For construction management firms, there can be a high level of liability and risk in the day-to-day running of construction operations. Certain factors are simply not under the firm’s control. For this reason, it makes a great deal of sense to be fully insured against this construction management risk. Investing in quality coverage can protect your firm against claims and allow you to focus on the work at hand without being charged heavily for various suits and claims.
One liability facing construction management firms is the fact that third-party workers are often involved. Because construction management firms are generally tasked with hiring contractors to complete the construction project, there can be situations in which the firm is held liable for the negligence, errors & omissions or generally poor workmanship of the contractors. In cases such as these, proper construction management liability insurance can be extremely useful, in that it can take the financial burden of these risks off of the firm.
Given these unique risks, it is a good idea to find insurance coverage that is specifically catered to cover construction management needs. Overall, high quality construction management liability insurance can make a great deal of difference when it comes to minimizing your firm’s liabilities and saving money on potentially costly claims. This insurance is highly recommended for all firms specializing in this area and seeking to minimize their construction management risk.