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Who needs contractors all risk insurance?
Whether you’re a sole trader, run a small business or have dozens of employees, having the right trade insurance is crucial to protect you, your staff and your business. But with so many options, knowing what you need can be tricky, especially when it comes to liability. To help you unpick what’s out there, here’s what to think about when it comes to contractors all risk insurance.
What is contractors all risk insurance?
A contract all risk (CAR) policy covers damage to the site you’re working on, the materials used and third-party claims for injury. It typically combines elements of public liability, employers liability and contract works insurance and provides overarching protection where these individual features can sometimes fall short.
What does contractors all risk insurance cover?
Contractors all risk covers you for a range of incidents including damage caused by unforeseen events like a fire or a flood. Policies essentially compensate you if you need to re-do an unfinished project that has been damaged or destroyed by an event you’re insured for. It can also cover the cost of replacing the materials you need.
For example, if you were working on an extension that was destroyed by fire, a contract all risk policy would compensate you for the loss of materials and cover the cost of starting the work over again. Needless to say, without a policy in place, rebuild expenses would fall to you and that could cost your business thousands of pounds in labour and materials.
Depending on the policy you have, contractors all risk can also compensate you if a sub-contractor or other third-party decided to sue you for injury.
It’s important to remember that insurers set their own conditions and exclusions (events that aren’t covered) so it’s vital to check you’re happy with the terms of whatever policy you choose. Despite the name ‘contractor all risk’ being the same, the features of individual policies can vary significantly by insurer so always compare.
Is a contractor all risk insurance the same as public liability?
CAR isn’t quite the same as public liability. Public liability covers legal fees and pays the compensation you owe if you’re sued for third party damage or injury. For instance, if someone tripped over tools you left on the ground or if you accidently broke a client’s window.
A contractors all risk policy on the other hand compensates you if you need to start again if damage to a project was caused by an unforeseen event and where you’re not at fault.
Can I buy builders all risk insurance?
You can buy contractor all risk policies for a range of trades and industries so whether you’re looking for electrician or builder all risk insurance, there’ll be a plan to suit you – just let your insurer know what you need.
If you do need cover for specific hazards you face – for instance if you work in drainage, scaffolding or roofing where there are significant risks in working at height or underground, you can expect this to be reflected in your premium. As tempting it might be to stay quiet about risks that could increase the cost of cover, it’s critical to tell your insurer. If you don’t, you won’t be covered which means you could lose out on compensation, or worse – invalidate your entire policy.
How much does a contractors all risk policy cost?
Cost comes down to the policy itself as well as the level of cover you choose which can range from £1 million to £5 million. You can of course ask for a higher level of cover if you think you need it but it’s likely to increase your premium slightly.
While price plays an important part in the decision you make, any policy you buy should first and foremost, give you the protection you need.
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