We have talked about and noticeable but small surge in commercial construction and increased business for architects and engineers. However, this small surge is not enough to keep many firms from going out of business or from merging with larger firms. With these changes, many larger firms are looking for new ways to increase their bottom line and taking on new challenges outside their particular line of expertise. This is not uncommon in any business within our society trying out new things to survive. Even insurance companies who have not typically entered this market are now doing so and are instrumental in keeping costs down.
However, it brings new exposures for the General Liability policies which have unique causes of risk to engineers and architects. Architects and engineers now find themselves taking on new responsibilities with new expectations and having little experience and expertise. They now find themselves reinventing the firm to become designers, developers, builders, and realtors. This is a difficult, at best, risk to assess an accurate premium from an insurance perspective. Please consult with your agent or one of ours to determine proper coverage for you need.
Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect. Always check with your chosen professional as to statements made in this blog for your particular situation.