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However, be careful of premiums that seem too good to be true.

■Competition – insurance is a highly competitive market with companies coming and going frequently. ■Longevity – if you stick with an insurer, they develop trust in you and may provide lower premiums. ■Location – certain states are higher risk. ■Your history – if you’re claims free, your insurance premium is lower. Projects such as condos however face high premiums due to the number of clients and potential claims involved. ■Type of Project – low-risk projects have lower premiums. Clearly separated billing information will help the insurer.

■Type of Service – if the insurance company knows exactly what you’re billing for, premiums can better mirror claims data. ■Volume – if you do a lot of work, you’re more likely to be exposed to a claim. A number of factors affect the premium a firm must pay. Insurance works because a large number of premiums are pooled together to offset individual losses. ■Is the insurer state licensed or admitted and therefore covered by a guaranteed fund if the company becomes insolvent? Moody’s rates the company’s financial strength. Standard & Poors rates a company’s ability to pay claims. ■Is the company rated strong? AM Best provides ratings of insurance companies based on financial strength and follow through on obligations. ■Do they offer project insurance? Design-build insurance? ■How flexible is the company in working with a changing firm? ■How broad is the company’s history in working with architects? ■What exactly is covered? And what is excluded? Beyond price, a number of other factors should be considered. Understand how much of the premium is going to the broker if applicable. In selecting a policy, price is of course a consideration. Independent insurance consultants that don’t sell policies can also provide guidance. Whether architects use a broker or an exclusive agent, care should be taken in selecting a policy - as they contain various options. There are also insurance companies represented by agents only affiliated with that company exclusively. Professional liability insurance is most commonly purchased through an independent broker, representing the interests of the architect, not those of the insurance company. A young firm can go bankrupt just trying to get an unfair claim dismissed in court. It can seem too expensive for the potential benefit, but it’s critical to know that it can cover legal costs in the event of a claim. Emerging firms sometimes go without insurance because either it appears there is little risk or because their assets are limited and they don’t have a lot to lose.

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