As part of our Architects & Engineers coverage, we provide all policyholders with free Risk Management and Loss Control Support. SmartRisk®, a leading, independent risk performance consultancy for design professionals, provides these services and a firm-specific risk assessment called an SR Risk Profile®.
By analyzing more than 25 years of data and over 25,000 professional liability claims and legal expenses against architects, engineers, general contractors, and other service providers, SmartRisk has created a series of value-added services that don’t just benefit insurance underwriters and their brokers, but also the clients they serve. These services, provided free of cost to Admiral professional liability policyholders, have proactively assisted hundreds of firms reduce their liability exposures. In addition, firms with effective enterprise-wide risk management programs are better performers and more profitable.
How the SmartRisk Risk Profile Survey Benefits Insureds
When an insured fills out the SmartRisk Risk Profile Survey, it helps to identify potential risk factors more accurately, allowing Admiral and its brokers to avoid premium leakage while giving the best quote possible. SR Risk Profiles also creates a tool to help clients reduce liability exposure and improve risk management protocols.
SR Risk provides customized feedback tailored to each client based on responses to the risk questionnaire in key operational categories. By offering clients insight into potential vulnerabilities, outlining best practices, and recommending changes to risk management protocols, SmartRisk can help insureds avoid costly claims, reduce insurance costs and improve overall performance.
Related: View our A&E On-Demand Webinars
Free SmartRisk Contract Reviews
In addition to personalized risk management assessments, architects, engineers, and contractors with professional liability insurance through Admiral can get free contract reviews from SmartRisk. This is an especially valuable service for smaller businesses that may not have in-house counsel. Some of the key contract provisions that SmartRisk professionals review to help limit liability exposure include:
- Indemnity
- Warranties and guarantees
- Standards of care
SmartRisk Consulting and Risk Management Educational Resources
If an insured is seeking loss prevention assistance, has questions about implementing new risk management protocols, or needs a contract review, SmartRisk offers free consulting through conference or virtual calls for Admiral’s professional liability insurance policyholders including newsletters, webinars, and other educational resources to help insureds better manage their risks. Some of the topics covered include:
- Project & client selection
- Contracts
- Effective communication and documentation
- Risk management training for employees
For more helpful tips on minimizing professional liability exposure, check out the SmartRisk Newsletter.
Admiral Insurance Group is a leading provider of professional liability insurance for architects and engineers, and is known for its expertise in the liability associated with changing laws and technology.
If you are a retail agent or broker with clients in the architecture and engineering industry, we encourage you to connect with one of our wholesale broker partners.
