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.
