Construction management liability insurance is designed for anyone in the construction industry hoping to protect themselves from lawsuits. In the construction industry, oversights and mistakes can be costly, and at times, fatal. This is why it is necessary for the managers of these massive projects to protect themselves legally and financially. Managers oftentimes oversee the entire construction project, and they can be held liable in the event of an error.
This particular type of insurance is available to a wide range of construction managers, contractors, and building design companies. If there is a problem with a building, all parties involved can be held accountable. This can lead to astronomical legal fees for your construction management business, and a loss of potential clients.
Construction management liability policies are extremely flexible and customizable. They can usually offer millions of dollars in coverage, and they can be altered to fit your company’s particular needs. The coverage plans can also be adjusted to fit the needs of an individual building project.
Prepare for the Worst
No one likes to think about construction errors and failures, but they do occur. Even the best manager can’t prevent some accidents from occurring, and it is necessary to prepare yourself for the worst. With the right coverage plan and insurance company, you can avoid having your company crippled by years of litigation.