Increasing concerns over staffing, climate change, social inflation, the infrastructure bill, and cyber coverage may end up being valid. Rates are going in many different directions and engineering firms aren’t quite sure where things will end up as PLI policies come up for renewal. Higher premiums and deductibles are projected for those firms engaged in structural, mechanical, residential, or school projects. From talent shortages to an evolving standard of care, “the tide is definitely turning.” Do you know how your firm will weather the storm?
Read the article from Engineering Inc. – 2021 PLI Carrier Survey: Renewal Headwinds