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Who needs Construction insurance?
Being your own boss is hard at the best of times, leaving you with little time or energy to deal with admin. But when you work in construction, it’s even more important to sort out essentials like your tradesman insurance because going without it could expose your business to unnecessary financial risk – here’s what to think about.
What is construction insurance?
It’s a type of business insurance that covers you for the risks and hazards you face if you work in the construction industry. Policies can cover you for stolen tools, damaged equipment and in some cases can pay for legal fees if you need to defend yourself in court. Without cover, you’d be expected to cover these costs yourself which could run into thousands of pounds.
What is construction public liability insurance?
Public liability insurance is one of the most important elements in all types of business insurance. It covers legal fees and compensation claims if a member of the public blames you for an injury or damage to their property and takes you to court.
Construction liability insurance is tailored to meet the types of claims that you could find yourself facing – for example if a client sued you after tripping and breaking their arm over tools you left lying around. It’s important not to underestimate the importance of public liability cover – after all, it only takes a single accident for a claim to be made.
In terms of the level of cover you need, this will depend on your circumstances and what’s offered by the insurer – policies can range from £1 million worth of cover, all the way up to £10 million.
To decide what’s right for you, think about the types of clients you have, the locations you work at and what the likelihood of an accident occurring is. As a general guide, it’s worth knowing that contractors working for local authorities are usually expected to have a minimum of £5 million of public liability cover.
What else does construction insurance cover?
Public liability is just one feature of construction cover and like other types of small business insurance, you’ll be able to add other features to your policy to give yourself protection for a wide range of events, including:
- Employers’ liability insurance – this covers the cost of compensation if an employee is injured or becomes ill because of work. You’ll need at least £5 million worth of cover if you employ any staff, even part-time and temporary workers. If you don’t have employers’ liability, you could be fined £2,500 each day you go without it.
- Tools and equipment insurance – compensates you if tools or equipment you own or have hired are damaged or stolen.
- Personal accident insurance – covers any lost income and medical costs if you have an accident and can’t work.
- Legal expenses – pays legal fees and compensation if you need to settle a dispute in court.
- Business buildings and contents insurance – this covers the cost of repairing, rebuilding or replacing your office and its contents if they’re damaged because of an insured event – like a fire, flood or attempted theft.
- Contract works insurance – covers the cost of unfinished work you need to rebuild because it’s been damaged by an insured event – for example, if an incomplete extension was burnt down.
How much does construction insurance cost?
Cost will depend on the policy you choose and whether or not you add on any extra features. Insurers will also take into consideration, the levels of cover you need and the size of your business. This is because the more projects you work on and the more clients or employees you have, the greater the risk of a claim being made which will be reflected in your premium.
But while price will undoubtedly play an important part of any decision you make, it’s important to consider the policy as a whole. Cheaper policies may not give you the levels of cover you need, and you might have to pay for extra features, increasing the overall price considerably.
Cheap cover might also have very high excesses in place and because you need to pay the excess to proceed with a claim, this could end up being unaffordable.
By comparison, policies that initially appear expensive might actually represent great value for money as they may already offer the comprehensive cover you need without you having to add on lots of extras.
Search for construction insurance
At Quotezone.co.uk, we know just how important it is to find the cover you need at a price that fits your budget – it’s why we work with a range of trusted insurers to bring you choice and value.
We also understand that your time is valuable, so we’ve made searching with us as quick and easy as we can, simply fill in one short form and we’ll do the rest. To join our network of more than three million happy customers, start your quote right here.