Contract workers come in many different forms, from independent tradesmen to large construction firms. When taking on a new job, contractors may find themselves in unfamiliar surroundings to assess and carry out the task at hand, whether large or small.
In many cases, the contractor is responsible for work and materials until the job is completed and approved by the customer, client or property owner. This means that contractors could end up being liable for flooding from a burst pipe or an accidental fire causing damage to the property.
Whether your work involves building and construction, plumbing and electrical fitting or even demolition, taking on time-limited projects in different locales will often require a certain level of insurance to be in place. There are many potential risks up in the air that can affect you or your employees, your tools or belongings and even the property you’re working on.
It’s important to insure yourself and your work for every eventuality. This will generally mean that multiple types of insurance are necessary. Combining each of these cover types into one policy, however, can help you to easily keep track of what you’re covered for without things getting too complex.
There are several key areas of insurance cover for contractors to consider before undertaking any work. By selecting the ones most applicable to you and your work, it’s possible to combine these into a single, easy-to-manage policy.
Just as each contractor will be different in size, scale and type of work, there isn’t a one-size-fits-all approach to combined insurance. You can tailor your own contractor’s insurance policy based on whether you employ manual workers, whether any members of the public will be involved, the materials you’ll need to complete the job and any other unforeseen issues that could head your way.
Employee and public liability
Employer’s liability insurance is a legal requirement if you employ at least one person as part of your business. While public liability cover isn’t mandatory, it’s highly recommended if you work in a public space or in somebody’s private property. Both cover types can protect you against any financial claims made by an employee or member of the public if they become injured as a result of your contract work.
All risks cover
In any project, there are a whole host of potentials dangers or risks that could happen, whether you can predict them or not. It’s likely that before any job, you’ll conduct a thorough risk assessment to be aware of any future issues. With your policy covering all risks on a work in progress, you’ll have complete peace of mind that any problems may be easily dealt with to cause minimal disruption. You can also benefit from the option to have cover for a single project or as an annual contract for ongoing works and liability after project completion.
If – for any reason – you need to down tools and halt work for a period of time, it can leave you with a hole in your finances and even set back your timescale, potentially affecting other projects you have coming up. Whether your supplier runs out of specific materials or your work is disrupted by events outside of your control, business interruption insurance makes sure your operations aren’t negatively impacted.
In case of any legal dispute between you and your client, the legal process can be quite costly. From consulting with solicitors to settling court fees, the figures can rise quite quickly. With legal expenses cover, some or all of those fees can be covered without adding to your worries at an already stressful time.
To cover off multiple aspects of business insurance for contractors, combining everything into one easily manageable policy with a single renewal date helps to take a load off your mind. At Arkwright, our brokers use their experience and extensive knowledge to tailor a combined policy that suits your specific needs.
Call us on 01204 392 525 or click the “Get a quote” button to send us a few details and we’ll get back to you. From there, we can work with you to discover your particular requirements and provide you with the cheapest quote for contractor’s combined cover from our diverse panel of insurers.