A few percentage points of added costs can greatly throw off estimates and valuations. While over-budget projects are always a possibility for professionals in the architecture, engineering and construction (AEC) industry, it’s a risk that is heightened today in the current economic and geopolitical climate. Client expectations in the industry are always high, no matter [...]
The professional world can be a minefield for a skilled profession like architecture. That’s because when a project encounters a problem, there’s often a significant economic loss. Impacted stakeholders may consider legal action over revenue lost due to a delay, unforeseen costs incurred due to budgeting errors or construction mistakes, and even payments made as [...]
Ransomware is a top threat for architects, engineers and other design professionals, accounting for a high percentage of cyber attacks. Yet more than half of organizations may be underprepared. For non-technical professionals, questions abound. Since incidents vary so much from one attack to the next, many aren’t sure of their risks or what to do [...]
Do a web search for “architect near me” and you’ll find a long list of colleagues and competitors in your professional space. Many will have glowing online reviews, too — Cares about their clients... Impressed with the translation to design... Skilled, knowledgeable and professional... With a little work, similar public accolades could be celebrating you. [...]
Cyber insurance has dramatically evolved since the first coverages were added to other policy forms in the 1990s. Traditionally, cyber coverages were only considered necessary in the technology industry — or for those providing technology-related professional services. It was the dawn of the digital age and growing cyber risk exposures across all industry classes that [...]
In a profession like architecture, it’s not unusual for friends and family to reach out for free advice on design projects. While it’s natural to want to use your skills and expertise to help those you know, it’s a situation that can lead to a costly lawsuit without the proper protections in place. Architects, engineers [...]
Cyber breaches were in the news a lot in 2023. In fact, 2023 was one of the most significant years on record for cybersecurity incidents. Even if your architecture firm didn’t have a hack, you may have still felt an impact. With everything from common office tools to telecom services, hotel check-ins and even cleaning [...]
In today’s world, risk is everywhere, and insurance plays a vital role safeguarding architects from the risks they face. It’s one of the keys to a comprehensive risk management strategy, providing peace of mind and protecting an architect’s business and reputation. While many architects know they have risks and need insurance, that’s only one part [...]
Architects are often held in high esteem by new potential clients, who understand that professional design entails a high degree of skill in science, art and technology. Yet for many clients, that’s where the understanding ends. Without consistent attention to good communication during the design process, misunderstandings can creep in, leading to hard feelings and, [...]
When it’s practiced consistently, good client screening can reduce the risk of taking on a problem client or working on a project outside your firm’s areas of expertise. No architect, engineer or other design professional wants to get bogged down chasing unpaid bills or trying to attend to the needs of a high-maintenance client. With [...]