Professional Liability Insurance: A Must-Have for New Hampshire General Contractors

Yes. Premiums may increase after a claim. However, the increase will depend on the severity of the claim, the insurance provider, and the general contractor's overall claims history. For example, if a general contractor has a history of frequent claims, their premium may increase more significantly than a general contractor with a single claim. Additionally, some insurance providers may offer claims-free discounts or other incentives to general contractors who maintain a good claims history.

Yes. Many insurance providers offer same-day certificates of insurance (COI) for general contractors. However, this may depend on the complexity of the project, the client's requirements, and the insurance provider's processes. Some insurance providers may require additional information or documentation to issue a COI, which can delay the process. It's essential for general contractors to work with an insurance provider that can provide timely and efficient service to meet their clients' needs. For instance, a general contractor in Nashua may need to obtain a COI quickly to start working on a project, and an insurance provider that offers same-day COIs can help them meet this deadline.

Yes. Sole proprietors are personally liable for their business's actions, making Professional Liability (E&O) insurance essential. Without this coverage, a sole proprietor's personal assets, such as their home and savings, may be at risk in the event of a financial-loss claim. Professional Liability (E&O) insurance can provide sole proprietors with the protection they need to safeguard their personal assets and ensure the continuity of their business. For example, a sole proprietor general contractor in Manchester may want to consider purchasing Professional Liability (E&O) insurance to protect their personal assets and reputation.

Professional Liability (E&O) insurance does not cover physical damage or bodily injury claims, which are typically covered by General Liability insurance. Additionally, this coverage does not include claims related to intentional acts, such as fraud or misconduct, or claims that are not related to the general contractor's professional services. For instance, if a general contractor is sued for damages resulting from a vehicle accident, Professional Liability (E&O) insurance would not cover the claim, as it is a physical damage claim, not a financial-loss claim.

Yes. General contractors can typically cancel their Professional Liability (E&O) policy at any time, but they may be subject to penalties or fees for early cancellation. It's essential for general contractors to review their policy terms and conditions before canceling to understand any potential consequences. Additionally, canceling a Professional Liability (E&O) policy may leave a general contractor without essential protection, making it crucial to consider the risks and potential consequences before making a decision. For example, a general contractor in Concord may want to consider the potential risks of canceling their policy during a busy construction season, as they may be more likely to face financial-loss claims during this time.