If you’re involved in extending, refurbishing, converting an older property, or working on a new build, securing Contractors All Risks Insurance—also known as Contract Works Insurance—is crucial. This type of insurance can provide essential protection against unforeseen incidents that may jeopardize your project and increase costs.
As a contractor or builder, you’re responsible for the site until the project is complete and handed over. This means that if something goes wrong during the construction process, such as damage to the building, the financial responsibility falls on you. Contractors All Risks Insurance is designed to cover the costs of completing the work again, should an incident occur before completion.
During any building project, substantial investment in both materials and labor is required to bring the vision to life. However, if damage strikes before completion, valuable resources may be wasted. Materials could become unusable, and labor may need to be redone. Contractors All Risks Insurance can cover these costs, enabling you to restore the project to its pre-incident condition without incurring additional expenses.
By securing this cover, you can ensure that your project remains on track and is ultimately delivered on time. This type of insurance can prove invaluable to contractors and builders, as it safeguards your business against potential setbacks, helping to keep the project viable.
A building project involves more than materials and labor; there are additional cover options to consider that will address the broader scope of your responsibilities and safeguard your assets.
Public and Employers Liability: For any contractor or builder who employs staff or interacts with the public, Public and Employers Liability insurance is essential. It protects against claims arising from injuries or damages caused during the course of your work. Coverage limits often range from £2 million to £10 million, depending on your business’s specific needs.
Tools Insurance: Protecting your equipment is a must. With tools insurance, your hand tools, power tools, and other essential equipment are covered against loss, damage, or theft. You can even extend this cover to include protection for tools stored overnight in vehicles or while in transit, offering additional peace of mind.
Personal Accident Cover: Accidents can happen, and when they do, it can be financially challenging. Personal Accident cover provides a weekly payout if you or an employee are unable to work following an accident, helping to support your business during recovery.
As a contractor, your work comes with various risks, from potential property damage to client claims of negligence. Having the right contractors insurance in place could be essential for protecting your business against financial losses and legal expenses.
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*The price is for up to £2 million of public liability insurance – 10% of customers paid £4.74 or less annually between 1st Jan - 31st May 2024. Equivalent to £56.82 a year (and excludes the extra costs for paying monthly). If you complete a quote, more types of cover will be available and these all have additional costs.
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