There are three main types of insurance in the construction industry:
- Public Liability Insurance – designed to cover businesses from the risk of being sued by a member of the public or a subcontractor. The basic concept of public liability insurance is that it covers financial damages and legal expenses arising out of the death, bodily injury or damage to property suffered by members of the general public that have been caused by your business. This insurance is not required by law, however it is increasingly important that businesses protect themselves from the risks that are presented when they come into contact with the public.
- Employers’ liability insurance – if anybody works for your building business, including full- and part-time staff, casual labour, contractors or volunteers – you need to have employers’ liability insurance as it is required by law. Accidents can happen and if someone you are directly responsible for is injured as a result of working for you, you need to be sure they are properly looked after, as well as ensure your business is not harmed.
- Builders Insurance Options – if you are extending, refurbishing, converting a building or a new-build, you’re probably responsible for the work until it has been completed and handed over to the owner. If your work burns down, for example, before handing over, you’ll be responsible for all of the costs of doing the work again. Additionally, you may have materials, tools, plant and site huts, all which will require cover for loss and damage. Please note, if you are refurbishing a building, the existing structure will still need to be insured by the owner.
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