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Contractors Professional Insurance

According to the International Risk Management Institute, contractors, project owners, and project professionals are increasingly interested in the niche market of contractor’s professional liability insurance (CPLI), according to a recent survey of insurers writing the business.  Yet, less than half of all contractors in need of the coverage are buying it. Why is that? It might be that contractors don’t fully understand what the coverage is designed to do. We hope this update will help our clients analyze their exposure and determine a course of action.

Contractors have a professional liability exposure when they perform or subcontract design, modify plans, change a manufacturer’s specifications, or provide professional construction management services to a project owner. This exposure is of increased risk in design-build projects.  Most, if not all, contractors’ general liability insurance policies include a professional liability exclusion that removes coverage for claims arising from their professional services work.

Contractors Professional Insurance is designed to provide the contractor with coverage for defense costs, third-party losses resulting from professional negligence, and pollution, if coverage has been added.  Defense cost coverage alone is important, even if allegations against the contractor are false, which can present the contractor with a financial burden that might significantly impact the bottom line.  Sometimes the biggest exposure is a simple conversation or discussion between the contractor and owner that causes a professional liability situation.

At the Alternatives Insurance Group, our associates are dedicated to providing every client with an insurance product tailored to fit their individual needs. Whether it be personal or business insurance needs, we will provide the tools and resources necessary. We will continue to review, improve and renew our products as well as maintain relationships with our insurance company partners. Our exceptional efforts and commitment ensure all of our clients' needs will be met completely, competitively and proudly by the Alternatives Insurance Group of agencies.

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