Builders insurance is a type of business and liability insurance specifically designed for builders and includes cover for building new or repairing private and commercial properties, surveying, and visiting properties for quotes. Even when following the HSE guidelines, accidents can still occur. For example, say you left your toolbox out when taking a call and a member of the public tripped and sprained their ankle, or your ladder falls and goes into the neighbours window – would you be covered?
One in every ten major job-related injuries happen in the construction industry, so it is essential to have the right cover to protect yourself, your employees, and your business.
If you employ anyone, it is a legal requirement to have Employers’ Liability. Most policies include Public Liability and Product Liability, which protects you against claims made by your client or a member of the public, either as a direct result of your work or the products that you provide. Many local authorities ask for a minimum cover of £5 million prior to contract signing.
The services and advice you provide are the backbone of your job, but a client may claim that what you built was inadequate. Professional Indemnity Insurance helps cover the legal costs and expenses that occur while defending such claims. Finally, personal accident and sickness insurance protects you against footing potential bills if you are off work for a prolonged period because of an accident, either at, or outside of work.
Your tools are your life when you are a builder, so it is highly recommended you take out tools insurance which covers the cost of replacement. Contractors’ All-Risk covers work carried out by builders or contractors that could be accidentally destroyed by natural disasters, theft, and vandalism. It can cover temporary buildings and hired tools or equipment. If you have a van, this can also be added onto the policy. In addition, you can also get an optional policy called building guarantees and warranties which is provided by you as a developer to the owner or buyer and states that your work has been completed to a high standard. It is available for residential buildings, custom-builds, housing developments, and commercial premises and covers structural damage and defects.
Structural integrity is at the front of builder’s minds, so there is no reason for your insurance policy to not be the same. Making sure you are protecting your tools and your work against any eventuality is imperative to ensuring your business thrives for years to come. Our specialist brokers have a wealth of experience dealing with a multitude of different projects and can tailor policies to your needs. Get in contact today and secure the future of your business.
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Konsileo is a registered trademark of Konsileo Ltd (9569872). All insurance and risk advice is undertaken by Konsileo (Trading) Limited (10100499), an independent insurance broker authorised and regulated by the Financial Conduct Authority (FCA). You can check these details on the Financial Services Register by visiting the FCA’s website (www.fca.org.uk) or by contacting the FCA on 0800 111 6768. Our FCA register number is 748287.
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