Getting insurance for builders and their business is vital for any company. Building work, no matter how experienced the company may be, is always prone to accidents and so getting a good insurance cover is a necessity. But what does insurance for this hazardous business cover? Each policy will be different, but we’ve listed some of the most common elements of builders insurance, so read on to find out more.
Public Liability cover when it comes to builder’s insurance is a way of protecting the business against any third party death or injury, or any damage to third party property should any of this damage occur due to business activity. Your business will be held liable for damages, compensation and legal fees, but the insurance will ensure that these costs are covered, and that your business won’t suffer due to an accident. This kind of thing is important to look for in an insurance cover simply because accidents do happen, and the public are becoming increasingly more eager to claim what they believe to be rightfully theirs – in this instance, compensation.
Similarly to Public Liability, Employer’s Liability covers the employer against claims made by employees. As an employer, you are held responsible for the health and safety of your employees during their work hours, and so when a staff member is injured at work or falls ill due to work activity, they may try and claim compensation from you. Insurance cover will once again ensure that costs are covered. This type of insurance is also legally obligatory, so make sure that you do get this cover, if nothing else. You have to have a minimum cover of £5million, though most policies are £10million or more to begin with anyway.
Tools and Vehicles
Some policies may offer you cover for your tools and your vehicles, though tools are more likely to be included simply due to motor insurance being obligatory on its own. The cover for tools can be important for small businesses, as broken or damaged tools can result in an inability to complete a job, and a huge payout if the tool is one on the more expensive end of things. Some policies may not include this in their base package, but it may be worth investigating as to whether or not you can have this added as an extra to your policy. Tools cover typically will typically cover hand and power tools in the event of loss, theft or accidental damage, which either will or will not include tools left in your vehicle overnight.
Office Equipment/Building Insurance
This is less likely in a builder’s insurance policy simply because an office building isn’t necessarily a must-have in the building game. Some comprehensive covers may include cover for office equipment that is lost, stolen or accidentally damaged, though it’s important to check whether or not it covers mobile equipment such as laptops and phones that may be necessary for your job.