What Insurance Do Contractors Need in the Building Industry?
Contractors in the building and construction industries have the difficult task of facing a broad, varied, and changeable set of risks. From the danger of professional negligence to the more specialist risks associated with hazardous materials, finding the most suitable insurance can therefore be tricky.
So, where do you begin? Well, how about consulting with our commercial insurance experts! In this article, we’re going to explore the types of insurance that different contractors should consider, from contractors’ all-risk cover to tailored asbestos contractors’ insurance.
Public Liability for Contractors
Public liability insurance should be an essential consideration for virtually all contractors and tradesmen, and with good reason: it protects against claims made by third parties for injury or property damage. Given the nature of most contractor’s work, claims of this nature are a constant danger. So, whether it’s a client, supplier, or member of the public, this coverage ensures that your business is protected against unforeseen accidents and incidents on-site.
Employer’s Liability Insurance
For any contractor who employs staff – be it working with asbestos, specialist machinery, or any other area – employer’s liability insurance is not only an important consideration but is actually a legal requirement. This insurance covers claims made by employees who have been injured or become ill as a result of their work. It ensures that you business can cover legal costs and compensation payments, safeguarding both your employees and your company’s finances.
Contractor’s All-Risk Insurance
Contractor’s all-risk cover is designed to protect contractors against damage or loss of materials and equipment during installation. This type of insurance is essential for protecting against theft, damage, or loss, and ensures that you can continue your work without setbacks due to unforeseen events. You can learn more about all-risk cover in our previous guide.
Professional Indemnity Insurance for Contractors
Professional indemnity insurance is another vital consideration for any contractors who provide design or advisory services. Often referred to as PI insurance for short, this protects against claims arising from professional negligence, errors, or omission in the services provided. It ensures that your business can handle the legal costs and compensation claims while also maintaining your professional reputation.
Asbestos Contractor’s Insurance
Asbestos insurance – including specialist coverage such as asbestos indemnity insurance and asbestos removal insurance – is essential for contractors who work with or around asbestos. This provides coverage for claims related to asbestos exposure, including removal and handling.
Given the severe health risks associated with exposure to such a hazardous material, this insurance provides vital protection against financial and legal repercussions. Indeed, taking out asbestos contractor’s insurance is more than just a precaution; it’s a necessity for contractors involved with the trade.
Specialist Contractor Insurance from Higos
When it comes to navigating the complex world of contractor insurance, it’s important to remember that there’s no one-size-fits-all approach. The needs of one line of work rarely match up with another. Fortunately, at Higos, we understand this better than most.
Every one of our contractor insurance policies are bespoke, built from the ground up around the unique requirements of the client. Whether it’s contractors’ all-risk cover or custom asbestos indemnity insurance, our experts will take the time to understand the challenges you face before tailoring a policy to match. We work with a range of insurance providers to ensure there’s always a comprehensive solution available.
For more information on our asbestos insurance for removal contractors or other types of policy, call us today on 01458 675631. Our commercial insurance team are always on hand to help and answer any questions you might have. For asbestos insurance, it has to be Higos.