Insurance for construction management businesses
Who needs construction management insurance?
Are you a construction manager, project manager, or owner’s representative? You likely specialize in running construction projects for the project owner. Because you're hired to manage different projects, you need insurance to cover your day-to-day decisions.
Let's say you fail to inform your client of particular sign-offs that are needed for the project to proceed to the next phase. This results in project delays and cost overruns. Your client sues you for negligence and damages from the delays and additional costs. Your insurance can cover your defense costs as well as a settlement or judgment.
Hiscox understands that you're vulnerable to all kinds of risks. It's why we customize coverage for project managers. Even a single lawsuit can cost thousands of dollars. With adequate insurance, you don't have to worry - and you can take the right risks that will help your business grow.
Other construction management professions we insure
Types of available project manager insurance policies
Below are examples of the insurance policies available for construction management professionals. They each offer unique protections specific to your industry.
Professional liability insurance is also known as errors and omissions (E&O) insurance. If you're sued, this coverage can protect you (even if you didn’t make a mistake).
As an example, suppose a subcontractor orders the wrong materials for a job. The correct materials take weeks to be delivered, delaying the project opening. The owner sues you for the costs associated with the delay. Your professional liability coverage could pay for your defense costs as well as a settlement or judgment.
General liability covers other people’s claims of property damage and bodily injury, as well as personal injury (like slander and libel). Here's an example.
Suppose you are giving a tour of a construction site to a potential client. They trip over a tool that a worker left out, breaking their wrist. Your general liability policy could cover the costs associated with their injury, including lost wages. Learn more about general liability insurance costs.
A business owners policy (BOP) includes general liability coverage and business property insurance. BOPs are comprehensive policies that cover many of the risks your small business might face. As an example, if your office is broken into and computers and tools are stolen, your BOP coverage could pay to replace the stolen items and get you back to work quickly.
Are you scaling in the future? Ask our representatives about your future coverage options. At Hiscox, we constantly refine our products to ensure you have the diverse insurance products you need.
With today's online threats, having antivirus software isn't enough. A cyber insurance policy protects against data breaches, cyber threats, extortion, and other liabilities. As an example, your computer is hacked in a ransomware attack and you lose all your data. It takes days or weeks to get your systems up and running again. Your client sues because of the data breach. Your policy is in place to cover your legal fees, damages, and any judgments or settlements. Hiscox cyber security policies also include educational tools to prevent a breach from happening in the first place.
Why do construction managers choose Hiscox?
Whether you offer architectural, construction, or engineering services, Hiscox insurance can help reduce the negative consequences of liability claims. You've invested time, long hours, and dedication into your business and we're here to help you protect your investment.
Here’s why similar professions across the country choose Hiscox for their insurance needs:
- Flexible payment options: Want seamless payment arrangements? We offer convenient payment terms with no additional fees. This can help you manage your monthly cash flow.
- Customized insurance: Would a customized policy help? Let us build the exact policy your business needs.
- Claims responsiveness: Reporting a covered claim? We'll immediately assign a dedicated claims representative to assist you.
- Coverage for contracts: Our insurance coverage satisfies most standard contract insurance requirements.
- Worldwide coverage: Have locations overseas? Simply file your claims in the U.S., a U.S. Territory, or Canada.
- Dedication to you: Our knowledgeable team is committed to helping you succeed. Our customer service survey rating is 4.8/5.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.