General Contractors & Trade Insurance
General contractors and trades insurance is something that is important for construction companies and tradesmen to have. In today’s world, where economic conditions are more volatile, clients may be more likely to take action if things don’t go to plan, especially as a result of unforeseen delays and projects going over budget.
A robust risk management and insurance programme can help your general contractors and trades business to respond quickly, maintain continuity and manage your reputation.
Find out how Business Line Insurance can help you to manage any potential risks and protect your staff, customers, buildings and equipment within a comprehensive insurance solution.
Types of insurance cover your general contractors and trades business may require
Insurance programmes for general contractors and trades businesses would typically include a combination of the following cover:
- Public liability insurance: Tradesmen are likely to work near other people and their property. Public liability insurance for self-employed tradesman will help to ensure that you’re covered against potential claims, offering protection if your business activities kill or injure a third party (non-employee) or damage their property.
- Product liability insurance: If a product that you have supplied, manufactured, adapted or imported has caused damage or injury to people or property, this will provide cover for any financial losses.
- Employers’ liability insurance: This is a compulsory type of insurance for employers, regardless of whether the member of staff is permanent, temporary, volunteer, contractor or freelancer. The minimum level of protection is £5m, which will cover the cost of compensation claims if staff get injured or fall ill as a result of carrying out their required duties.
- Contractors all risk (CAR) insurance: If damage occurs to site materials and works that you have been contracted to undertake, CAR insurance (also known as contract works insurance) will provide protection.
- Professional indemnity insurance: If your work causes a problem for your client (for example if a construction project is delayed) or you have given negligent advice, this will ensure that you are covered if your client makes a claim against you. Some clients also require construction businesses to have a certain level of cover in place before they start work on a project, so it is worth checking this before you start work.
- Structural warranty: If your construction business is responsible for building or buying new buildings, then a structural warranty will provide you with 10 years’ worth of protection. This includes cover for latent defects that occur during the build period, but which are not discovered until after completion has taken place and is also known as latent defects insurance.
- Tools insurance: Provides cover for the things that your business needs to operate, such as mechanical equipment, tools and materials.
- Plant and machinery insurance: If you use plant and machinery on site (such as diggers, cherry pickers or generators), regardless of whether you own the equipment or you’ve hired it, this will help to cover the replacement or repair costs in the event that it is stolen or damaged.
- Personal accident insurance: This type of cover will provide financial protection in the event of accidental injury or death on site.
- Van insurance: Do you use a van as part of your work? Then you will need to ensure that you have the correct amount of van insurance in place to cover you whilst driving it.
These are just examples of some of the types of general contractors and trades insurance policies that we look after at Business Line Insurance.
What insurance do I need for my general contractors and trades business?
If you are responsible for the running of a general contractors and trades business of any kind you should consider taking out a tailored insurance programme. The wide variety of risks to both the staff and customers create the need for an insurance solution that provides comprehensive protection.
We know that no two general contractors and trades businesses are the same, so speak to us today to find out which policies will best meet your needs.
The cost of general contractors and trades insurance
The combined premiums that you will pay for your general contractors and trades business insurance programme depends on the level of cover that you need and the breadth of risk that your business is exposed to.
It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at Business Line Insurance we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
Importantly, we work tirelessly on your behalf to present your business to potential insurers as accurately as possible so that premiums are completely appropriate to your risk exposure.
What else do I need to know about general contractors and trades insurance?
When taking out a general contractors and trades insurance policy, make sure you take the time to read your policy documents thoroughly to make sure you’re aware of any exclusions that may apply.
Also keep in mind that when it comes to taking out a business assets insurance policy, it’s important to ensure that you consider the total value of replacing your tools and equipment when it comes to thinking about the total amount of cover that you need. If you don’t, it could prove to be a costly mistake if you suffer a loss and have under-valued this!
Insuring your general contractors and trades business
Business Line Insurance is well placed to provide you with the professional support to review your current insurance programme and assess where you might be at risk from underinsurance, or even paying for excessive cover.
We understand that general contractors and trades businesses face unique risks and challenges on a day-to-day basis, and that you need bespoke insurance that works for you and gives you the level of cover that is appropriate to the risks that you face.
Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact Glenn Bowles by calling: 020 3058 4309.
How can I get general contractors and trades insurance?
In the event of a claim being made against your construction or trades business or something didn’t go to plan, would you be able to cover any financial losses? Would you be able to continue trading?
Construction companies and building trades face a range of challenges, and Business Line Insurance have a team of specialist advisers ready to help you get the right protection in place for your business.
We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact Glenn Bowles by calling: 020 3058 4309.