Make Sure You’re Covered With the Right Builder’s Insurance
- By Onsite Insurance
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- 13 Jun, 2018
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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.
