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Home > Blog > Understanding Contractors Professional Liability Insurance
THURSDAY, DECEMBER 29, 2022

Understanding Contractors Professional Liability Insurance

As a contractor, you bear significant responsibility for every project you agree to work on. In addition to being tasked with providing quality work and meeting deadlines, you must also account for many risks and exposures. One such risk is your potential legal liability due to the professional services provided during a construction project. Fortunately, contractors professional liability insurance is designed to protect against these risk exposures. 

What Is Contractors Professional Liability Insurance? construction worker with plan
Contractors professional liability insurance is a specialized type of insurance (also known as errors and omissions insurance) that focuses on protecting your business if sued for errors related to professional services provided on construction projects. The coverage is designed to cover contractors or third parties hired by the contractor for mistakes in the professional services they provide.  

Construction mistakes due to errors in professional services can be costly and result in project delays, rework, budget overruns, and even third-party injury or property damage.  Because contractors professional liability coverage can be misunderstood, it’s essential to understand your unique exposures and your coverage. For example, it’s not uncommon for contractors to think they have coverage for professional exposures under other policies. 

What Is Covered by Contractors Professional Liability Insurance? 
Given the many parties that may be involved at some point during a construction project, it’s necessary to ensure that you have adequate insurance throughout the entire process. Fortunately, a contractors professional liability insurance policy can include coverage for the many components and parties that make up the overall construction process, including the following potential subcontractors: 

  • Designers 
  • Architects 
  • Engineers 
  • Artisan contractors 
  • Surveyors 
  • Consultants

Given how fragmented the entire construction process can be, the advantage of this type of coverage to provide sufficient protection regardless of when an error occurs or who committed it may prove to be an invaluable investment. 

Get the Right Coverage 
When it comes to your business’s insurance portfolio, you must take the time to ensure that there are no gaps in your coverage, including those that might come to light following a mistake by a subcontractor. Conduct your due diligence and discuss contractors professional liability insurance options with one of the qualified agents at U.S. E&O Brokers today.  

With over 30 years of experience, our errors and omissions experts are well-equipped to help your business understand its insurance needs and acquire optimal coverage. Visit our website or call 800-460-6424 to get started. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 

Posted 3:51 PM

Tags: professional liability insurance
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