When working in an industry such as construction, any contractor will know the smallest mistake can have major consequences, meaning having an all-risk insurance policy that covers the risks that your business faces should be a top priority for any construction professional.
However large or small the job is, safeguarding against the unexpected is essential to protect you, your clients, your employees and your business’ reputation. Finding the right contractors all risk insurance that’s tailored to your unique requirements can sometimes be a challenge and is often time-consuming.
Whether you’re a contractor undertaking small projects or a larger construction company with more challenging requirements, we understand that one size does not necessarily fit all. So, we make recommendations based on your individual needs to ensure the all-risk policy we arrange for you is tailored to suit your business. Speak to an expert at Premierline today.
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Contractors all risks insurance, sometimes referred to as construction all risks insurance or builders risk insurance is a flexible ‘all risk’ insurance package policy that is designed to provide cover for risks on work that is underway on a building or construction site. For instance, if work that’s in progress is damaged as a result of a fire, flood, storm, vandalism or theft, then this cover can help to pay to repair or redo that work.
Contract works insurance is just one of many covers usually available under a contractors all risks policy. A contractors all risks policy, as the name suggests, typically covers the risks normally associated with a construction project.
It’s generally worth considering if you or your business undertakes construction contracts which span over time which means you are on-site for many weeks or months. When purchasing contractors all risks insurance you should consider other insurance covers also such as public liability, employers’ liability, equipment and plant, hired in plant, tools, business interruption, and legal expenses.
When deciding what insurance and covers you need to protect your business, you should consider the following:
As you work to complete a project, you cannot forget that you are working under the conditions of a contract. Contract works insurance can cover temporary and permanent works executed according to the terms of the contract. It could also cover materials which have not yet been incorporated into the work prior to the loss, as well as own and hired in plant, equipment and tools. For example, if during a project the building work that you have completed is damaged then this cover could help financially to pay for the repair of the work already completed up to the value of the contract.
As a contractor or tradesman, you’ll most likely be working at other people’s premises and construction sites. Therefore, there is always a risk of injuring a third party or damaging their property whilst at work. You should, therefore, consider public liability insurance to protect yourself against unfortunate events that could lead to claims being brought against you.
If you employ staff then in most cases employers’ liability insurance is a mandatory legal requirement. This cover protects you against claims for compensation following an injury sustained by any of your employees whilst at work.
A contractors all risk insurance policy could be tailored further with optional cover extensions. Common options include non-negligence insurance, which could cover you against claims for unexpected damage to neighbouring property resulting from your ongoing works and business legal expenses insurance which may be useful should you need to seek expert legal counsel.
The main reason for purchasing contractors all risks insurance is to protect you and your business for the work and contracts you undertake on a construction site. We understand that every project and trade is different, and you’ll need flexible cover in order to protect your liabilities, tools, buildings, plant to name but a few.
Contractors all risks insurance is suitable for a variety of trades within the construction sector. For instance:
Building and bricklaying
Carpentry and joinery
Damp proofing and dry rot
Electrical contracting and lighting
Plastering and artexing
Shop-fitting
Insulation, draught–proofing & cavity walls
Tiling
Painting and decorating
Fencing and hoarding
Glazing contractors
Flooring contractors
UPVC windows, doors and conservatories
A contractors all risks policy can cover many of your contractors insurance requirements which could include:
While contractors all risk insurance provides many covers designed specifically for construction businesses, it does have some limitations. It’s important to understand these limitations and exclusions and consider if additional insurance policies are required to protect your business.
Try to have your existing insurance schedule and renewal notice available as this will give us the majority of the information that we will need. However, if you are a new business, don’t worry – our business insurance advisors will be able to guide you through the process of understanding and identifying your insurance needs.
We will email your policy documentation to you which means you will receive these straight away. Alternatively, if you would prefer your documents to be posted, you will normally receive them within 5 working days.
You can pay annually using a credit/debit card or by making an electronic payment. Alternatively you can manage your payments through a monthly Direct Debit plan with our approved premium finance provider, Premium Credit Limited.
We understand the nature of running your business often leaves little time for much else. That’s why we work closely with some of the UK’s leading insurers to find the cover that’s right for you, making arranging insurance for your contracting business simple and hassle-free. We’re committed to finding the right insurance solutions for your business to let you work without worry and focus on what really matters – your business.
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We arrange insurance for many types of contractors and tradesmen. Simply speak to one of our insurance advisors who are on hand to help you compare quotes and make the right decision for your business today.