Hiscox, the global insurance specialist, has announced the launch of a new digital Professional Liability product designed for contractors.
This insurance offering includes versions designed for both general contractors and sub-professionals, making it a unique product on the market due to its digital availability.
Liability of General Contractors
The newly introduced Professional Liability product for general contractors is designed to cover various risks associated with professional services provided on a job site or project. This includes exposures related to design work and engineering work, such as errors made while using a designer’s designs. This program also extends to workplace contractor pollution liability, and regulatory processes involving the Federal Housing Administration (FHA), Occupational Safety and Health Administration (OSHA), and the Americans with Disabilities Act (ADA).
In addition, coverage includes protection against bodily injury and property damage claims from professional services. Importantly, even if the contractor was not at fault, Hiscox will still provide a legal defense against any frivolous claims relating to its liability. This ensures that contractors are not left at risk of costly legal battles that could disrupt their business operations.
Liability of Professional Subcontractors
Hiscox has also developed a special version of this Professional Liability product to address the unique needs of subcontractors, who often face different risks compared to general contractors. In addition to the coverage provided by general contractors, the subcontractor product includes defective work coverage. This special coverage covers claims related to inadequate skill, quality, or workmanship, and the use of defective materials. For example, a builder who needs to redo a job after failing to follow approved construction drawings will be covered under this policy.
Tyler Peterson, Senior Vice President of Underwriting Management at Hiscox, emphasized the importance of providing contractors with peace of mind so they can focus on their craft. He said, “Like a highly skilled professional, contractors should be able to focus on their work without the storm clouds of potential legal issues hanging over their heads.
“Hiscox’s approved Professional Liability coverage for general and professional contractors is now available online for the first time, taking the pressure off buying high quality. In the event of an error, or otherwise, Hiscox will handle expert exposure, leaving contractors with the peace of mind they need to build and shape our homes, cities and businesses. “
