Whether you have just started a construction business or are preparing to do so, you could be brimming with optimism. After all, rising skills shortages in the UK construction sector, as reported by the Independent, have opened up fresh opportunities for people seeking construction jobs.
Still, none of this takes away from your need to source proper insurance. Differentiating the essential policies from those that are simply a “good idea” can be tricky – especially as many policies aren’t meant just for construction workers. Hence, you could benefit from these pointers…
Public liability insurance
Spending hours at a time on a construction site means posing particular risks to members of the public. Of course, you can follow health and safety procedures to minimise those risks – but, as accidents can still happen, public liability cover could get your firm out of a financially tricky spot.
“Financially tricky” is an apt term here because, if the course of your work leads you to accidentally inflict injury on a member of the public, they could sue you and so heavily deplete your company’s funds. Public liability insurance would take the brunt of various costs outlined by the Federation of Small Businesses – including compensation payments as well as legal costs and expenses.
You can use a site like quoteradar.co.uk if you’re living in the UK and want to find quotes on public liability insurance and other types of insurance.
Employer’s liability insurance
It is technically possible to forgo public liability insurance, as it is not required by law. However, this does not apply in the case of employer’s liability insurance. You would usually need cover of this type should you employ anyone – ranging from contractors to casual and temporary workers.
Otherwise, employer’s liability works much like public liability, except that it is your own employees who are protected. For example, if a worker becomes ill because they been exposed to construction dust or an employee suffers an injury due to a faltering piece of equipment, this cover can help.
Employer’s liability insurance would enable you to fund compensation payouts. This is no small boon, as paying such compensation independently could prove financially prohibitive on top of a large fine, as mentioned on the Planning Portal site, you could risk for lacking employers’ liability.
Contractor’s all risks insurance
You might not be quite so familiar with contractor’s all risks insurance. However, for construction workers specifically, it is a crucial line of cover. The benefits of this insurance are various; if your construction equipment is stolen or a property beneath your in-progress extension is engulfed by fire, contractor’s all risks insurance can plug a monetary gap which could otherwise grow.
With many insurance options – including legal expenses cover and products liability cover – to think about, you could anticipate struggling to source all of them. However, turning to insurance specialists like those at Tradesman Saver would let you obtain all of these flavours of construction insurance. An online form on the Tradesman Saver site lets you apply for tailored quotes.
Tradesman Saver also includes both products liability cover and legal expenses cover at no extra charge with each of its policies.