Question

Insurance is a vital component of Project Management. In that

context, explain the 3 main types of Insurance that are available
giving its features and benefits.

Answer 1

The three main types of insurance in project management are general liability insurance, professional liability insurance, and contractor's all risk insurance.

Step-by-step explanation:

Three Main Types of Insurance in Project Management

1. General Liability Insurance: This type of insurance protects against claims of property damage or bodily injury caused by the project. It provides coverage for legal costs, settlements, and medical expenses.
2. Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this type of insurance protects against claims arising from professional advice or services provided by the project team. It covers legal costs, settlements, and damages resulting from negligence or errors in judgment.
3. Contractor's All Risk Insurance: This insurance provides coverage for damage or loss to projects during construction. It covers materials, equipment, and third-party liabilities. It also includes coverage for events like theft, fire, and natural disasters.