Construction Insurance

Construction insurance is a broad term for a variety of insurances that cover risks on a construction site or project and the core areas include Legal Liabilities, Machinery, Plant, Equipment and Financial Losses.

It is purchased to protect yourself and any third parties against loss, destruction or liability arising during the construction period. Construction Insurance should be purchased by all Building Contractors, Property Developers and Self Builders.

Anyone working in the construction industry will benefit from having some form of Construction Insurance as it will protect you from any unanticipated costs or expenses. Some examples of costs that could be covered will include damage to a neighboring property, costs for injuries sustained on site and even costs for plant machinery due to theft or damage.

The key areas in construction insurance include Public Liability which will cover damage, loss or injury caused to a third party, Employers Liability will cover injuries sustained by your employees or sub-contractors due to your negligence, Contract Works covers damage or loss to the works being undertaken and finally damage, loss or theft to Plant and Equipment. Some forms of construction insurance such as Employer’s Liability are a statutory requirement.