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When it comes to builders insurance, the cover you need will depend on the work you undertake.
We’ve listed below some of the insurances every builder should consider. However, we always recommend that you speak directly with an insurance professional, such as the friendly team of brokers at Prizm Solutions, who can then talk to you about your specific needs and provide you with personal plan to protect you and your business.
What Insurances Might I Need As a Builder?
1. Public Liability Insurance
Public liability insurance is a must-have for builders, as it protects you against legal or compensation costs if a member of the public gets injured or their property is damaged as a result of your work, or allegedly as a result of your work.
2. Employers’ Liability Insurance
If you employ a team, then Employers Liability insurance is required by law to cover any claims made by employees who may suffer injury or illness due to their work. It’s worth noting that the definition of ‘employees’ also includes volunteers and (labour-only) sub-contractors, so you may still need this insurance even if you don’t technically employ people.
3. Tools & Equipment Insurance
As your tools are essential to your livelihood, it makes sense to get them insured – especially as they’re not cheap to replace! Tools and equipment insurance ensures you're covered if your tools are stolen, damaged or lost.
4. Vehicle Insurance
One very important piece of equipment is the vehicle that takes you to and from your building jobs, so always make sure you’ve got this adequately insured, including any useful extras, such as including the use of a courtesy vehicle to keep you mobile should your car or van get stolen, damaged or vandalised.
5. Professional Indemnity Insurance
Professional Indemnity insurance is crucial if you offer advice, or provide designs or specifications, as it covers claims made against you for errors or negligence (or even alleged negligence). This insurance is designed to cover the financial costs arising as a result of any such claims.
6. Legal Expenses Insurance
Legal Expenses insurance can cover any legal costs that might be incurred and help protect your rights in the event of a legal dispute.
7. Personal Accident Insurance
Personal Accident insurance can provide cover in the case of accidental injury.
8. Contract Works Insurance
Contract Works Insurance covers ongoing construction projects against damage from events such as fire, vandalism or theft.
