Types of Insurance in the Construction Industry

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All builders know the importance of having the right tools for the job, and we’re not just talking hammers and spirit levels here. Before a builder even sets foot on a site, they’ll want to know they’ve got adequate construction insurance in place should the unexpected happen.

Of course, all construction projects are different and construction insurance policies will vary too. However, there are some vital building blocks which should form part of any policy.

Public liability insurance

This form of cover is the foundation of any builders’ insurance policy. Anyone working in the construction industry doesn’t need an insurance broker to tell them that there is risk involved. Whether it’s working at great height, with heavy machinery or hazardous materials, there are many ways things can go wrong. Construction workers will all be well versed in health and safety procedures, but even that can’t prevent all accidents.

If you run a construction business and are hammered with a costly claim for injury or damage, it could spell ruin for your operation.

If a client or member of the public is injured, has their property damaged or suffers illness as a result of your work, public liability will help you contest any claims and meet the cost of any compensation which is awarded.

 

Personal accident & sickness insurance

Time is money and, if you are a contractor or a self-employed builder, you’ll know that time spent not working can see the money dry up quite quickly. If you’re temporarily sidelined due to illness or injury, then personal injury insurance can help you financially while you’re out of work.

 

Employer’s liability insurance

If you’re a contractor or run a construction business where you have people working for you, you’re legally obliged to have employer’s liability insurance. This will protect you if one of your employees makes a claim against you if they are injured, fall ill or suffer damage to their property in the course of their work.

 

Additional cover

Just like a house or office block can be built to a client’s own preferences, so too can a construction insurance policy be tailored to suit your needs. As well as the main components of a policy, you can choose additional extras to take care of tools, machinery and office equipment. You can also obtain cover for stock and loss of money and may require specialised motor insurance for any cars or vans your construction company uses.

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*This indicative price is for £1m public and products liability, £250,000 legal expenses, £10,000 financial loss and £10,000 accidental death insurance cover for a sole trader. The price includes insurance premium tax and our admin charge. 22% of new customers paid less than £59 between 1st January 2019 and 31st August 2019. The actual price you pay will depend upon your specific business requirements and will be affected by your trade, your claims history and the optional covers you select which are all priced separately during the quote process. This website is intended for customers based in the UK and is therefore subject to the UK regulatory regime(s) © Copyright 2019 Tradesman Saver | Tradesman Saver and Henry Seymour & Co. are trading names of Barkdene Limited which is authorised and regulated by the Financial Conduct Authority (FRN 303965) for our insurance distribution and credit broking activities. Barkdene Limited is a credit broker not a lender. You can check this on the Financial Services register https://register.fca.org.uk/.
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