Small businesses have many insurance options, from general liability, workers’ compensation and business auto policies. Professional liability insurance is often thought of as malpractice insurance for professionals, such as doctors, lawyers or accountants. But in today’s litigious society, general contractors and construction businesses should consider insurance for construction projects.
Three Reasons You Need Professional Liability Insurance
Your insurance policy is an added layer of protection in case something goes wrong on the project. It keeps you from paying out of pocket for a legal defense, but it does much more.
1. Identifies risk
Your insurance company can help your business identify where you are vulnerable and could get sued. An ounce of prevention is better than a pound of cure.
2. Shows that you’re a professional
Your professional liability insurance backs up the quality of your work and your commitment to detail. Customers want to know that your business is credible.
3. Fewer worries about frivolous lawsuits
Customers sue over the weirdest things. It doesn’t matter whether the lawsuit is valid or not, you still have to defend your business. This is where insurance for construction projects steps in. It protects you from paying thousands of dollars to defend yourself against a frivolous lawsuit.
Professional liability insurance for construction projects give you peace of mind.