from Zoom Insurance

In construction, power, and infrastructure projects, the role of contractors is of significant importance. After all, contractors are the individuals or entities who actually complete the required construction-related tasks. In order to safeguard their interests, companies usually sign agreements with contractors specifying their scope of duties as well as penalties in case of any discrepancy in the work. The penalties are usually in the form of a percentage, which, in the case of construction, power, and infrastructure projects, could add up to a significant amount. When it comes to construction, power, and infrastructure projects, professional negligence is generally related to the failure of the contractor to perform the designated task as agreed.
If there is any flaw in the execution of the design of the project, it could jeopardise the integrity of the entire project, putting the company at risk. In such a situation, the company will file a claim against the contractor. Due to the significant amount being involved, it is not possible for the contractor to bear these charges from their own finances. In such a situation, a project professional risks insurance will offer you the required protection against the possible losses arising out of any errors or oversights on their part, as a contractor.