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

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Greyling Report: 21 Predictions for 2021
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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 Costs
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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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