Who needs Contractors All Risk Insurance?
Contractors All Risk Insurance is essential for builders, tradespeople, construction firms and anyone responsible for carrying out building or renovation work. It is commonly used by contractors, subcontractors, property developers and employers who want to protect works in progress, materials, equipment and their liability on site.
What does Contractors All Risk Insurance cover?
Contractors All Risk Insurance covers damage to the works in progress, materials, tools, plant and machinery, as well as third party injury or property damage. It protects against risks such as fire, theft, accidental damage, storms, floods and vandalism. This type of policy helps ensure that if something goes wrong during construction, the project can continue without major financial loss.
What insurance does a contractor need?
Most contractors need a combination of public liability insurance, employers liability insurance, Contractors All Risk Insurance and tool or equipment cover. Depending on the work involved, professional indemnity insurance and plant cover may also be required. The right policy ensures you are protected against property damage, injuries, legal claims and unexpected on-site costs.
How much is contractor insurance?
The cost of contractor insurance depends on the type of work you carry out, your annual turnover, the size of your projects, the value of your tools and equipment and your claims history. Lower risk trades such as painting or decorating will generally pay less than higher risk trades such as roofing, groundworks or structural work. A specialist broker can help you find competitive pricing for your specific trade.
What is contractors public liability insurance?
Contractors public liability insurance protects you if a member of the public is injured or their property is damaged as a result of your work. It covers legal fees, compensation costs and associated expenses. This type of insurance is essential for contractors who work on client sites or in public spaces and is often required before starting a job.
