What is Contractors’ Professional Liability?

Also known as errors and omissions (E&O) insurance, contractors’ professional liability coverage is a crucial financial safeguard for construction businesses in professional services. This coverage protects contractors and building professionals from errors in consultation, design, and building services.

Why do I need it?

Client Protection – Safeguards against the complex challenges involved in consulting, designing, and building structures. Mistakes in professional services can lead to costly delays, rework, budget overruns, and claims for bodily injury or property damage by third parties.

Marketing Advantage – Providing evidence of insurance enhances your business’s credibility, giving you a competitive edge in securing bids by demonstrating responsibility for your professional services.

Company Compliance – Ensures compliance with project owner requirements. Many project owners need a valid certificate of insurance before commencing operations, reflecting your commitment to industry standards and risk management.

What does it Cover?

Contractors’ professional liability policies respond to claims related to:

• Economic Loss: Mitigating financial risks tied to project completion, offering protection from economic loss stemming from revisions, errors, and inadequate work.
• Professional Negligence: Safeguarding against challenges in designing and building structures, preventing costly delays, rework, budget overruns, and claims for injury or property damage by third parties.
• Faulty Workmanship: Providing coverage for rectification of errors and damages resulting from defective workmanship, ensuring financial protection in cases where general liability policies may fall short.

This protection extends to cover:

• Legal Defense Costs: Covering the expenses associated with legal defense in response to claims.
• Settlements or Judgments: Offering financial support for settlements or judgments resulting from covered claims.

How much is it?

Rates for Professional Liability coverage are determined by factors such as your industry, claims history, coverage limits, and the scope of your professional services. Our dedicated team will work with leading insurers to secure the most comprehensive coverage that aligns with your budget and business needs.

What are my Payment Options?

Our programs offer various payment options when purchasing your professional liability insurance policy.

Full Payment Option – Pay the premium with one payment.
Direct Bill Option – Pay the monthly premium to the carrier directly.
Financing Option – Pay the monthly premium through a finance company.

Why choose Fairbanks Insurance Brokers?

Our commitment is exclusively to the construction industry. Leveraging our strong relationships with top contractors’ professional liability insurers nationwide, we can provide unparalleled access to highly competitive rates, ensuring your business is protected against unforeseen challenges in your professional journey from start to finish!