New business models, new ways of working and new technology bring a wider range of risks.
A new report issued by Chubb highlights the risks contractors face with the increasing usage of digital technology.
New business models, new ways of working and new technology bring a wider range of risks. Previously, general contractors had little to no professional liability exposure. That's not the case today.
Contractors' exposures have evolved from standard commercial general liability (CGL), auto liability and builder's risk to include exposures linked to design and management of work along with cyber exposures arising from modeling software and the confidential project, customer and employee data they store on their own or remote networks or with a “cloud” provider.
To protect themselves, contractors need to recognize existing, as well as evolving professional liability risks they face and ensure their various coverages address those exposures. By working with a carrier that has a deep understanding of the construction industry, professional liability and cyber risks, contractors can ensure that their risk management strategy keeps pace with the evolving industry.
To read the full report, click here.