Contractors Insurance falls under the following headings:
- Public Liability
Public liability insurance in the construction industry is designed to cover businesses from the risk of being sued by a member of the public or a sub-contractor.The basic concept of public liability insurance is that it covers financial damages and legal expenses arising out of the death, bodily injury or damage to property suffered by members of the general public that have been caused by your business.This insurance is not required by law, however, it’s increasingly important that businesses protect themselves from the risks that are presented when they come into contact with the public.
- Employers’ liability insurance
If anybody works for your building business, including full and part time staff, casual labour, contractors or volunteers – you need to have employers’ liability insurance. It’s required by law.Accidents can happen. If someone you are directly responsible for is injured as a result of working for you, you need to be sure they are properly looked after – and ensure your business is not harmed too.
- Builders Insurance Options
If you are extending , refurbishing, converting a building or a new build, you are probably responsible for the work until it has been completed and handed over to the owner. If your work, for example, burns down, before handing over, you will be responsible for all of the costs of doing the work again. Additionally, you may have materials, tools, plant and site huts, all which will require cover for loss and damage. Please note, if you are refurbishing a building, the existing structure will still need to be insured by the owner.