As requested by design firms including engineers, architects, environmental consultants, land surveyors, construction managers and design build/firms, Hall & Company has just released the recordings for all past webinars. They are located in our Risk Management Library, where you will also find Hall & Company’s presentation slides of these risk management webinars, which are also available to download.
Insurance exposures and coverages for design professionals are very different from main street business. Similar to selecting a physician for important medical care services, you will find brokers who are generalists or who claim to be specialists. Protecting your design firm from loss requires a thorough evaluation of insurance brokers in order to make an informed selection about who will perform best when representing your interests. Key factors to consider are:
• Expertise – An experienced broker understands the insurance exposures you face every day and knows that a one-size-fit all approach doesn’t work for design professionals, engineers and consultants. Your business risks are unique and your insurance coverage should be too.
• Access To Resources – While placing quality insurance is an important service of a broker, access to expert resources to avoid or minimize loss is equally important to you. For example contract reviews by brokers with expert resources can eliminate the avoidable assumption of a loss and/or a scar to the stellar reputation you worked hard to build over the years.
• Seamless Coverage – Access to seamless brokerage/consulting service across multiple insurance lines of coverage helps prevent gaps in coverage or costly duplication of coverage. A broker should have proven experience and a product portfolio in all lines of coverage including and not limited to professional liability, property & casualty, auto, excess/umbrella, pollution, and workers’ compensation.
• Purchasing Power – A brokerage firm that places thousands of policies for design professionals, engineers and consultants benefits you greatly with purchasing power to procure the most competitively priced and broadest coverage available. The broker with a streamlined quoting process facilitates you by securing the coverage, price and financial security that best suits your unique requirements. Your contracts will likely require insurers with A “Excellent” or higher A.M Best financial ratings, so it’s important that your broker represents insurers that satisfy these requirements.
The process of buying professional liability insurance probably is not one that you look forward to each year. And although “quick and painless “may appear to be the most rewarding promise that an insurance broker can make, our goal is to bring greater value to the process through professionalism and experience. Hall & Company recently added to our staff of brokers, Chris Engstrom Senior Producer. We are confident Chris’ 26 years of commercial insurance experience will not only accomplish our goal to add greater value, but enhance our client’s overall experience in obtaining professional liability insurance.
Avoiding Claims Through Managing Client Expectations and Your Contract
This Seminar will consist of (3) 1-hour AIA approved presentations:
When – February 22, 2012 Time – 8:00 am – 12:00 pm Where – 520 Pike Street, 12th FL Conference Room, Seattle, WA 98101 (parking will be validated)
The Speakers:
Sue Yoakum, Esq., AIA – Of Counsel at Donovan Hatem
Donna Hunt, Esq., AIA – Director of Claims/Risk Management Services – Lexington Insurance
To reserve your spot today email andrew.morgan@chartisinsurance.com or call (206) 344-3223
The recording of the January 17th 2012 webinar – Lessons Learned: Practical Advice on how to Avoid Professional Liability Insurance Claims and Manage Liability exposure is now available on demand. This event, presented by our own Mike Hall, President of Hall & Company was to date one of our best attended webinars. Click here to hear the recorded risk management webinar.
The webinar, Effective Project Management Practices as a Key Risk Management Strategy will be Tuesday, February 21, 2012 10:00 AM – 11:00 AM PST. . Presented by Bob Rosain, PE, PMP of Bob Rosain & Associates, LLC, this presentation will share what firms can do to minimize business risks through effective project management practices. Specifically this webinar will discuss:
1. The essential elements of a solid Project Management Plan and why, “…planning a project will not guarantee success, but failure to plan will guarantee failure.”
2. Why your project’s scope, schedule and budget are considered a “three-legged stool” and how to manage the big risks associated with project changes.
3. Why effective communications are absolutely essential to project success, why poor communications have been described as the biggest contributor to project problems and what every project manager needs to know about communicating with their clients.
4. Ensuring quality in every aspect of project delivery as a fundamental risk management strategy. The quality of the project and project deliverables will be remembered much longer than the project’s schedule, budget or project manager!
5. Why project risks need to be identified, understood and managed so they don’t become business risks for your firm.
This presentation has been approved for AIA Continuing Education credit (1LU).
Sign up today at: https://www3.gotomeeting.com/register/283675974
The most common question Hall & Company receives from architects, engineers, land surveyors and design professionals that are considering starting their own practice is “How much will my professional liability insurance, aka errors and omissions insurance cost?” In 2010 Hall & Company wrote 315 architectural firms that employed one person. These firms were located in 42 states and were placed with 10 different professional liability insurance companies.
The errors and omissions insurance coverage costs vary by:
If you attended Hall & Company’s webinar, Practical Advice on how to Avoid Professional Liability Insurance Claims and Manage Professional Liability Insurance Exposures and would like to receive your AIA Continuing Education credit (1LU) please email Krysten@hallandcompany.com.
Webinar Reminder:
Lessons Learned: Practical Advice on how to Avoid Professional Liability Insurance Claims and Manage Professional Liability Insurance Exposures. Presented by our own President – Mike Hall of Hall & Company, this presentation will highlight the most challenging insurance claims and our approach to evaluating, negotiating, and managing those claims for our clients.
When: Tuesday, January 17, 2012
Time: 1:00 pm EDT/12:00pm CDT/10:00am PDT
This presentation has been approved for AIA Continuing Education credit (1LU).
Hall & Company frequently ask potential clients for the opportunity to develop comparative quotes for their professional liability insurance renewal. Often, the potential client will tell us they are not interested because they already have an agent who does a good job for them.
We respect this position and hope that our clients would give this same response. However, we also understand what can happen when a firm is open to receiving a second opinion on their professional liability insurance, e&o insurance program. One of three things will happen:
1. You will obtain improved and/or more cost effective insurance coverage, or
2. You will develop broader options and knowledge of what is available in the market place, or
3. You will confirm that your current errors and omissions insurance program is the best you can buy.
There is no bad outcome. Getting comparative quotes is a simple matter of being diligent as a consumer. Before you decide that you don’t have the time to consider a second opinion, take a moment to review the quotes we developed for an 8 person architecture firm with about $1,500,000 in billings.
Errors and Omissions Insurance helps protect our A/E firm clients from claims relating to an error or omission in providing professional services that can lead to a lawsuit. An error or omission can occur on almost any project. It doesn’t matter how long you have been in business or how good you are. All A/E Firms are at risk. Hall & Company’s E&O insurance programs help provide protection for the busy A/E professional from the liability associated with such errors & omissions.
Errors and Omissions Insurance may be referred as any of the following:
• E&O
• E&O Insurance
• Errors Omissions
• Errors & Omissions
• Professional Liability
• Professional Liability Insurance
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