How does Draftsmen Professional Liability insurance fit with my risk-management strategy?
Draftsmen Professional Liability insurance is an important part of a comprehensive risk management strategy that includes: • Identifying and documenting potential risks, and developing strategies to prevent them from becoming problems. • Transferring some risk to an insurer by purchasing an insurance policy. • Reducing risk by implementing projects in small increments, with careful attention to risk management at every step. • Avoiding risk by choosing not to take on risky activities. However, refusing to take on risk may cause you to lose out on potential profits or business gains that may come from taking that risk. • Retaining some level of minimal risk, in cases where insuring against a risk would be more costly than the potential losses you could sustain. In instances where these risks become problems, your company accepts any losses that occur. In reality, any risk that you do not transfer or avoid is retained by your company.
