How to Protect Your Construction Company From Costly Design Mistakes

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ℹ ABOUT THIS EPISODE

This week, Wade and Stephen delve into the importance of professional and design liability insurance for construction businesses. They discuss how this specialized coverage acts as a safety net when expertise is questioned, preventing potential financial disasters.

The conversation highlights real-world examples, state-specific filing limits, and the complexities of insurance claims. They also explain the critical difference between general and professional liability insurance and the importance of meticulous policy review to avoid costly exclusions. This episode is a must-watch for contractors aiming to safeguard their business against unexpected liabilities.

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⌚️ In this episode:

• 00:47 Understanding Professional Liability Claims
• 02:10 The Importance of Specialized Coverage
• 04:01 Common Misconceptions and Real-World Examples
• 05:27 Navigating Insurance Policies and Exclusions
• 08:13 The Role of Insurance Agents and Brokers
• 10:48 The Financial Impact of Liability Claims
• 15:31 Final Thoughts and Advice for Contractors

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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1. How to Protect Your Construction Company From Costly Design Mistakes (00:00:00)

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3. (Cont.) How to Protect Your Construction Company From Costly Design Mistakes (00:09:01)