationship with your client. State…
Read MoreDriving in Winter
Driving safety is of the utmost importance when a winter storm rolls in. Various types of weather events can significantly affect how you drive, and different situations call for very specific steps to stay safe. These tips can help you stay in control of your vehicle as you navigate the roadways.
Read MoreGlobal Climate Talks: Connecting the Dots to Architecture
The COP26 (Conference of the Parties) climate talks took place in Glasgow over the first two weeks of November. These meetings between heads of state around the world may seem far removed from your daily business concerns, but in reality, the actions taken and resulting agreements may have far-reaching consequences for your business model, including…
Read More