Construction is considered one of the most dangerous occupations in the UK. Having the right insurance can protect you and your business from the many risks that come with working in the building industry.
What is construction insurance?
Construction insurance is the term used to describe the various types of business insurance relevant to the construction industry.
Many insurance providers allow you to tailor your cover to suit the individual needs of your building firm. For example, you might want a policy that includes liability insurance, cover for your equipment and tools, and contractors’ all risks insurance for contract works. It’s worth considering exactly what you need.
What does construction insurance include?
Construction insurance can be more or less comprehensive, depending on the nature of your work. It can include liability cover, to protect your business against claims for injury or damage caused by the works you’re doing.
The main types of liability insurance are:
- Public liability insurance – This covers you for legal, medical or compensation costs if someone is injured, or their property damaged, as a result of your work.
Though it’s not a legal requirement, customers will often insist you have public liability insurance in place before you carry out any work for them.
- Employers’ liability insurance – This is a legal requirement if you employ anyone, even if it’s just one person. It can protect you against claims by an employee who suffers an injury or falls ill as a result of working for you.
What other types of cover could construction insurance include?
This really depends on how comprehensive you need it to be. You might want to consider:
- Contractors’ all risks insurance (CAR) – This could cover you for damage to the structure you’re currently working on and other risks related to the construction of a building project. For example, it could cover you if a flood damages an extension you’re building. It may also protect temporary buildings and hire equipment. CAR cover is useful if you’re a contractor working on a building project where other parties are involved.
- Professional indemnity insurance – This can protect your business and reputation if someone accuses you of giving damaging professional advice.
- Business interruption insurance– This can cover you for loss of income if your building business is unable to operate for a period of time. For example, if a project is put on hold because of a flood or fire, or equipment breakdowns mean you can’t work.
- Tool and equipment cover – This provides cover for the cost of replacing or repairing essential tools and equipment if they’re damaged, lost or stolen.
How can I compare construction insurance quotes?
It’s easy to compare construction insurance quotes. Simply use our price comparison tool to find a range of quotes that suit the needs of your construction business.
You can tailor the online form so the search results are specific to your trade. Just fill in a few details about you and your business, and within minutes we’ll show you a list of appropriate quotes to compare. All you have to do is pick the one that best fits your needs and budget.