Three Reasons to Re-Evaluate Your Architects & Engineers PLI Policy
Most professionals in the construction and design industry know having architects & engineers professional liability insurance is essential. However, many people overlook the fact that periodically reconsidering and updating this insurance is also crucial. The following three factors make policy upgrades more than worth the time and effort.
1. Changes in Liability
Clients have increasingly high expectations on various fronts, from new concerns such as energy performance to traditional concerns such as the deadlines outlined in the contract. These expectations can leave architects and engineers exposed to liability that a policy secured in the past may not address.
2. Higher-Value Projects
Many firms fail to change their architects & engineers professional liability insurance when they start doing high-value work for clients with extensive financial resources. Unfortunately, this introduces the risk that the coverage limits currently in place will be inadequate to protect against any claims made. Firms engaging in higher-value transactions should strongly consider investing in policies with higher limits.
3. Firm Growth
As architecture and engineering firms grow, they typically take on more employees and complex projects that require collaboration with a greater number of professionals. It is crucial for a firm to ensure all of these employees and collaborators are adequately covered under the firm’s professional liability policy.
Obtain the Right Coverage Today
Architects and engineers should make a priority of addressing changes in their insurance coverage needs. Arguably, an outdated policy is better than nothing. Still, such a policy may offer little protection for firms that are growing or simply dealing with shifts in client expectations.