Within the construction industry liabilities under contract are often substantial as such to avoid substantial payouts it is prudent to take out insurance to cover your liabilities. Like any product it pays to compare the cost of this cover by getting multiple quotes from underwriters that deal with sole traders, small and medium size businesses. By simply completing one online form we can provide you with a variety of construction insurance quotes from reputable UK brokers for any trade including builders insurance.
Liabilities that are present in the construction industry are almost as diverse as the companies that serve it. From the beginning of each project, till its completion, contractors will confront not only complex, but often large-scale risks.
Construction insurance is required on each and every construction project, and often times a company must have some sort of specific cover in order for a job to be awarded. Construction insurance can provide cover for items such as materials, natural disasters, risks, employees, and even your own business.
Both the insurance and construction industries are constantly looking to comprehend the latest type of cover for each new unique situation that arises in this ever-changing sector. Because of this exact reason, it is very common for both property owners and project developers alike, to require you to have the most up-to-date Construction insurance in order for you to be qualified to participate in the bidding process.
Chances are good that you are a hands-on type of person that takes pride in doing things themselves whenever possible. That said, because of the fact that construction insurance is by its very nature, multi-faceted and complex, there is not a thing wrong with getting a little help and guidance when it comes to shopping for this unique type of insurance.
Not all insurance brokers are the same. Some just have a website and access to a few providers. A good broker should be thought of as your ally as you search quotes and ultimately buy a construction insurance policy. Avail yourself of the services of a broker who knows your industry top to bottom. Remember, this is by no means only about getting the cheapest price. It is imperative that you end up with the exact cover for your specific needs.
As we have said, there are many types of cover available to you as you build your construction insurance policy. These are a few that are most often needed.
All Risks Insurance
This will provide cover for physical damage to the works and materials on-site. This insurance may be taken out by either the employer or contractor. Which party is responsible for this is should be specified in the engineering or construction contract.
Professional Indemnity Insurance
This will provide cover for liability that may arise from professional negligence, such as diligence and care when carrying out a design or breach of contractual obligation to exercise reasonable skill.
Product Liability Insurance
This will provide cover to protect against liability for any injury to people or damages to property that may arise from a product supplies by an outside business.
Public Liability Insurance
This provides cover for liability that may arise from injury to a member of the public and damage to property that belongs to a third party.
Latent Defect Insurance
Sometimes referred to as ‘decennial insurance’ since a policy usually lasts for ten years from the building’s original construction. This insurance can protect the policyholder against costs that may arise should a structure of a building need remedying due to a defect.