What is Completed Operations Insurance?

Completed operations insurance is a type of insurance coverage that contractors regularly buy in order to limit the amount of liability that they have after finishing a project. If a contractor finishes a project and then someone is injured because of this project, the contractor could potentially be held liable. This type of insurance will step in during this situation and pay for any claims that could arise.

Coverage

This type of insurance coverage will also cover any damages that could occur to other property. If another person's property is damaged by the project that was completed by a contractor, the insurance will handle the claim.

Future Claims

After a contractor finishes a project, they do not have anything else to do with it in the future. However, without this type of insurance, they could technically be liable for anything that occurs as a result of the work that they did. This type of insurance is essential for contractors and is often included as part of a general liability insurance policy. In some cases, contractors will still buy extra completed operations insurance coverage just so that they can avoid any potential lawsuits that could arise after a project is finished.

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