The Benefits of Risk Assessments for A&E Firms

Risk Assessments give design and construction firms a better understanding of their strengths and liability exposures. They can be used to identify strategies and make recommendations to reduce risk, leading to improved risk management, and higher overall performance and profitability. 

Why A&E Firms Need Comprehensive Risk Management Strategies

Inadequate risk management can lead to disputes, claims and litigation, project delays, and cost overruns that can be very costly to an A&E firm’s bottom line, as well as its reputation. Having a comprehensive risk management strategy, on the other hand, generally leads to fewer claims, lower dispute costs, better insurance terms, lower insurance premiums, and greater overall profitability. 

Tim Corbett from SmartRisk, a top-ten risk management consulting firm, presents an A&E On-Demand Webinar that identifies staffing as one of the highest risk categories and major drivers of claims for A/E firms. 

Architects & Engineers Webinar -  A&E's Top Risk - Staffing

Some of the topics covered in this webinar include:

• The top causes of claims filed against A&E firms
• How overloaded or underqualified staff can lead to an increase in errors and omissions
• Reducing risk during the project and client selection process
• Avoiding scope creep and an excess of change orders
• Ensuring favorable contract language
• Tips for developing a robust project communication and documentation plan

As part of our AdmiralPro Delta® Design coverage, we provide all policyholders with free Risk Management and loss Control Support from  SmartRisk®, a leading, independent risk performance consultancy for design professionals.  The benefits of implementing an enterprise-wide risk management program include:

• Improved performance
• Higher profitability
• Greater client satisfaction
• Fewer legal problems and claims
• Lower insurance costs

Admiral’s Architects and Engineers Pro Delta® Program is focused on professional liability coverage for design professionals in all disciplines, including geotechnical and structural engineering and construction management.

We offer flexible solutions that include a combination of Professional Liability, Pollution, Technology, and Privacy Breach coverages. Our primary policy form features a broad definition of professional services, flexible deductibles, multi-year extended reporting period options, and the capability to include project-specific excess limits.  We also write standalone project-specific, follow-form excess, and project-specific excess policies.  Our Insureds have access to complimentary risk management services, including contract review and loss prevention assistance, to help our brokers and their clients reduce risk and maximize profit.

If you are a retail insurance broker, locate an Admiral wholesale partner. If you are a wholesaler, contact us about becoming a premier partner.

Products and services described above are provided through various surplus lines insurance company subsidiaries of W. R. Berkley Corporation and offered through licensed surplus lines brokers. Not all products and services may be available in all jurisdictions, and the coverage provided by any insurer is subject to the actual terms and conditions of the policies issued. Surplus lines insurance carriers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.