The Covid-19 pandemic has changed nearly everything in our lives and in architectural practice. There are some resulting insurance issues that are important to consider and address. Taking charge of your insurance premiums Professional liability policies are priced as a percentage of revenue. Given the current situation which may result in less business for your…
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Relying on Manufacturer Representations
One of the issues faced increasingly by design firms is whether they have a right to rely on the information provided by manufacturers of products, materials, and systems. The standard of care states that if the reliance of the design firm on a manufacturer’s information or representations is reasonable at the time of the design…
Read MoreNever Too Soon to Start
If you’re relatively new to practice, you may think that you can deal with retirement planning much later. But it takes years to accumulate the savings you’ll need for an ideal retirement. It’s well worth spending time now to strategize how you’ll get from here to there–even if retirement is many years in your future.…
Read MoreIs Life Insurance for Single People?
Many people assume that life insurance is only for married couples and those with kids. While it is true that all single people may not need life insurance, there are some important reasons to consider it. You have student loan debt. Debt doesn’t die with you. While the loans through the federal government are…
Read MoreControlling Delays or Extras to Focus on Success
Contractors and clients frequently make claims against design professionals for damages resulting from construction delays. These delays may include claims for extra compensation allegedly arising from changes in the work caused by errors or omissions in the plans and specifications. The defense of these claims often involves an expensive team of analysts, consultants, experts, and…
Read MoreWhy Consider an Individual 401(k) Plan?
If you’re an architect who is self-employed or receives 1099 income as an independent contractor, you know that it’s up to you to establish a retirement plan. But do you understand the various approaches available to you, such as an individual 401(k) plan, and which may best suit you and your situation? If you’ve done…
Read MoreLong Term Care: The Time to Plan is Now
According to a report by the National Association of Insurance Commissioners, as baby boomers age, they will have to deal with one of the largest financial risks of their generation: the overwhelming majority of elderly Americans will require long-term care (LTC) in their lifetimes. The expenditure required for long-term care often exceeds retirement income and…
Read MoreProtecting Your Practice from Others’ Negligence
When a design professional agrees to provide services for a client, that design professional assumes the same level of responsibility for those services whether they are performed directly by the design professional or by a consultant. Design professionals often must rely on the services of consultants who are not a part of the design team…
Read MoreWhat Do You Need to Start a Successful Practice?
If you are thinking about or planning to start your own practice, what should you be thinking about? Starting your own practice requires a clear strategy and vision to grow a sustainable business–while planning for the unexpected. Starting a firm requires a plan on how to hire the right staff and acquire revenue-producing business. You…
Read MoreNurturing Financial Wellness at Your Firm
Financial wellness is one of the top trends in employee benefits right now because it has a good return on investment. When done right, it benefits both the employees of small businesses and their employers. It may seem like it’s outside the interest of employers to help employees deal with their individual financial issues. In…
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