Construction Insurance

Construction Insurance for companies, employees and tradesmen

The construction industry is a dangerous one. There are many risks involved in building a structure, from accidents on the job site to liability claims from third parties. That's why it's so important for construction companies to have adequate insurance coverage.

Construction insurance protects companies, employees and tradesmen from the many risks they face on and around construction and building sites. Employees, contractors, surveyors and the public may be at risk at sites managed by you and must be protected by adequate insurance cover. 

What is construction insurance?

Construction insurance is a type of business insurance that protects construction companies from a variety of risks. Some of the most common types of coverage included in construction insurance policies include:

• Public Liability Insurance

This type of insurance protects the contractor from liability claims arising from accidents that happen to third parties on the job site.

• Employer’s Liability Insurance

Protects you and your employees, for which you are required by law to have in place and sufficient to cover you for the cost of damages awarded to an employee for injury or illness whilst working for you. It is a legal requirement.  

• Contractors All Risks Insurance

Specialised and important policy to protect plant, tools and machinery, whether owned or hired that is usually added onto another more general liability policy. A contractors’ all risk policy can be extended to include cover for specialist tools, temporary buildings, surveyors’ and architect plans

• Professional indemnity Insurance

This type of insurance protects the contractor from liability claims arising from their work. For example, if a contractor makes a mistake that results in an injury or damage to property, PI insurance can help to cover the costs of the claim.

• Vehicles and Goods in Transit Insurance

Is sometimes warranted when a van or truck is required to move plant, machinery and tools to another site and give protection to these vehicles and their contents.

 

Why do you need construction insurance?

There are many reasons why construction companies need insurance. Some of the most important reasons include:

• To protect your business from financial ruin: If you're involved in an accident on the job site, or if you're sued by a third party, the costs of the claim could be devastating to your business. Insurance can help to protect you from these financial losses.

 

• To comply with the law: In many cases, it's a legal requirement for construction companies to have certain types of insurance coverage. For example, employers' liability insurance is mandatory.

 

• To give your customers peace of mind: When your customers know that you have adequate insurance coverage, they're more likely to do business with you. This can help to give you a competitive edge in the marketplace.

 

• To help you win contracts: Many businesses will only engage contractors if they have the right levels of insurance or you could miss out on work if you don't have the right insurance protection.

 

Why should you use an insurance broker?

If you're looking for construction insurance, it's important to use an insurance broker. An insurance broker can help you to find the right type of coverage for your needs, and can negotiate with insurance underwriters to find the right policy and price for you. They can also help you to understand the terms of your policy and to make sure that you're getting the most out of your coverage as well as supporting you in the event of a claim. They should be able to give you advice instead of just a page of figures and wording that you have to fathom out for yourself.

How to find a good insurance broker

There are a few things to keep in mind when you're looking for a good insurance broker. First, make sure that the broker is registered with the Financial Conduct Authority (FCA). Check independent reviews on sites such as Google reviews and Feefo reviews. Ask for recommendations from friends, family, or colleagues. 

 

Conclusion

Construction insurance is an important part of any construction company's risk management plan. By working with an insurance broker, you can make sure that you're getting the right type of coverage for your needs and that you're getting the best possible price.

Here are some additional tips for choosing construction insurance:

• Talk to our team to make sure all the risks you need cover for will be covered.
• We will compare the coverage and terms of each policy before making a recommendation.
• We will explain the deductibles and limits of each policy.
• We will guide you to make sure the policy is right for you.

By following these tips, you can ensure that you're getting the best possible construction insurance for your needs.

Talk to one of our knowledgeable team who will be able to ask all the right questions and source an insurance solution that's right for you.