Your business’ product or completed operations away from the location of your business are covered under the Products-Completed Operations coverage. Your business can be covered if it causes property damage or bodily injury.
General liability policies usually include coverage for completed products operations. Once operations are completed or abandoned, it covers liabilities arising from the insured’s products or business operations that are conducted off-premises.
When a contractor’s contracted operations have ended, completed operations insurance protects him or her from liability for property damage or injuries to third parties. Completion of operations insurance usually applies to construction products as well as goods and medicines made by consumers. Completion operations insurance is most commonly included in general liability insurance. Additional or separate policies may be purchased by contractors and manufacturers for losses and injuries incurred off their properties that exceed their general liability limits.
By purchasing completed operations insurance, contractors and manufacturers transfer their risks to a third party. In addition to completing work, contractors must take precautions to avoid liability expenses.
Contractors and manufacturers can maintain financial stability as they settle claims with completed operations insurance policies. It can defend you against claims of negligence and breach of contract. In the case of damage resulting from the work of the contractor or from their products, the coverage provides reasonable compensation. Punitive damages may be settled through indemnity insurance. In the event of a product recall, complete operations insurance isn’t applicable.
Insurance for Completion Operation Contractors’ insurance covers legal defense and any judgments or settlements resulting from accidents associated with completed work covered by the policy.