Contractors

A contractor-controlled insurance program is a type of wrap-up insurance policy that is designed to protect contractors, subcontractors, skilled labourers and other employees from high-cost liabilities.

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Under a CCIP, a general contractor sponsors and controls the program. CCIPs can help contractors lower their total cost of risk. This is accomplished by centralizing the purchase and administration of insurance, either for a single job site or across all of a general contractor's projects. Other benefits of CCIPs relate to the following:

Increased control for contractors

CCIPs can give general contractors peace of mind, as they ensure that subcontractors are properly insured. In addition, because there are fewer insurance policies to consider, CCIP claims are streamlined and easier to manage.

Reduced costs

CCIP coverage is typically cheaper than having parties purchase their own insurance policies.

Centralized safety and risk management

Program sponsors - who are working in conjunction with their brokers, the insurer, and safety professionals - can maintain centralized safety and risk management services. By centralizing these services, program sponsors can reduce the frequency and severity of injury and property damage claims.

Improved access to subcontractors

CCIPs can also provide general contractors with the ability to include subcontractors on a project who might otherwise not be able to bid on the job, given their limited scale and experience.

Reduced disputes among insured parties

By covering all of the parties on a project under one policy, wrap-up programs reduce coverage disputes and subrogation issues between insureds and insurance carriers for covered claims that occur on the job site.

E&O Insurance for Contractors

As a contractor, you work hard to create a quality product and satisfy customer expectations while building a profitable business. However, no matter how careful you and your employees are during the course of business, mistakes do happen. In today's business environment, small disputes with customers over projects can quickly escalate into costly legal disputes.

Almost every contractor carries some form of Commercial General Liability (CGI) coverage. While these policies provide much-needed protection for bodily injury and property damage claims that occur as the result of a contractor's work, they typically don't account for all forms of negligence.

E&O policies can help contractors close gaps in their insurance coverages, providing coverage for claims related to the following:

  • Failing to complete projects according to specifications
  • Negligence in providing professional services
  • Poor, incorrect, or incomplete work
  • Errors and oversights

As a contractor, there are a variety of insurance products to consider. To ensure you are accounting for all of your unique risks - and to secure a policy that is tailored to meet your specific business needs - it's important to work a qualified insurance broker.

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