Strategic Business Liability Insurance Coverage & Risk Management Solutions for Engineers & Architects
Business Insurance Designed for You
Custom Insurance & Risk Management at a Competitive Price
Many businesses view their insurance agent as a “vendor”. That is not us. We are a “guide” in helping you navigate the complex world of risk management insurance.
We have 3 ways you can get started with us, click below on the option you feel best fits your needs:
Just a Quote
Already know what Insurance your company needs? Fill out our applications to get a quote.
Conversation & Quote
Unsure about what you really need? Talk with one of our licensed Insurance Agents for advice and next steps.
Full 360° Review
Need a comprehensive review of exposures? Our Risk Managers give you a free in-depth risk analysis.
Industries We Serve
- Architects
- Engineers
- Surveyors
- Environmental Consultants
- Interior Designers
- Information Technology
- Software Designers
- Manufacturers
- Construction Managers
- E P C Firms
- Oil & Gas Consultants
- Control System Integration
- Cost Estimators
- Landscape Architects
- Drafting Firms
What Our Clients Are Saying
About Us
Our goal is to give you clear choices in an ever-increasingly complex world of insurance and compliance requirements. We protect our clients through appropriate coverage and experienced insight.
Insurance
We are a full-service independent insurance agency, which means we represent you, not one or two particular carriers (like most of the online quoting systems). We provide:
- Professional Liability Insurance (E&O)
- General Liability
- Auto
- Workers’ Compensation
- Directors & Officers (D&O)
- Employment Practices Liability (EPL)
- And many more coverages
Risk Management
Since we work with hundreds of companies, we have developed and utilize Best Practices to reduce your Operational, Financial & Legal risk. This can include:
- Template Risk Management tools
- Project & Client Decision Matrices
- Benchmarking – how do you compare to your peers on Revenue per Employee, Limit requirements, Probability of Claim per Project Type, etc…
- Contract reviews for insurability
- Continuing Education opportunities
- Negotiating on your behalf for Insurance Compliance with Clients
Contact Us to speak with an Insurance Advisor today at 713-552-1900
Blog
Professional Liability Claim Examples in the Engineering World
The intricate engineering world, where designs and structures shape our daily lives, is not free from potential pitfalls. Errors, while often unintended, can result in significant liabilities. Engineering Liability Claims offer insights into professionals' real-world...
The Difference Between General and Professional Liability for Engineering Firms
Navigating the insurance world can be a maze, especially when determining the appropriate coverage for specific risks that engineering firms face. One common point of confusion is understanding the difference between General and Professional Liability. Both are...
Mistakes Happen: How Professional Liability Protects Engineering Firms from Unforeseen Errors
Engineering projects are a blend of precision, innovation, and expertise. Yet, like in any profession, mistakes can happen. Even the most meticulously planned projects can encounter unforeseen errors. When these mistakes result in financial or reputational damage,...
Business Insurance: Professional Liability Coverage and Risk Management
Risk Specialty Group specializes in providing comprehensive business insurance solutions tailored to professionals’ needs. As experts in professional liability insurance and risk management, we offer access to specialty carriers that may not be known to your current agent, ensuring you have the best coverage available while reducing costs.
Professional Liability Insurance: Ensuring Protection for Your Business
Professional liability insurance, also known as Errors & Omissions (E&O), is essential for professionals such as engineers, architects, and land surveyors. This coverage protects against liability arising from negligent acts or omissions in the performance of services. Unlike general liability policies, professional liability insurance is crucial as it covers situations excluded in typical policies.
Navigating the Complexities of Claims Reporting
Understanding the nuances between general liability and professional liability insurance is vital. While general liability operates on an “occurrence” basis, professional liability policies follow a claims-made basis. This distinction affects when claims must be reported and which insurance carrier should be notified. At Risk Specialty Group, we ensure you comprehend these differences and assist in seamless transitions to new carriers while preserving existing coverages.
Tailored Policies for Your Specific Needs
We recognize that not all professional liability policies are alike. For professionals like engineers and architects, coverage must extend beyond financial losses to include property damage and bodily injury. Our expertise ensures your policy aligns with your profession’s unique requirements.
Why Risk Specialty Group?
Partnering with Risk Specialty Group offers numerous advantages:
- Access to best practices and benchmarking to gauge your firm’s performance.
- Prompt responses to certificate and insurance compliance requests.
- Thorough contract reviews to safeguard your insurability.
- Extensive relationships with specialty underwriters globally.
- In-depth knowledge of the design industry’s unique risks.
- Skilled negotiation with third-party certificate verification firms.
As an independent insurance agent, we prioritize your interests, offering transparent choices from over 20 “A” rated carriers. Choose Risk Specialty Group for unparalleled expertise and tailored solutions in professional liability insurance and risk management.
Frequently Asked Questions
How do I get a quote?
We have various ways you can get a free quote:
- Select the Insurance Program you would like, Just a Quote, Conversation then a Quote or Full 360 Review
- OR complete the Quote Form on the Contact Us Page
- OR call us at 713-552-1900 to speak with an Insurance Advisor or email us at info@riskspecialtygroup.com
Who is ISNetworld®?
ISNetworld is a 3rd party that manages the relationship between hiring clients (Owner/Clients) and contractors. There are other 3rd party contractor management companies similar to ISNetworld, such as PICS® and Veriforce® to name a few. Owner/Clients outsource the management of certificates, contracts and safety compliance to these 3rd party service providers.
While these services benefit the Owner/Client, they can make it very frustrating for the contractors and sub-consultants to get preapproved for work and maintain their compliant status. The Risk Specialty Group can help you manage this complex process so that you can save time and stay compliant. We understand that you cannot start a job or get paid unless you are compliant. If you would like to learn more about how we can help you with 3rd party contractor management companies, feel free to contact us today.
How do I request certificates?
Email or call us with your certificate request and we will respond back to you within the hour. We understand that there are times you cannot start a project or get paid unless you show proof of insurance. That is why we respond same-day, often within the hour, on certificate requests.
You can also forward a copy of the contract requiring proof of insurance so we can review the requested coverages against the coverages you currently carry. Many times, the insurance requirements ask for additional language verifying “additional insured” status, waivers of subrogation, cancellation notices, primary/non-contributory and other specifications. They can even require copies of these endorsements from the actual policies themselves be shown along with the certificate of insurance. Depending on the policies you carry, this can be an issue and it is for this reason that we do not have an online portal for you to generate your own certificates.
How do I report a claim?
The best way to report a General Liability, Property, Auto or Workers’ Compensation claim is to contact the carrier directly. This will ensure quick set-up of the claim file and that all pertinent information is communicated to the claims department. We also ask that you contact us, as well, so that we can help you during the claims process. Here is a short list of Carriers and phone #’s to their Commercial Claims Departments:
C.N.A. – 877-262-2727
Hartford – 800-327-3636
Travelers – 800-238-6225
RLI Insurance Co. – 877-863-5095
If you have a Professional Liability, Cyber, D&O, EPLI, Crime or any other type claim, please contact us first so that we can discuss the matter with you and point you in the right direction. There are too many carriers that we represent to create a shortlist on this reference page and there are nuances to reporting a claim in these type situations. If you have been served with a lawsuit or demand letter, forward it to us immediately. Do not wait to report a potential circumstance or an actual lawsuit.
Many of the carriers we represent provide free Pre-Claims Assistance in matters that are not quite full claims but have the potential to develop into a claim. We would need to report this in a matter that notifies the carrier of the circumstance but is not reporting as a full claim.
Please contact us today if you are aware of a claim situation or circumstance that could result in a claim.
After you have reported the claim to us, it is usually good industry practice to:
- Not discuss the matter with anyone other than staff, agent and insurer, unless instructed by your carrier. Information or documents you provide to others may build the case of these parties against you.
- Not admit liability to anyone. Your liability in a claim is between you and your carrier.
- Not attend a deposition without the guidance of legal counsel. If you have a question regarding legal counsel prior to or after alerting your carrier, please contact us.
How much does insurance cost for small business?
Insurance for small businesses with low-risk profiles can typically cost:
- $500 to $750 for General Liability
- $1,500 and $2,500 per Auto depending on Yr, Make & Model
- Between $450 and $1,000 depending on Payroll for Workers’ Compensation
However, there can be risk exposures within your particular business that can drive-up these costs. Or, create the need for additional insurance coverages, such as Professional Liability (E&O) for architects, engineers, surveyors, environmental consultants, construction managers, etc.
Professional Liability (E&O) can cost anywhere from $700 per year to 5% of your Gross Revenues depending on what type of Professional Liability policy you want and the Services you provide.
What insurance do you need for a small business?
Most small businesses can get away with carrying the following insurance:
- Business Owners Policy, which includes:
- General Liability
- Property (computers, furniture, software, etc.)
- Hired/non-Owned Auto
- Workers’ Compensation
Depending on the type of business you’re in and the number of employees, small businesses may also need to consider:
- Professional Liability (E&O)
- Cyber Liability & Network Security
- Umbrella (for higher limits over the GL, Auto & WC)
- ERISA Bond
- Employment Practices Liability
- Fiduciary Liability
- 3rd Party Crime
We would recommend talking with one of our Risk Managers to obtain a free Risk Assessment based on your particular industry and firm profile. To talk with one of our Risk Managers, Contact Us now
What are the different types of business insurance?
There are many types of business insurance policies and the importance of each type depends on your particular industry and firm profile. Here are some of the more common types of business insurance:
- General Liability
- Property
- Auto
- Workers’ Compensation
- Umbrella
- Professional Liability (E&O)
- Cyber Liability & Network Security
- Drone Liability
- Directors & Officers (D&O)
- Fiduciary Liability
- Crime
- Employment Practices Liability (EPL)
- Foreign Liability including Kidnap & Ransom
- Bonds / Surety
- Pollution Liability
- Products Liability