Design Firm Risk & Insurance: 21 Predictions for 2021

Success in 2021 will depend on design firms’ ability
to adapt and manage risks

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21 Predictions for 2021

Design firm Risk & Insurance

How Insurance Program Modifications Can Help Firms Through the COVID-19 Crisis

Making predictions is a tricky business at the best of times, but especially so after a year of upheaval. If anything, the uncertainty creates a stronger temptation for us to try to forecast the year ahead. We are, of course, in the risk and insurance business–so here goes!

Predictions Preview: 
  • As the economy resumes, developers take on the built environment will be different as a result of the pandemic.
  • With A/E firms decreasing the number of employees performing field operations, firms will increase utilization of drone technology, particularly for inspection and survey work.
  • Focusing on health-oriented issues, new design and construction standards will be established. While modular design, prefabricated elements, flexible partitions, and lightweight structures will increase in use, architects will start planning new configurations with social distancing measures in mind.
  • 2020’s sudden shift to remote working facilitated cyber threat vectors, resulting in frequent cyber extortion, business interruption, and social engineering events.

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Reducing Overhead Expenses

How Insurance Program Modifications Can Help Firms
Through the COVID-19 Crisis

How Insurance Program Modifications Can Help Firms Through the COVID-19 Crisis

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs.

Key Takeaways: 

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.

Fill in your details to download the full report

Reducing Overhead Expenses

How Insurance Program Modifications Can Help Firms
Through the COVID-19 Crisis

How Insurance Program Modifications Can Help Firms Through the COVID-19 Crisis

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs.

Key Takeaways: 

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.

Fill in your details to download the full report

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Reducing Overhead Expenses

Benchmarking and data analysis deliver
right-fit insurance solutions

Benchmarking and data analysis deliver right-fit insurance solutions

Download the full report

SHARE:
Share on linkedin
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Reducing Overhead Expenses

How Insurance Program Modifications Can Help Firms
Through the COVID-19 Crisis

How Insurance Program Modifications Can Help Firms Through the COVID-19 Crisis

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs.

Key Takeaways: 

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.

Fill in your details to download the full report

SHARE:
Share on linkedin
Share on twitter
Share on facebook
Share on email

Reducing Overhead Expenses

How Insurance Program Modifications Can Help Firms
Through the COVID-19 Crisis

How Insurance Program Modifications Can Help Firms Through the COVID-19 Crisis

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs.

Key Takeaways: 

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.

Fill in your details to download the full report

Reducing Overhead Expenses

How Insurance Program Modifications Can Help Firms
Through the COVID-19 Crisis

How Insurance Program Modifications Can Help Firms Through the COVID-19 Crisis

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs.

Key Takeaways: 

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.

Fill in your details to download the full report

Sign Up to Receive Insights from Greyling

How to Make and Substantiate a Claim

As our economy suffers from the impact of the Coronavirus Pandemic, businesses are starting to look to insurance for possible relief. Many companies are facing a combination of lower revenue and higher expenses with increased spending on IT and computer equipment to enable people to work from home. They are doing all of this while continuing to pay to keep current facilities functional with the eventual return to “normal”. In this Greyling Special Report, we will discuss whether you may want to make a Business Income and Extra Expense Claim (BI/EE), and provide some guidance as to how you can substantiate it.
  • Why make a claim
  • What you should be doing now
  • List of documents to save and collect
  • When to make a claim
  • Includes a link to download a template Excel file for your extra expenses

Reducing Overhead Expenses

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs. In addition to reducing staff, a difficult step many firms have already taken, every dollar spent on overhead needs to be considered and evaluated. With project delays and shutdowns, clients processing invoices slower, and new opportunities delayed or limited, managing expenses is critical at this time.

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.
  • Alternative risk programs—specifically group captives insurance for certain coverages—can lead to dramatic savings. Greyling’s leading clients have saved $25M in the past five years.