Why Construction Companies need Professional Liability Insurance in Oklahoma

Construction Companies need Professional Liability Insurance

Every Oklahoma contractor or construction company needs workers compensation and general liability insurance to do business, but do you need professional liability insurance as well?

Here are some items to consider when purchasing a professional liability insurance policy:

  • Many projects require contractors and construction companies to have professional liability insurance.  You may be required to have professional liability coverage.
  • The average cost of a claim against a contractor firm is around $120,000 when payment is made to the plaintiff.  Also, frivolous claims will cost you time and money as well.
  • All of the professional liability policies on the market are claims-made policies, meaning that coverage must be active at the time of the claim to be covered. So carefully consider the projects you've recently worked on. Even if your policy was active while working on a project, if a claim is brought after you've let your coverage lapse, it won't be covered.
  • You may get discounts on continuing education.  Some carriers may also reimburse for certain credits.
  • If a lawsuit is brought against you, some carriers will provide you with a defense attorney who will fight for you and your reputation.

Let the professionals at The Insurance Center Agency, Inc. in Oklahoma & Midwest City evaluate your risks and business operations to see if a professional liability policy is right for you.