Make Sure You’re Covered With the Right Builder’s Insurance
Construction insurance
is a necessity, with up to 64,000 people
suffering an injury every year and theft of tools in the industry rising 30%
last year alone. If you are a builder, then protecting yourself is more
important than ever, which is why the experts at OnSite Insurance, are here
with a guide on getting the right builder’s
insurance for you.
Why do I need Builders Insurance?
Regardless of the kind of
business you run, you need to have some form of insurance. These days,
customers will insist on it, and in the event that anything goes wrong, at
least you know that you are covered financially. It may seem like an
unnecessary upfront expense, but it’s one of those things that you’ll only
really appreciate if things go nuclear.
The
construction industry has hazards that both workers and the public face daily.
According to the Health and Safety Executive, 80,000 workers in construction
suffer from work-related illness every year
(http://www.hse.gov.uk/statistics/industry/construction/) and 30 people died from fatal
injuries in 2016/2017. Accidents happen every day so
it’s better to be protected.
If your property or another’s
is damaged on the job, this can be expensive to repair. If a roof tile slips
off and hits a car – that needs to be covered. Let’s say your tools are taken?
Ordinary insurance won’t cover this.
What are the different levels of cover?
There
are different levels of cover for different companies. These include:
- Public liability
- Employer’s liability
- Premises insurance or plant cover
- Cover for tools
- Vehicle/van insurance
- Tools cover
- Office equipment
- Professional indemnity insurance
- Stock cover
- Medical insurance
- Personal accident and illness insurance
- Legal expenses
Most important cover
Builders require public liability insurance in case
someone is injured because of something that happened either onsite, or as a
result of your business. You may be sued for not warning people of the dangers
onsite, or for negligence if the site wasn’t safe. Even if the claim is
spurious, legal fees can escalate so it’s important to have public liability insurance in place.
How much cover you need will depend on the size of your business, the contracts
that you have in place and what is specified in agreements with clients. A minimum
of GBP 1 million in cover is standard.
Employer’s liability insurance is also a
legal requirement if you employ any members of staff. Even
if you only have one apprentice you can be fined if you haven’t taken out a
policy. This insurance specifically covers your staff and covers you if someone
that works for you is injured, or if their property is damaged as a result of
your business.
Talk to the experts today
The
right cover at the right price will help reduce your risks. OnSite Insurance are
the experts in construction insurance
and can advise what kind of cover and how much you need. We are based in
Wombourne and cover the construction industry across the UK. Call us today on
01902 324 194 or visit
our contact page for more information.
