The building industry can be a risky one with the possibility of accidents ever present. Builders insurance is a must for builders, contractors and construction workers on-site. Construction is the riskiest industry in onshore employment in Europe. It accounts for nearly one in every four deaths related to work in Europe. Construction is one of the largest employers in the UK.
Accidents can happen and they occur even after the strict implementation of best practice.
Builders can choose from the following types of insurance:
Builders public liability insurance – This helps to protect builders from claims of liability made by clients and members of the public who might have suffered injury or property damage due to the construction business
Financial loss – often provided free of charge with a public liability policy, it helps to protect the public against financial loss claims arising from injury or property damage
Product liability insurance – This insurance provides cover against claims of injury or property damage from products manufactured or supplied by you
Legal expenses cover – this type of policy takes care of costs associated with the award of compensation, labour disputes, compliance, tax investigation, etc.
Employers liability insurance – This insurance takes care of costs that could come from claims following a death or injury. This insurance is a legal requirement if you employ staff in your business, and failure to have this cover can result in stiff penalties
Tools and equipment Insurance – This insurance covers the costs associated with damage or theft of tools and equipment. For Contractors Insurance Bath, visit a site like Mark Richards, a leading provider of Contractors Insurance Bath.
Professional indemnity policy – This insurance provides protection against claims of professional negligence. This is very useful for builders who provide services to other businesses
Contractors insurance – This is a very useful insurance that covers the ongoing work at construction sites
Personal accident and health insurance – insurance intended for the construction business owner. It provides cover for the costs arising from the inability to work full-time after an injury or illness
Builder’s insurance should be adequate for the scope and risks associated with your work. It gives you peace of mind and the confidence to go ahead with the work without worrying about having to pay claims. There are many plans to choose from, and with a little research, builders can easily take advantage of policies that give them the best mix of monthly premiums and stong cover.
Builder’s insurance benefits contracting construction business owners in many ways. Customers are more likely to hire an insured business because it shows that the owner takes their work and safety serious and is a sign of a more trustworthy business.