Construction Insurance

Trades and construction insurance is an insurance policy that protects businesses in the trade and construction industry by providing them with a range of cover. Most trades and construction insurance encompass a few different aspects and levels of cover depending on the business’s individual needs.

Although it is not a legal requirement, it is considered vital for many trade and construction associations for tradesman and construction workers to have insurance. With lifting heavy tools and materials, working up high on scaffolding, operating heavy machinery or knocking down walls, there are a lot of things that can go wrong. If they do, it is important that you have the cover in place to help you in these situations. This cover comes in the form of trade and construction insurance.

Some general policies could contain inadequacies that would leave your construction and property development business uninsured in the event of a major loss. Therefore, you may wish to protect your company with a construction industry specific policy.

Trade and construction insurance can cover:

• Your equipment - whether that is equipment you own or equipment you have hired. You can also add on cover to protect your tools when they are left in your car/van overnight,
• Your ongoing work - provides cover for an event that prevents you from completing a contract,
• Personal accident cover for yourself as well as public liability cover - if a member of the public gets injured, suffers a loss or their property gets damaged due to negligence,
• Employers’ liability - this protects you and your employees should any of you become injured while working. It is a legal requirement for all businesses with staff,
• Efficacy cover – if you install or provide a product that doesn’t successfully do the job that it is meant to do.

As briefly mentioned above some associations and contractors require proof of insurance before they will commission you for a project so you may find that your lack of insurance will prevent you from securing some of the jobs you tender for.

Additionally, if you were to find yourself in a situation where someone makes a claim against you then you would be personally liable to settle any pay-out. Depending on the claim, this could potentially leave you in financial difficulty which could be very distressing for both you and your family.

Our wide client base spans most trades within construction, property development and civil engineering. We have long standing relationships with major insurers meaning we have an extensive knowledge of the risks faced in the building sector. We will work hard to find you a policy that suits your individual needs. For more information give one of our specialist advisors a call.

Yes, both types of employees are covered under an employers’ liability policy. Cover can be arranged on a per capita basis or for larger SMEs on a wages and turnover basis. It’s important you tell us about your direct employees, as well as labour only subcontractors you engage.

It is an important factor and we only use insurers with A-ratings as determined by companies such as Standard & Poor’s, A M Best, Moody’s or Fitch Ratings. It is a globally recognised measure of an insurer’s financial situation and provides confidence on their ability to meet on-going policy obligations.

Also, there are a number of main contractors that will not subcontract works to any companies not insured with a minimum of an A- financial rating By not having a policy backed by a financially secure insurer could potentially place restrictions on your business, and the main contractors or contracts you take on.

To help you spread the cost of your premiums, we offer a quick and easy direct debit scheme for spreading payment over ten months. Please visit our dedicated Direct Debit page to find out more.

We have provided a summary of the key features of the policy, above. For details of the terms and conditions applicable, please refer to your insurance product information document and policy wording, which are available during the quotation process.