If you have been in the construction business for any length of time, you know how rare it is for everything to go exactly according to plan during a major project. No matter how careful you are throughout the process, complications always tend to arise, and they can throw off the completion date or budget for the project. If you work on large-scale, high-value projects, you absolutely need general professional liability insurance to protect yourself and your construction company from any lawsuits clients file due to complications with a project. Here's what you need to know.
Protection for Project Delays or Cancellations
Weather conditions, vandalism, equipment or material availability, and other complications can all cause delays to your project. In extreme cases, they can even result in your project being canceled entirely. In either event, your client is likely to be unsatisfied, and they could sue you for the additional expenses they incur as a result of the delay or cancellation. Your insurance policy will help cover your legal expenses throughout the lawsuit and can also cover any final settlement you must pay if the court sides in favor of your client.
Guarding Against Problems Due to Mistakes
As careful as you might be in your work, there is always the risk that you will make a mistake. Depending on the particular mistake, the results could be quite costly, like if there was damage to the structural integrity of the building. While you may be able to cover the costs to fix minor errors, a major setback could be disastrous for your construction business, which is why liability coverage is so important.
Review Your Construction Company's Insurance Coverage Today
You don't want to be caught without insurance if something goes wrong on your construction site. In addition to professional liability insurance, it is also smart to have workers compensation insurance, among other important policies. The insurance specialists here at Southern Colorado Insurance can help you with all the insurance your business might need, as well as personal policies, like homeowners and auto insurance. Get in touch with us today at 719-329-4441 to learn more about your coverage options and ensure your business is adequately protected.