The harsh reality about business and commerce these days is that no matter how strong a firm or company is, it is never fully spared from the operational risks that are involved its practice. Termed as operational risks, these are the risks that a firm may have overlooked or missed out on when attempting to follow rules, regulations, and statutes. On a more general note, these are risks that come out simply because a firm is in operation, and can never be fully eradicated. Whether it is an accounting firm, a counsel of lawyers, or an architectural company, it is never fully immune from risks. There is no escape from this reality, but there is a way for firms to arm themselves. Specifically for architectural firms (because of the sheer pressure and demands brought about by each project), many insurance companies offer professional liability policies to address this concern. F&E specializes in architects’ risk management, and has done so for many years.
Purchasing a policy for professional architects insurance coverage is one of the best precautionary measures that a firm can possibly take to preserve its operations and overall existence. A good insurance policy will allow firms to easily spot potential risks, and these risks will be documented in a timely and relevant fashion to guide the operations of the firm. In the unlikely event that these risks turn out to be reality, and that clients press charges against the firm, the insurance policy will cater to the expenses that the firm incurs while it is under trial. This is just the first of the many manifestations of the financial relief that these policies can provide. Should the firm actually lose the case and be required to pay damages, these policies will pay for them as well. This can easily be the difference between business continuity and utter business failure.
Operational risks will always be involved, whether you are a solo practitioner of the craft or even if you work under a firm. Thankfully, Fenner & Esler’s professional liability insurance policies are there to serve as shield, and to help minimize the damaging effects of these civil cases, giving you or your firm a bigger chance of surviving (and thriving).