Construction Insurance For Your Safety Back to Blog

Construction Insurance For Your Safety

Working in the construction industry can be a tough job, especially when you're running your own business. Not only do you need to win work and carry out projects to the highest standards to maintain a good reputation, but you also need to keep your company financially protected should the worst happen. In the world of construction, a generic insurance policy isn't enough. You'll need to invest in construction insurance that's tailored to your business's specific requirements. 

Alongside public liability insurance and employer’s liability insurance, contractor’s all risk insurance is an essential investment.\

Contractors all risks insurance

In the world of construction, there are an abundance of risks. That's why it's highly advisable to invest in contractor’s all risks insurance. Construction insurance providers TradesmanSaver emphasise how this is perhaps the most important type of cover in the construction industry
because of how much it protects you. As the name suggests, contractor’s all risks insurance covers all risks except those excluded under the policy. It covers damage/theft of ongoing on-site work, as well as hired-in machinery. For example, if a fire in the property below were to destroy the extension you were building, or if your equipment was stolen from the site, you'd be fully protected and wouldn't lose out financially.

Public liability insurance

The construction industry is a hazardous sector, and so things going wrong could have a serious impact on your business's finances. Public liability cover can provide protection in the event that someone files a claim against you. It provides you with the peace of mind that comes with
knowing that if someone does have reason to claim, your company can carry on running without worrying about financial issues. Here's what this type of construction insurance can cover:

  • If someone files a claim because they sustained an injury as a result of your actions. For example, a member of the public trips over a piece of equipment that you or a member of staff has left on a pathway and is hurt as a result
  • If someone is injured as result of work you've carried out. For example, you've installed a bannister incorrectly and a customer falls down the stairs
  • If someone's property is damaged as a result of your or your employees' actions. For example, if you were to drop a drill on a customer’s brand new kitchen tiles and they crack as result

Employer’s liability insurance

If you employ staff, then you're legally obliged to obtain employer’s liability insurance. It offers valuable protection in the event that an employee was to make a compensation claim against you after sustaining an injury. You'll need this type of construction insurance even if you only work with subcontractors as they're working under your supervision and with your equipment, tools and materials.

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