Effectively, this insurance covers you against any loss or damage for all manner of things on a construction site. This includes the following:
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This contractor’s insurance is designed for tradesmen and contractors who work on construction sites. In essence, it protects you against all the key risks you face during your day-to-day work. It’s a non-standard insurance policy, which means you don’t technically need to have it.
However, it’s highly recommended for any contractors that are doing work on a construction site. Lots of risks present themselves while you work, meaning there could easily be damage to the property you’re working on, or damage to your equipment, etc.
Contractors all risk insurance gives you financial protection against any damage or loss. This means that you won’t be put out of pocket if you need to pay for repairs or buy new equipment. It’s a policy that can be bought on its own or as an extension of your existing contractor’s insurance.
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Effectively, this insurance covers you against any loss or damage for all manner of things on a construction site. This includes the following:
For example, imagine you are working on a construction site, and you’re building an extension for a client’s property. Then, a freak storm occurs that damages all the work you’ve done and completely destroys it, moving you back to square one. In this instance, it’s unfair to ask your client to pay to have everything rebuilt. It wasn’t their fault, and you can’t make them pay for it. Similarly, you didn’t do anything wrong, so why should you deal with the costs of rebuilding the damaged structure.
In this scenario, contractors all risk insurance can cover the costs of repairing the damage and rebuilding the work that you previously did. Your clients don’t have to pay any extra money, and you don’t have to spend money on something you’ve technically already done.
Likewise, what happens if materials go missing from the site? You need them to carry out your work, and it costs money to replace them. Again, this is where this insurance saves the day. Thanks to the protection against losses, the cost of replacing your materials is covered.
As well as covering your own tools and equipment, this insurance covers any equipment that you’ve hired for the job as well. Plus, employee’s equipment and tools get covered too, so you receive extra protection here.
Many risks are covered under this policy. However, you’re primarily protected against things that are out of your control. For example, the weather, theft, equipment faults, etc.
You are not covered for things that are under your control. So, any equipment that’s damaged due to your own negligence won’t be covered. The same goes for materials on your site or structures that suffer damage due to your poor workmanship.
If the fault is yours, then you aren’t protected.
A standard contractors all risk insurance policy won’t cover things like personal injuries on the construction site, or employee disputes. If your client trips over your equipment and hurts themselves while you’re working, then this insurance doesn’t cover any compensation claims they make. The same goes for any employees that are injured on the job.
In these cases, it can be beneficial to purchase additional insurance policies as an extension of your contractors insurance. To protect against personal injuries, you need public liability insurance. For protection against injured employees and other employment disputes, you need employers liability insurance.
This isn’t a mandatory insurance policy. In effect, you can technically work without it. However, doing so will put you at risk of suffering substantial losses. The main benefit of contractors all risk insurance is that it protects you against some of the common hazards found on construction sites.
Think about how much it costs to replace missing or damaged equipment, repair damaged work, or replace any lost materials. It can set you back a significant amount of money – money that you may be unable to conjure up.
If you have this contractors insurance policy, then there’s nothing for you to worry about. It lets you go about your work without fearing the worst. Hopefully, you never need to use this insurance because everything will be fine. But, construction sites are risky places, so you never know. If you are unlucky enough to need to use it, then you can at least avoid spending your own money to cover the costs of damage or loss.
As with all insurance policies, we can’t say how much it costs without knowing a bit more about you. Generally speaking, policy prices depend on the type of work you’re contracted to do. Some professions are riskier than others. For example, more things can potentially go wrong for an electrician than a bricklayer because there’s electricity involved. All it takes is some heavy rain to potentially cause damage to the electrical wiring that you’ve been working on.
What’s more, if you have any employees working under you, then this can also influence the costs. A contractor working on their own will only have themselves to look out for. With employees, there’s a heightened sense of risk.
The more at-risk you are of suffering damage or loss, the more expensive your policy will be. Additionally, the amount of cover you need comes into play as well. You can contact one of our advisors if you need help figuring out the amount of protection that suits you best.
Lastly, take into account any additional insurance policies you want to take out alongside this – like public liability insurance and employers liability insurance.
If you find yourself working on a construction site, then you will benefit from this insurance. So, if you fit any of the contractors listed above, but you aren’t working on a construction site, then this isn’t an insurance policy you need.
With that in mind, it’s important to note that you are only covered on construction sites. If your tools are stolen or damaged away from the worksite, then you won’t have any protection to cover the cost of replacing them.
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