Why do I need insurance?
In many cases, construction managers like architects and engineers are contractually required to purchase professional liability coverage. But when coverage is not mandated by a contract, why should a construction manager carry it?
Construction managers encompass a broad range of services and roles within the project delivery process. Therefore, the ways in which a construction manager defines and carries out services can have far-reaching consequences with respect to potential liability and professional liability coverage.
Professional liability coverage allows you to transfer this risk to an insurance company. You
pay a premium so that, if a lawsuit is brought against you, the insurance company will not only pay out damage awards on a covered claim, but also pay your defense costs.
For more information, you might want to read our Seven Compelling Reasons to Insure Your Business.
If you'd like to discuss your specific risks, you might want to talk to an independent agent or broker in your area.
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