What You Need to Know About Builder’s Insurance
If you are in the construction industry, builder’s insurance is a vital policy that is sometimes misunderstood. Builders Insurance could provide cover that you absolutely can not do without, but there are many types and levels of cover. Aon Construction Direct work with builders to ensure that they are getting the customised level of protection that they need.
Typically, there are four main types of cover that will be included in builder’s insurance. Your business may dictate how much cover you need in each type or you may be able to do without one in some cases. By far, the best value is to get a builder’s insurance package that will contain all the policies you need under one main policy. This is by far the easiest policy to administer and there are usually significant savings when you go this route.
Builders Insurance Cover
Employer Liability – This is an essential policy that is required by law in the UK. You will need to have at least some form of this insurance in order to operate your business. This policy could provide you with cover if an employee is injured or killed while on a job. In some cases, it could also help cover any damage that is done to a third party’s property as a result of an accident.
Employer liability cover will usually cover losses up to £10,000,000. You may not need the full amount of cover, but if you are working on a large site or typically take on projects where your employees will be in danger, it’s best to go up to the maximum amount of cover.
General Liability – This policy could provide a more generalised approach to liability cover. For example, it could help in the event that you or an employee damage something or if someone is injured on a job. This is a very useful blanket policy that is usually included in most builder’s insurance plans.
Builder’s Risk – When you are working on a project, you are always running the risk of losing valuable tools, equipment or even time. This policy could ensure you are covered, and you can get replacements for anything damaged or lost.
Personal Accident Insurance – This is vital in any builder’s insurance policy. It could provide cover for many accidents that can occur either to you, an employee or a third party while you are on site.
For more information
Simply call our team on 0845 602 1039 or contact us online for more information.
Terms and conditions apply, please refer to the policy.
