While it may seem that a construction management plan is overprotection, the opposite could not be truer. A construction management firm is often the one body that interacts with contractors, engineers, architects and other professionals on behalf of the owner. Professional liability issues are often at the forefront of those relationships.
Benefits of a Plan
When you implement a construction management plan, you can count on the following benefits:
- Protection against an individual or company that does not perform an accurate job.
- A program that is specifically designed with your particular firm in mind.
- Coverage for errors or omissions, negligent acts or other third-party claims.
- Coverage that typically expands through the nation, and often the world.
Of course, every plan is not equal, and it is important that you speak with your insurance agent to truly outline a plan that will work the best for you. Depending on the types of sub-consultants, engineers and other professionals that you deal with, you may be approved for a different amount of coverage than another.
To find out what coverage you qualify for, and what you can include in your construction management plan, contact your insurance company today. Making sure that you and your firm are protected in case of a claim is one of the most important steps you can make.