Specialty Insurance for Construction Manager At Risk
Serving as a construction manager at risk adds certain elements to the job that increase your liability. You need specialized and tailored insurance to cover those risks. Whether you’re an architect, contractor, or other professional in construction who is operating outside of the traditional agency construction manager, the insurance you need is often project-specific.
It can be difficult to find coverage when you are a construction manager at risk. Taking on additional financial constraints increases your risk of a lawsuit if anything happens and the project isn’t completed on time and under budget. It takes a special insurance company to help you find the underwriter that covers your specific project, whether it’s residential or commercial and under the terms of your own license and experience.
Not only are you liable for your own actions, but you may also be held liable for sub-contractors who work on your project. Make sure that you get enough insurance to protect your business by working with an insurance agent who knows and understands your industry and needs.
When you are taking on the role of a construction manager at risk, don’t take chances being underinsured. Use the resources of the insurance company to ensure you aren’t taking on too much risk. Find an agent that offers quotes and claims management and works with you to provide the right insurance for your budget.