Professional Liability and Risk Management
To Shred or Not to Shred
Every firm has documents that should be destroyed, not simply discarded. Documents must be destroyed because firms need to maintain confidentiality when dealing with employee, client or business records that contain personal or proprietary information. Furthermore, firms need to develop a formal document destruction policy that includes a schedule that is adhered to consistently. Read more »
A Primer To International Design
Design firms are increasingly seeking opportunities internationally, expanding into foreign countries through a local client or a U.S. client with business abroad. Tapping new markets makes sense but before delving into a new arena, design firms should educate themselves to properly understand the laws, standards, and local industry practices that govern the projects on which they will be working. This education process allows design professionals to understand the new sources of risk that will allow them to develop a risk management plan tailored to the international project arena. Read more »
The AIA Commended Professional Liability Program: Looking Out For Member Interests
The AIA Board of Directors has established commendation criteria by which to select and evaluate the provider for the AIA Professional Liability Insurance Program. These criteria help to ensure that the Commended Provider offering is the best able to address critical factors for members. Read more »
Building Information Modeling and the Transition to Integrated Project Delivery
In its most basic form, building information modeling (BIM) is the move from analog to digital design and construction. It is a model-based technology linked with a database of project information. It is poised to fundamentally change the way projects are built and the way the project stakeholders communicate with each other. And while BIM is the vehicle that will lead the design and construction process into an integrated project delivery paradigm, it poses inherent risks. Read more »
Straightforward Advice on Preserving Cash Flow During a Recession
Professional service firms need to set appropriate fees for their services and collect those fees to stay profitable. Regular billing and follow-up will open communication about a client’s concerns that could otherwise lead to a fee dispute. Implementing billing controls can minimize the risks that come with trying to collect on an unpaid invoice. Read more »