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Contractors Liability Insurance
Contractors Liability Insurance coverage is a critical component to any Contractor’s insurance program. Without a Contractor Liability Insurance policy, contractors face having to pay out of pocket for legal fees and plaintiff awards if their work or operation causes bodily injury, property damage, business or financial harm to their clients or any other third party. As the rate of litigation increases, more and more general contractors, business owners and homeowners are requiring their contractors to obtain Contractors Liability Insurance before contracting jobs are awarded. Quote Liability is here to assist you with your Contractor Liability Insurance policy needs.
Contractor Liability Insurance policies from Quote Liability protect contractors against claims and/or lawsuits alleging bodily injury and/or property damage by parties who are:
- Injured through the contractor’s operations (ongoing or completed)
- Injured from either the contractor’s products or machinery
- The operations of independent subcontractors
- Injured on the Contractor’s premises
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Contractor Professional Liability Insurance
Contractor Professional Liability Insurance is a specialized form of coverage that was developed specifically to address contractors’ liability for design errors or omissions. As more and more contractors move into performing design-build work, they are dramatically increasing their own risk to professional liability. Contractor’s Professional Liability Insurance policies were then developed on a wide basis to address the unique design liability risks, direct design liability, and coverage needs for these contractors.
Before this coverage was introduced, the few markets that offered it did so only as specialized additions to Contractor Liability Insurance policies. The coverage for these specialized additions was usually limited to vicarious liability for design errors and omissions. For example, liability imposed on a contractor for the E&O’s of an engineer hired by the contractor to provide advice on structural matters at a job site.