Builders often have to deal with a wide range of elements, but come rain, hail, snow or occasionally, sun, they work from dawn to dusk to get the job done. For many, being out on the site can be gruelling but rewarding work and many would rather that than getting buried under a mountain of paperwork.
However, some things have to be done and as a building contractor, you will be the one charged with sorting out insurance. It’s a much more straightforward process than it seems and will be of huge benefit to you down the line, whatever the weather.
How do I know what type of insurance I need?
For a building contractor, public liability insurance is the foundation on which any insurance policy should be built. It will protect you if any claims are made against by clients or members of the public. Claims can arise of someone has been injured, fallen ill or had their property damaged as a result of your work. It will help out with legal expenses for fighting the claim and any compensation which is awarded.
Contractors may also want to look into getting personal accident and illness cover. This is especially for self-employed workers who may struggle if they cannot work for extended periods of time due to injury or illness. It will help to compensate for any lost income while you are out of action.
If you are a building contractor who has other others working for you, you are obliged by law to take out employer’s liability insurance. This is will help you with any claims made against you by your employees if they are injured, fall ill or have their property damaged in the course of their work.
Depending on the size of your operation, you may require additional cover for tools and machinery and other vehicles you use for work. As a sole trader, you may not require buildings and contents cover for your place of work, but it is always worth asking an insurance broker just to be on the safe.
What information do I need to provide?
You will need to provide basic details such as your name, address and what kind of work you are engaged in. An insurer will also want to know the size of your operation, so you will be required to supply details of your annual turnover and how many people you have working for you. Insurers will also ask for details of any previous claims so it’s always worth having these to hand.
What do I do next?
Contact your insurance provider and discuss what cover you need and supply them with the necessary information. This is the best time to ask any questions as trying resolve problems later on when you need to make a claim could prove more difficult.