There are some suggestions on how to save on insurance premiums for your firm. Each policy and each insurance company are different but here are some general suggestions.
Professional liability is likely your architect/engineering firm’s largest premium. There are some ways your firm can save on premiums. If it is available, depending on your firm’s size and the insurance company your firm is insured with, the deductible can be adjusted. While increasing your firm’s deductible isn’t a large savings, it can help with the premium. Additionally, if your firm is offered a first dollar deductible or a straight deductible, the straight deductible option will offer some premium savings. Keep in mind the first dollar is a richer benefit and may make sense for your firm, so be sure to discuss this option with your insurance agent.
Risk management is always a great way to not only have good measures in place at your firm but can be a way to save on premium. Most insurance companies will provide additional credit for risk management measures in place at your firm. Some of these risk management tools are participating in seminars or webinars, limits of liability within your firm’s contract and using written contracts on all projects. Of course, having no claims is always good for any policy. Keep in mind the professional liability insurance policy has pre-claims assistance and these do not count against your firm at renewal time.
For workers compensation policies, you can include a deductible on the policy to help with the premium. Additionally, collecting the certificates of insurance for your firm’s sub consultants will be beneficial at audit time, so your firm is not charged for the subs that do not have workers compensation policies.
For general liability there isn’t a lot that can be done in this case, however, as with any policy, not having claims is good for the premium.
If your firm has any questions with regards to premium savings please call, or email, your Professional Underwriter agent for assistance.