Reevaluate Your Contractor Risks in 2020

Contractor Risks

A new year is a great time to evaluate your insurance options for your business. The contractor’s professional liability insurance can help you better protect your business in the coming years. Knowing what risks your business faces is the first step in ensuring you have adequate protection.

Damage

As referenced on https://hilbgroupfl.com/, property damage and bodily injury to third parties is an inherent risk to the job regardless of the project size. Instead of being put on the hook for financial liability, make sure you have errors and omissions insurance. The policy steps in when you face a lawsuit.

Loss

A lawsuit can cause financial loss for your business. Not to mention the loss of time due to handling legal matters rather than working to make more money. The right insurance protection helps you handle a lawsuit without a further monetary loss for your business.

Subcontractors

Many contractors also use the skills and expertise of subcontractors to finish a project. You can be held liable for one of their errors. One way to limit your liability is to only work with subcontractors that have their own professional liability insurance policy.

The contractor’s professional liability insurance helps protect your business from errors and omissions. The year 2020 is the perfect reminder to re-envision your business. Start with evaluating your risks and making sure you are covered against loss.