Professional liability / E&O insurance for contractors and construction companies

Contractor and construction mistakes, such as failure to follow a blueprint, can be financially devastating for your client. As a result, your business could be sued to recoup losses. Contractors' professional liability insurance, sometimes called errors and omissions (E&O) insurance, can provide the protection your business needs when facing accusations of negligence or errors.

This policy offers liability coverage related to:

• Failure to deliver promised services
• Negligence in providing services
• Errors and oversights

This coverage can be added to a general liability policy, usually at a discounted rate.

While professional liability insurance shields against accusations of work errors, it does not offer complete protection. No matter your specialty, injuries and property damage are part of the trade. Other policies to consider include:

General liability insurance: This policy can cover expenses related to customer injury and property damage, along with advertising injury.

Business owner's policy: A BOP bundles general liability coverage and commercial property insurance at a discount. It protects against the most common lawsuits and property damage.

Workers’ compensation insurance: Workers’ comp covers medical costs for work-related injuries and illnesses. Most states require this coverage for businesses with employees.

Commercial auto insurance: This policy covers the cost of an accident involving your business vehicle. Almost every state requires this coverage for business-owned vehicles.

Contractor’s tools and equipment insurance: This policy helps pay for repair or replacement of a contractor’s tools and equipment if they are lost, stolen, or damaged.

Surety bonds: These bonds reimburse your clients for financial losses if your company is unable to fulfill the terms of its contract.

Builder’s risk insurance: This policy can pay for damage done to a structure still under construction. It can cover costs resulting from fire, vandalism, on-site theft, and more.

Are you ready to safeguard your construction business with professional liability insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.