Do I Need General Contractors and Trades Insurance?

Contractors Insurance

Millions of people in the UK work in many different professions and are either self-employed, work in partnerships or are limited companies, enjoying the flexibility and many benefits it brings. However, as the boss of your own business, the risks can sometimes be greater and having contractors insurance in place can give you the financial protection you need to cover you against potential legal claims that may be made against you.

Horner Blakey

Insurance Brokers

What is contractor insurance?

Contractors insurance is a policy designed to protect you against a range of claims that could arise as a result of your work. The type of contractor insurance you will need depends on the kind of work you do and the size of your company, among other factors. It gives you good protection in the event of any injury or accidental damage occurring, making it easier to manage your risks.

Construction workers drawing plans

Do I need contractor insurance?

The working life of a contractor is one filled with many risks, regardless of how experienced or professional you are. Contractor insurance gives you a financial safety net as there will always be some things that are out of your control.

Although a lot of the cover it is not a legal requirement, it is becoming increasingly common for clients to ask you to show proof of insurance before hiring a contractor or freelancer. And if you don’t have a policy in place, you could miss out on securing a new client.

Taking out this type of insurance policy protects you against legal or negligence claims and puts a financial buffer in place against occupational injuries and accidents that can sometimes occur.

Horner Blakey work with some of the leading insurance companies in the UK and can help you put together a policy that is tailored to you and your work, no matter the risk level involved.

Before proceeding, always read the full details of your individual policy as terms and conditions will apply.

What does contractor insurance cover?

There are different levels of protection you can put in place with contractor insurance, with the basic requirement being that you need to ensure you and your business are covered against any claims that are raised.

Some of the most common forms of contractor insurance include:

Employer liability insurance

Any business that employs staff members is legally required to have employer liability insurance in place. Workers that are given controlled supervision, direction or tools by your company also fall into this category.·

Public liability insurance

If your work requires you to come directly into contact with clients or the public, this type of insurance offers protection against injury or third-party damage claims that can arise as a result of your claimed negligence. However, this does not cover faulty workmanship, only the damage caused by faulty workmanship.

Professional indemnity insurance

Professional indemnity insurance provides cover for a variety of claims, for example, if you are accused of giving bad advice, making a mistake, or breaking confidence. This insurance protects service-based businesses and can handle the cost of putting things right.

Contractors all risk insurance 

If an unexpected incident occurs and a claim is made against you, this insurance covers the work already completed up until that point, paying for it to be redone to the same value.

There are many other types of insurance that can be included in your contractor insurance policy. The Horner Blakey team will help narrow down your options to help you identify the right level of protection needed for your business.

How much does contractor insurance cost?

Every business will need a different level of contractor insurance, depending on the type of work you do. Prices vary due to the risk you and others are exposed to, and the likelihood of a claim being made. Other factors that are considered include the number of staff you employ, how long you have been trading and whether you have made any claims in the past.

We’ll help you find the best deal based on your needs and budget, ensuring you have the right level of cover in place, so you have a greater peace of mind.

How can I get general contractors and trades insurance?

In the event of a claim being made against your construction or trades business or something didn’t go to plan, would you be able to cover any financial losses? Would you be able to continue trading?

Construction companies and building trades face a range of challenges, and Horner Blakey have a team of specialist advisers ready to help you get the right protection in place for your business.  

We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact Nick Horner & Jason Ellis by calling: 020 7929 0108.