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Entries close 31 March 2021.
As a contractor or trader, you are exposed to a range of risks every working day. If your business provides services such as plumbing & heating, air conditioning & ventilation, electricians and electrical contractors and painters & decorators , then you need to make sure you’re protected in the event that something goes wrong whilst working for a client.
It is therefore essential that you have the right insurance package in place.
Working as a contractor, you’ll be aware that every job has it’s own unique challenges and your skills and experience allow you to meet these and make your business a success.
But there are situations beyond your control that could easily derail your business. Unforeseen accidents, the actions of third parties or even disagreements can be financially damaging to your business – and your reputation.
The right combination of liability insurance policies is therefore vital.
Contractors Public Liability Insurance
Working at a client’s premises, situations such as a site visitor tripping over a toolbox or a electrical installation fault resulting in a major incident are likely to result in compensation claims. Public liability insurance is perhaps the most important policy for contractors as it covers compensation and legal fees if a member of the public makes a claim for injury or damage they believe to be caused by your work.
Employers’ Liability Insurance
Covering both employees and casual workers, employers, this is likely to be a legal requirement for your business. As an employer, you are responsible for the health and safety of anyone working for you. If an accident occurs or an individual suffers an illness that they believe is your fault, they may look to claim compensation from your business. Employers’ liability insurance covers the cost of not only any compensation payments but also the cost of the claim and legal expenses incurred.
Contract Works Insurance
Contract works insurance is designed to provide cover for construction work that is being carried out – whether an extension to a residential home or a new commercial construction. The cover provided protects against the risks of damage that can occur during the building works, ranging from damage to the structure itself as well as the materials and fittings. These risks can include fire, theft, malicious damage, flooding and storm damage.
It is required in all instances where a client’s contract makes you directly responsible for partly completed work and there is usually a requirement that contract works insurance is in place.
Additional insurance considerations
Depending upon your specific business operations, covers such as motor fleet, personal accident, plant and machinery, portable equipment cover and even cyber risk may well be appropriate.
If you have employees or casual workers, employers’ liability insurance will be a legal requirement. Public liability insurance provides cover for compensation claims in the event that something goes wrong and a member of the public is injured or incurs damage to their property.
Depending on the nature of your business, professional indemnity insurance may be required. If you provide information, documentation or advice that could be deemed incorrect or at fault if an accident or incident occurs, compensation could be claimed. Other insurance considerations for contractors and tradespeople include motor fleet, personal accident, cyber and data risk and contracts work insurance.
Yes. Many contractors and professional tradesman will have a large number of tools and equipment. Cover can be provided to protect against theft or damage (including for tools left overnight in a locked van), as well as insurance for plant and hired machinery.
If you run a plumbing & heating firm, electrical engineer business, painting & decorating service or install air conditioning and ventilation solutions and work on a contractor basis, you will have specific insurance needs.
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.
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.