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Entries close 31 March 2021.
The construction industry covers a wide range of businesses – and therefore there is a wide range of insurance needs. From sole traders, local independent building companies to regional and national construction forms, liability insurance is essential for all in this industry.
Adding to the complexities of arranging the right liability insurance cover is the range of projects and trades that fall into this sector. The needs of house builders, roofing contractors, joinery manufacturers and commercial property constructors will vary and so seeking professional insurance advice is vital.
Public Liability Insurance
This is perhaps one of the most obvious insurance covers needed by the trade and construction industry. Public liability insurance protects your business if someone is injured or their property is damaged and your company is deemed liable.
Employers’ Liability Insurance
Legally required for most companies, this protects your employees, contractors, casual or temporary staff if they are injured or become ill as a result of working for you.
Professional Indemnity Insurance
Professional indemnity (PI) cover is often a requirement for contractors as part of the terms when a project is a greed. PI insurance offers protection in the event of a claim for negligence – even if you believe you’re not at fault. Cover can include legal defence costs, damages and compensation due to professional negligence, which can be substantial.
Plant and machinery
Cover for your machinery and equipment – including liability for damage caused to property or people, as well as theft. This can also be extended to cover plant machinery that you hire in.
Contracts work cover
This provides protection against an uninsurable event that prevents you from fulfilling a contract. For example, storm damage to a structure that’s being built. Contract works will cover the parts of the building that you are working on – not the existing structure. The builder would be liable for the materials, labour and extra time to finish the work.
Latent defects insurance
Latent Defects Insurance can help to cover the cost of repairs or rebuilding if structural damage appears after the practical completion of a new-build or conversion project caused by a defect in design, workmanship or materials.
Liability claims against contractors can arise from a variety of situations. Accidents or injuries affecting members of the public or your workforce, damage caused by your construction work to somebody else’s properties or the failure to complete a contract due to circumstances such as a storm can all have a financial impact on your business. Construction liability insurance can provide the cover you need to protect your business.
As a minimum, you will likely need public and employers’ liability insurance, as well as cover for your tools and machinery and any vehicles used by the business. Cover can be extended to include professional indemnity insurance, contract works, and latent defects insurance. Other optional covers may also be appropriate depending on your circumstances.
Whether you are a sole trader, the director of a local independent building company or responsible for the insurance needs of a regional or national construction firm, we can help.
Our approach is to get to know you and your business and help you identify your specific insurance risks. We’ll assess and then provide solutions to meet your requirements. We’re here to help as your business grows and changes and adapt your cover accordingly.
We’ll help you work out the right combination of insurance cover and sums insured and add extra cover as and when required. For example, temporary hire of plant machinery or contract works cover.
We like to talk to our clients in whichever way suits you – whether it be face to face, via web-meeting or on the telephone.
To find out how we can help your business, speak to our friendly team of experts.