Building and allied trade contractors come in all shapes and sizes and their insurance requirements will vary.
For small companies, sole traders and partnerships with a stable workforce, it is likely that a simple per capita liability policy will be suitable. The premium for this type of policy is largely rated according to your trade and number of manual employees. Temporary employees can often be included.
Larger companies with multiple sites and a large workforce (often providing different trades) will usually require a bespoke policy, underwritten by insurance companies on a wages and turnover basis. This allows companies to operate without the need to inform their insurance company of changes to their workforce.
Often the cover will need to meet with contractual requirements – the awarding of contracts can be subject to evidence of appropriate insurance.
- Plastering / Dry Lining
- Ground Workers
- Civil Engineers
- Painters and Decorators
- Plumbing and Heating Engineers
- … and many more
If I take out a construction policy, what could this cover me for?
- Cover for legal liabilities including Public, Products, Environmental and Employers’ Liability insurance
- Protection for the contract works including allocated materials
- Cover for any hired in plant (including continuing hire charges) and temporary site buildings
- Protection for assets held at own premises including materials
- Cover for own plant and tools
- Legal expenses including contract disputes cover
- Personal accident and illness cover
- Buildings cover for both completed structures and those awaiting refurbishment or redevelopment
- Cover for pure financial loss
- Protection against consequential loss
- Professional indemnity insurance to cover design or contingent design liability – this is usually issued as separate policy
- Surety bonds – including Performance Bonds, Advance Payment Bonds and Retention Bonds – issued as separate policies
- Latent defects cover – issued as a separate policy