If a customer alleges that you have damaged their property or injured someone, you could face expenses that could cripple your business. A Professional Liability policy, also known as Errors and Omissions Insurance, can help. It pays for legal defense costs, sometimes from the first dollar forward, and will cover payouts you have to make for restitution, up to a certain limit.
We will help you understand your General Liability Insurance and make sure, if there are gaps, that you have options on covering the work you, your employees and any subcontractors do. If you have Pollution Liability risks or cyber-related exposures, we can help with those, too. Under some contracts, you may be required to provide certain types of bonds that guarantee your ability to fulfill your obligations. We can help you secure such bonds, if needed.
Sometimes technology and electrical contractors are concerned that fires or other problems will occur long after the job is completed and that they will be held liable for such incidents. It is possible to get long-tail coverage for these kinds of risks, so ask your advisor what’s available.