Article covers some of the reasons for needing this insurance and advises contacting the client or viewing their website if advice is needed.
Obtaining building contractor insurance shouldn’t be difficult, but the fine print and working out what you actually need cover for can be the tricky part. You need to know that you are covered for the risks that are relevant to you and your business, so that you aren’t paying for cover you don’t need while making sure you are covered for your genuine business risks. Titan Insurance, found at www.titan-insurance.com, is able to advise on all aspects of the cover, to make sure any policy is right for your business.
There are a number of different areas to think about when taking out building contractor insurance. As mentioned above, some will be more appropriate to your business than others and all need careful consideration as to whether they should be included or not. Some of the areas to consider are given below:
- Injury – All self-employed building contractors should have liability insurance to protect themselves from claims made by employees or members of the public for injuries sustained in the course of the business. Even if you are working as a sub-contractor, you’ll find that this element is still required and you won’t be allowed on site without it.
- Road risks – if you are using plant equipment, you may need road risks liability.
- Hired equipment – any equipment you hire also needs to be covered. It can be easy to damage equipment, and given the high repair or replacement costs of some of the larger equipment it makes sense to cover yourself against damage or loss.
- Your own equipment – similar to hired equipment, your own gear is a significant asset that should be protected by your policy. You’ve probably spent a lot of time and money building up the right equipment for each job, and if anything goes wrong with it you want to be able to replace it as soon as possible.
- Type of work – you may require additional cover if you work in higher risk areas, or those where the work is a little bit different to the usual. Working on bridges or at high level, carrying out demolition or working on railways can all have their own requirements when it comes to building contractor insurance.
If you are bidding for work from the government or local councils, you will also be expected to able to prove that you have building contractor insurance in place before the contract starts, and being able to show it when you bid will speed up the process and allow you to start work much sooner.
It is certainly worth spending the time sorting out the correct cover, and talking to a specialist like www.titan-insurance.com could help you save money and get you the cover you need in what can be a very complex area.