Insurance for Builders - The Basics

Your Insurance Responsibilities

As a licenced builder there are a number of key Builders Insurance products that can be required to be compliant and recognised by regulatory authorities, financial institutions and home owners. Evolving building regulations can also dictate the need for particular Insurance products to be tailored to certain professionals within the construction industry too such as Building Surveyors and Certifiers. A specialist construction Insurance Broker can help make sense of this for you to ensure you are covered correctly for your building Insurance.

Construction Works Insurance

This type of Insurance has many names including – Material Damage Insurance, Contract Works Insurance, Builders Risk Insurance, Contractors All Risk Insurance. It covers you, the Builder, against material damage loss in association with contracted responsibilities in the event of fire, flood, malicious damage, storm and tempest damage.

It is of vital importance for Builders and Contractors to consider the correct level of protection and builders Insurance to ensure that they are appropriately covered whilst on and off site.

Public & Products Liability Insurance

This can be the biggest risk for Builders and Contractors. As a Builder or Contractor you are responsible for the safety of your worksite and any damage caused to the property as a result of your business.

Public Liability Insurance will protect your business against third party property damage or bodily injury arising from negligent acts.

Products Liability Insurance will protect your business against third party property damage or bodily injury caused as a result of a product manufactured, constructed, erected, installed or supplied by your business.

Liability exposures can widely vary depending on the business and the type of work that you do as a Builder or Contractor. Get the right amount of Builders Insurance cover most appropriate for your operations.

Trades Insurance

Trades Insurance can be integral protection for Tradesmen against the financial risk payable if found liable for any claims made as a result of third party property damage or bodily injury while you are on site or after your work is completed. Trades Insurance can also be tailored to cover different aspects of your business depending on your operations size, location and business need.

General Property

This Builders Insurance product covers against accidental damage, breakdown and theft of contractors tools of trade. General Property can also consider other business equipment such as laptops, ipads and mobile phones. General Property cover can ensure continuity of business operations during a loss of any tool of trade.