When you provide products or services to the government, you'll be held to a higher standard than if you were to offer those same products or services to the general public. Because the government is buying from you with public funding, it must ensure your organization meets all necessary legal and regulatory requirements. Not only does this provide maximum protection against risk and liability, but it also helps to prevent public relations disasters in the future. Here's what you need to know as a government contractor.
Bid, Performance and Licensing Bonds
Before you start working with the government, you'll first have to win the contract. When you place a bid for the job, you'll likely need bid and performance bonds in place. These surety bonds provide the government with guarantees that you can and will complete the specified job as agreed. Licensing bonds verify that your company is in compliance with all local, state and federal licensing requirements and will remain so for the duration of the job.
Professional Liability Insurance
Professional liability insurance can protect you and your organization in case you make any mistakes during the course of the project. While this type of coverage is often used for medical or legal malpractice, it can also be applied to a wide range of other industries. It can give you added peace of mind that you won't lose everything if you or someone within your organization makes a major mistake.
Errors and Omissions Insurance
Errors and omissions insurance can help to protect you in case there are any misunderstandings about the details of your government contract or if you fail to disclose any pertinent information. While small omissions may not seem like a big deal, they could potentially change the government's decision about working with your company, and you want to be protected against any possible lawsuits.
Protect Your Government Contracting Business Today
If your organization hopes to work with the government on projects, you need to be adequately protected on both sides of the agreement. The bond and insurance specialists here at Southern Colorado Insurance Center will work with you to develop a customized plan to meet your specific needs. We work with a wide range of insurance carriers in order to find the best coverage at the best rate. We’ll take into account all aspects of the agreements between you and the government to ensure you are both adequately protected. Get in touch with us at 719-329-4441 to learn more.