The Hidden Value of Rancho Mirage Contractor’s Professionals Liability Insurance
Rancho Mirage Contractors buy a variety of commercial insurance coverages that are intended to insure against bodily injury and third-party property damage. But the one risk most contractors have is the one they often overlook. This overlooked risk is professional liability. Many contractors are under the assumption that this risk falls to the architect, engineer or owner.
Times have changed, and with recent court cases, contractors are now at risk for professional liability claims that are excluded from their other commercial insurance. Added to this risk is the increased focus on design-build projects, where the lines of responsibility are blurred.
What Are Professional Services In Construction?
There may be a number of services performed that fall under the term “professional”, including:
- Modifying plans
- Changing insulation instructions from the manufacturer
- Reviewing and signing plans
- Change orders
- Providing construction management services
CPL is an insurance product design just for contractors and can be added to the commercial insurance program. Costs are very competitive. It is important to have an experienced risk management team to help guide you through the risk and exposures of the contractor’s professional liability world