Professional Liability: Don’t Forget Contractor’s Risks
In project delivery, the contractor executes the architect or engineer design plan. A complex project leads to more liability and new responsibilities. Contractors may assume non-traditional risks and due to this, they need to think about professional liability. There are a lot of risks involved and it makes sense for contractors to seek out a contractors professional liability application.
When it comes to professional services, even the smallest error or omission may lead to a delay in the project or the project exceeding the budget. While most need to consider the financial risk and try to stay error-free, this isn’t always the case. Without professional liability, you are completely unprepared if something happens.
In some cases, a contractor may be responsible for management services. For instance, he or she may have supervision of subcontractors, cost estimation and scheduling. Anything that may cost the client money due to errors is a professional liability risk.
When it comes to insurance coverage, some contractors skip professional liability. Instead of preceding necessary protection, it’s crucial to look into a contractors professional liability application. Mistakes happen. Even if you take all of the steps to make sure that errors won’t occur, they often still do. This is why you use professional liability.