In today’s fast-paced world of design and construction, construction service providers often act as the middle people for a variety of subcontractors. In this position, they are at great risk for a lawsuit in cases of error and omission situations or when some aspect of the project’s work puts others in danger. To mitigate such circumstances, construction management risk policies are available.
Lawsuits Can Equal Catastrophe
If you are in the businesses of providing construction work, you must realize that a lawsuit could be completely catastrophic to not only your bottom line, but also your entire company. Experts in insurance coverage can help you write policies offering two million dollar limits in most cases and three million dollar limits when excess coverage policies are written.
Be a Smart Provider
No one should take lightly the risks construction companies face should work within the design initiative be faulty. Liability includes employee safety, consumer and visitor issues and a wide variety of error and omission possibilities. Smart providers understand that it is far better to be over insured than to be poorly covered in case of a lawsuit.
Minimize Your Risk
Contacting insurance specialists to help you consider and write the most effective policies possible should be your very first step in making sure that your construction management risk is minimized. With the right policy in your hands, you can be sure that your company will survive should a lawsuit occur.