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 InsuranceWe offer quality admitted and non-admitted markets to California independent agentsProfessional exposures excluded under most GL policiesEven well written contracts can be challenged causing legal expenses for contractorDesign build projects increase contractors riskSome everyday work like; dewatering and shoring may involve design services excluded under the GL policyPolaris has the underwriting expertise to help agents through the placement processMany agents and 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.Founded in 2002 Polaris Risk Management is committed to maintaining its visionary perspective, while creating and delivering risk solutions and services that help maximize our clients' chances of success.
