Insurance Offers Optional Covers
Building contractors provide a wealth of services at different cost levels, and the risks of accidents and injuries also vary accordingly. The UK insurance industry seeks to offer affordable protection for tradesmen whether they are sole traders or employers of many employees, offering numerous subcontracting specialties.
Contractors understand how easily mishaps can occur onsite. Each trade carries its own particular risks, and the higher the risk, the more expensive premiums will be. Insurance companies can spread out the risk a bit by offering multiple areas for cover that contractors can pick and choose to craft a bespoke policy.
Types of Contractors Needing Insurance
All tradesmen need insurance to protect their financial interests. Contractors who subcontract work to specialists usually require public liability cover. Some of the trades involved in construction include the following categories that insurance cover addresses specifically.
- Air Conditioning, Ventilation and Heating Engineers.
- Paving Contractors.
- Flooring Contractors.
- Landscape Architects.
- Carpenters and Builders.
- Painters and Decorators.
Insurance Cover Options
Cover offers protection from injuries or property-damage claims that could cause financial ruin. Society encourages a culture of compensation, and tradesmen must protect their livelihoods with affordable insurance cover. Since the industry varies so greatly in risks and levels of service, business owners must research their options carefully to find the best package deals for their particular niche.
Your business might need to pick and choose among the following possibilities to get optimal cover.
- Public Liability Cover. Liability insurance pays injury and property claims caused by accidents, poor workmanship, or inappropriate choices of materials.
- Employers' Liability Cover. Employers must carry this protection if they employ any workers. The cover pays injury claims to employees injured while performing their work duties.
- Personal Accident and Sickness. Sole traders and self employed people need to supplement their NHS entitlement with private cover to guarantee swift diagnosis and treatment. If you cannot work, your income would stop while you wait for treatment.
- Tools and Equipment. Contractors' tools comprise a tradesman's most valuable assets. Theft, damage, or breakdowns can generate severe financial repercussions.
- Buildings and Contents Cover. Many contractors work out of their homes or vans, but sole traders often conduct business from an office or store. If you own a physical business location, you need to protect it and its contents.
- Business Interruption Cover. Many insurance companies include this benefit automatically in their trade packages. You should investigate whether this cover is included, and you can add it as an option if necessary. The cover provides you with an income if you cannot work due to emergency circumstances involving an insurance claim.
- Truck or Van Insurance. Contractors must get their tools, equipment, and building materials to the jobsite in order to work.
- Professional Indemnity Insurance. Subcontractors often design plans for commercial clients or contractors that could cause a financial loss. The damage could also result from personal advice, and PII protects subcontractors in claims made for damages that result from their advice, plans, or poor execution of building designs.
Save Money by Comparing Plans
You can research companies, packages, and individual plans more efficiently by conducting online comparisons. These tools make it easier to find the perfect cover options to suit your particular needs.