What Can Construction Professionals Expect from Professional Liability Insurance Coverage?

What Can Construction Professionals Expect from Professional Liability Insurance Coverage?

The construction trade is one of the most lucrative and popular industries in Canada.  It provides various opportunities for small business owners and construction professionals throughout the country. As the provinces expand and the need for buildings, homes and reliable infrastructure increases, the demand on the construction industry is amplified. While on the surface additional business is perceived as a benefit, it can also become a hindrance if you are not properly prepared for the additional workload. Being prepared does not just involve securing enough workers and materials; it also involves securing the proper protection for yourself and your company.

While the construction industry is clearly prosperous, it can also be dangerous. First and foremost it can be physically dangerous but, if you are not properly protected it can also pose threats to your financial security. Whether you are an architectural engineer or a projects manager, a reality to prepare for is unintentional errors and omissions in your plans and work. There is nothing to prevent a client from holding you liable for mistakes and damages resulting from inadvertent mistakes made by you, your workers or sub-contractors.

As a construction professional, purchasing adequate insurance coverage can go a long way. In Canada, most professionals are covered under a general liability insurance policy, which is great for helping to cover costs related to an accident or injury on your job site however, this policy does not cover service-based claims. As a result, more often than not, construction professionals are named in lawsuits claiming project failures resulted in injury, damages and lost profits and you, as a defendant, could end up having to shoulder the financial burden alone.

For the service-based claim scenario described above (and other similar claims), a construction professional liability insurance policy can help protect you and your assets. While no policy is all encompassing, being covered under this policy will provide you with financial assistance for your defense and other financial responsibilities in the event you are named in a lawsuit. If you would like to know more about how this policy could benefit you contact EasyCover today.

EasyCover enables you to request a free professional liability insurance quote and purchase insurance coverage online easily and within minutes. No waiting, no hassles, fast, effective insurance coverage available at your fingertips. You can also speak to one of our licensed insurance brokers by calling us toll free at 844-439-2683 or by using our live chat during regular business hours, MST time, Monday through Friday.