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Roussel Insurance & Financial Services

146 N. San Fernando Blvd Suite 203

Burbank, CA 91502


Phone: 818-848-3331
Fax: 818-848-2982  

info@rousselinsurance.com

 

CA Insurance License #0D51758

 


 

 

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Contractors Professional 
Liability Risks

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.

Roussel Insurance & Financial Services is a recognized leader in the insurance industry. We offer highly competitive insurance rates for both business owners and individual services. 

Disclaimer

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements