A contractor has many obligations and liabilities imposed upon you and your company.

Many contractors overlook the risk-management implications of various contract provisions. Numerous construction contracts are drafted or modified by professionals with little knowledge of insurance coverage. Most owners and general contractors shift liabilities to contractors—these liabilities can be very difficult or costly to insure and many are even uninsurable.

If you fail to recognize these potential gaps in coverage, it can become a significant impact to your bottom line or even eliminate your profit on the job. In some cases, it could put you out of business.

Just because a loss is uninsured does not relieve you as the contractor of its contractual liabilities since you agreed to indemnify all parties upon signing the contract. Many contractors accept these onerous provisions without compliant and often without even noticing them, especially in a competitive market.

This blind acceptance of risk exposes you to potentially catastrophic losses. While many contractors may never experience a loss, they remain regular occurrences. It is DIB’s job to help prevent or advise you of the risks on every contract that you sign.

You can count on us to help point out the exposures of your contract and subsequently make a business decision regarding the job and the associated risks with the project. We can assist by developing a subcontractor agreement and working with your attorney to ensure all legal aspects have been addressed. In addition, we assess the related “upstream” and “downstream” insurance requirements that may need to be in place, especially if you employ subcontractors.