According to the International Risk Management Institute contractors, project owners, and project professionals have increased risk of professional liability claims. Yet, less than half of all contractors in need of the coverage are buying it. Insurance can play an important role in “on time and on budget” projects. If your Contractors Insurance coverage is not written properly, your business may not survive financially.
Contractors Professional Liability coverage has become just as important to a contractor as it is to an architect or engineer. New methods of service delivery have created risks and exposures that need to be understood by agents and contractors.
Contractors have a professional liability exposure when they perform or subcontract design, modify plans, change a manufacturer’s specifications, or provide professional construction management services to a project owner.
Critical Issues Involving Contractors Professional Liability Insurance
We offer quality admitted and non-admitted markets
Professional exposures excluded under most GL policies
Even well written contracts can be challenged causing legal expenses for contractor
Design build projects increase contractors risk
Some everyday work like; dewatering and shoring may involve design services excluded under the GL policy
Many contractors don’t even consider professional liability insurance, even while it is available at reasonable rates. Many project managers and/or owners believe it is covered under the contractors GL policy. This leads to complications at the time of a loss.
Risk Concepts Insurance Brokers provides California businesses with high quality advice and service to identify risk and create the best solutions to manage it. Risk Concepts has the market access, knowledge and experience to handle all lines of commercial insurance, personal insurance, surety bonding and employee benefits. Risk Concepts has also strategically aligned itself with experts in the areas of life insurance, business continuation and estate planning.