From little to large, building contractor businesses come in all shapes and sizes and insurance requirements for these will differ hugely from company to company. One rule remains the same though – you must have sufficient insurance cover in place as a vital part of your overall business plan to ensure your key risks are covered. These will vary from business to business, but a few common areas are:
If you are a self-employed building contractor, your Building Contractors Insurance should include liability insurance to cover your legal liability for injury to either your employees or members of the public occurring in the course of your work. If you are a sub-contractor, it is still necessary to take out liability insurance as most main contractors will refuse you access to the site unless you can prove you have the necessary insurance in place.
You may need to have other insurances, such as Contractors All Risks cover – which provides cover for the contract work as well as other items such as site huts, employees' tools and plant and equipment.
Your plant equipment may require road risks liability
If you hire in plant you need to make sure that your liability for damage to this is also covered
Equipment, supplies, tools and even documents (such as site plans, personnel paperwork etc) are all valuable assets that should be protected under your Building Contractors Insurance policy.
If you are chasing government or council contracts, it is important to make sure you have all the necessary insurance coverage that the contracts demand. While proof of insurance is not necessary when placing the bid for the contract, it will be required as the bid progresses and if you do not have the necessary insurance in place you risk rejection of your application.
Don't be duped into buying your insurance on line. Every building contractor's company is different and the level of insurance you need will be unique to you. Speak with a professional company – Westhill Insurance Services has a knowledgeable and friendly team of advisors who will listen to what you want to achieve with your insurance and will provide honest and sensible advice. As an independent company, they will shop around to find the best possible deal and will always make sure you have adequate insurance cover. By dealing with a professional company you can always phone and ask for advice at any time – so if you are tendering for a project outside your normal scope or are expanding your business, investing in new plant or premises, you can be sure of getting the very best advice at the very best prices. A valuable asset when you are building your future.
Contact Westhill Insurance Services, today.