When it comes to protecting your business and assets, one of the best investments a contractor can make is in professional liability insurance. Professional liability insurance, also known as errors and omissions insurance, is designed to protect businesses from claims of negligence and other liability-related issues.
For contractors, this type of insurance is especially important because they often deal with a variety of clients and projects. Without professional liability insurance, contractors may be held liable for any mistakes they make or for any problems that arise during the course of a project. In some cases, these mistakes or problems can be very costly and may even lead to lawsuits.
That said, problems are still problems, and you may still end up paying for consequences even if you have professional liability insurance. As such, ensuring such issues don’t occur in the first place is the best thing you can do, and today, we’re going to share with you ways to avoid professional liability disputes:
1. Create a Written Contract
It’s important to make sure that all agreements are formalized in written form. Make sure to include details such as due dates for projects, what services will be provided, and how disputes or issues will be handled. Doing this will ensure that both parties are on the same page and that misunderstandings can be avoided.
2. Communicate Often
Staying in touch with your customers through email is a great way to keep everyone up-to-date. Keeping a record of conversations and deadlines allows you to ensure that nothing slips through the cracks and any potential issues can be addressed before they become unmanageable.
3. Stick to Best Practices
It is important to not only comply with the legal requirements in your area but also to adhere to the highest standards of practice in your industry in order to ensure that you are providing the best possible service. So, understand what the best practices are and implement them into your day-to-day activities.
4. Add Near-Term goals
Creating short-term objectives that are part of the plan can help make sure you finish the project by the designated date. It is important to share these goals with the people involved in the project so that any necessary corrections can be made right away.
5. Thoroughly Review Insurance Policies
Before beginning any work, it’s important to examine your professional liability insurance policy to see what it covers and what it excludes. Make sure you have enough coverage for all the risks you might face. If you’re not sure what kind of insurance you need, talk to a qualified insurance agent and seek their advice. They can help you get the right insurance and know what it covers to keep you as protected as possible should problems arise.
By following all of the tips we’ve shared above, you stand a much better chance of avoiding professional liability disputes and saving your time and money in the process. But of course, no one’s perfect, including you. So, always make sure you have the right insurance policies in place to cushion any problems you may face throughout your operations.
Pascal Burke Insurance Brokerage Inc. is your go-to insurance provider to help you get the insurance that contractors need to do their jobs without worry. If you are looking for commercial insurance brokers in Kansas City, get in touch with us today!