- The CNA/Schinnerer Professional Liability Insurance (PLI) is commended by the AIA because it meets the commendation criteria as approved by the AIA Board to identify the program that best responds to member needs ranging from availability and insurer's financial stability, to a risk management education program and defense/claims assistance - to name a few criteria. The AIA Commended PLI Program by CNA/Schinnerer and offered by the AIA Trust offers First Dollar Defense Coverage to defend an insured's firm without additional expense. In addition, for smaller firms, Multi-year Policy Terms are offered for firms with revenues under $250,000 annually, with a guaranteed premium program.
- Business Owners Insurance covers general and property liability as well as coverage important to small firms such as $25,000 coverage for business personal property off-premises including property at the residence of the employee, coverage for computers, laptops and cell phones on a worldwide basis, $100,000 coverage to recreate lost drawings, plans, valuable papers, records and manuscripts, including loss due to power failure and other perils, business auto, and numerous other coverages.
- Life insurance, with a 10-year-level premium at highly competitive rates is offered to AIA members. As this policy can have $1M limits, it can also be used as "key man" insurance for the firm.
- In addition Group life insurance is offered for firms for employee life insurance coverage for groups of 2 or more employees may be offered as an employee benefit as all employees from a single firm are billed on a "group bill" sent to the employer for payment.
- While the AIA Trust no longer offers an endorsed medical insurance program, it does offer members a service to identify health plans for individual members, small firms, and families. The Trust is continuing to research viable healthcare providers and may be able to offer a limited coverage plan within the next 1-2 years, depending on how well these plans do in the marketplace.
- Other Healthcare programs offered by the AIA Trust and useful for small firm individual members without other opportunities for coverage include: dental, Medicare supplement, long-term care, short-term medical and healthcare discounts. All of these programs are highly competitive when rates are compared with similar programs.
- Disability insurance is offered with "architect job definition" coverage, very important for architects! Disability insurance is extremely important for small firms which may have to fold if the member partner or owner is injured or otherwise disabled for a lengthy period. Disability insurance ensures that the 'doors can stay open' by covering expenses for lease agreements, staff & equipment overhead, etc. Likewise, personal disability insurance coverage would cover personal expenses like mortgage, utilities, & groceries until the member is back at his firm.
- The AIA Members Retirement Program offered through the AIA Trust by AXA/Equitable is particularly oriented to small firms that don't have HR staff to handle administrative filings, etc. and it has very low administrative fees as well. A variety of programs are offered: 401(k) plans including solo 401(k)s, SEP plans, Simple IRAs and others - well-suited to the small firm or sole-proprietor.
- LegaLine is a legal information service by and for architects - especially tailored for small firms that don't have in-house counsel or easy access to legal information. For a minimal annual cost (equivalent to 2-3 hours of billable legal time), the member has access to an attorney-architect who can offer information ranging from negotiating and interpreting contracts, determining whether a lawyer is needed, and resolving disputes with clients and others, to ways to structure profitable joint ventures, benefits of incorporating one's practice, considerations when hiring or firing an employee.
- While the Liberty Mutual personal lines of insurance for auto and home are not aimed at small firms, they do offer a substantial cost-savings to all members on these necessary coverages.
- Educational benefits the AIA Trust offers includes numerous educational programs aimed at small firms, including "FLYING SOLO: Small Firm Professional Liability Risks" at the AIA Convention, and other seminars presented at past conventions and to components on topics such as essential legal principles for practicing design professionals, and the challenges of starting and structuring one's own firm. The Trust also offers LU's through its web site. In addition, the Voluntary Education Program offered by CNA/Schinnerer can satisfy continuing education requirements at no extra charge for those insured in the program. Professionals can earn up to 2 years of continuing education credit with our self-study course. The program has a commercial value of $1,950 per employee.
|
