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.
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.
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.
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.