Even professionals can make a mistake.
Professional Liability coverage is designed to protect the insured against liability incurred as result of an error or omission in performing a “professional service.” For Contractors, that can be errors that they incur from their own operations, or it can be errors that they are responsible for due to their contractual relationship with a design firm or architect. Most professional liability policies will provide coverage for first and third-party claims.
0
Most small businesses choose $1M/$1M limits.
0
North America’s share of the Professional Liability market, making it the largest market, ahead of Europe and Asia-Pacific.
0
Average cost per month of a Professional Liability policy for a small business.
Benefits:
- Provides First and Third-Party Coverage.
- Can provide a cost-effective solution to underlying subcontractor’s insurance limits (coverage only applies for the benefit of the Named Insured).
- Can preserve the contractor’s reputation by providing a solution to an error or omission before the Owner is made aware of the issue.
- Protects the Contractor against their own errors and omissions as well as their subconsultants.
Features:
- Professional Liability Coverage: Third-party coverage protects the insured against claims from a project stakeholder or any other third-party that has been financially impacted.
- Protective Coverage: First-party “protective” coverage that is excess of the underlying subconsultant’s professional liability.
- Rectification Coverage: First party coverage that can be triggered by the insured to pay to fix a design error before it escalates into a more costly third-party claim.
- Limits of Liability: $25M per loss/$25M aggregate for each policy. Limits can be layered, and towers can be purchased up to $100M or higher.
- Policy Term: Can be purchased on a Project-Specific basis, up to 5 years without special consideration. Annual policies can be written to cover all projects of the Named Insured.
Related Content
TSIB – Our Difference
We provide our clients with options and expertise that will help support and build their businesses.
Download
What You Need to Know About Professional Liability
Have you ever thought what would happen if you were building a bridge across a river…
Read Now