What is Builders Insurance?

Everything you need to know about insurance for builders

What is Builders Insurance?

For builders, insurance is a vital thing to have, and is more important than in other professions. Your business can be potentially dangerous and, thus, insurance is an integral safety consideration. However, not everyone will know about the different types of cover, so we’ve put together this guide to help you understand what cover you need in your profession.


So what types of insurance are available?

There are many types of builders insurance covers available for builders. One of the main types of insurance available is public liability insurance. This cover protects from injury or fatal accidents of third parties, and also from damage to the property of third parties that may happen as a result of the work. For example, if a member of public was hit by a collapsed piece of hoarding, you would be held liable for their injury and forced to pay compensation from your own pocket if you didn’t have public liability insurance. But if you did take out public liability insurance, your insurer would pay out the compensation for you, potentially saving you hundreds of thousands of pounds.


Employer’s liability insurance for builders

Another type of cover available for builders is employer’s liability insurance. This kind of cover is a legal requirement for anyone employing staff in their business. It protects employers from compensation and legal fees if the employees are injured, or contract a workplace-related illness during their employment with you. Employers are required to have £5 million in insurance as a minimum legal requirement, although here at Tradesman Saver, we offer £10 million in employer’s liability as standard if you need it.


Other insurance covers you might want to consider

You can also take out insurance for other things such as products you install, tools and equipment and business contents. As well as this, you may want to consider contract works insurance which will provide all risks cover for the contract you are working on.  This will protect you should the contract be destroyed by fire or flood for example before it is completed and will save you the cost of repairing any damage yourself.  Contract works insurance can also include cover for any hired in plant or your own plant and materials to protect them from accidental damage or theft. You can even take out insurance to protect you from compensation claims against your professional negligence if your business offers advice to its clients and this is known as professional indemnity insurance.

Overall, there are many different types of insurance covers, and what you’ll need will vary from person to person, and circumstance to circumstance. However, the profession in itself is potentially dangerous at all times, as you’ll be handling heavy equipment. An uninsured accident could be very hazardous to both your reputation and financial ability of your business, so it’s vital that you’re protected.

Related Links

More information on builders liability insurance and what it covers

Also visit this page for more info

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