If you are a plumber, carpenter, electrician, builder or a project manager, it would be a smart idea to cover yourself or any projects you are working on with building contractor’s insurance.
A policy of this nature is there to protect you, the contractor, against any eventualities occurring. This type of insurance will protect you from loss or damage on a building site as well as protection against accidents or even death.
A sad fact is that we live in a crime-infested environment as well as harsh weather conditions and equipment is often not of the highest quality or standard, therefore it is a smart move to insure all equipment against damages and loss. Contractors insurance will cover any damages incurred to the equipment or theft of equipment, either whilst on site or en-route to the site, making good sense to take out this type of insurance.
Replacing equipment is both cumbersome and expensive resulting in delays that can easily be avoided, therefore taking out insurance is a way to ensure that your business will flourish under any unforeseen circumstances, continuing to flow.
Contractors insurance will cover property presently being worked on, but excludes any existing buildings, as this should already be covered by existing Business insurance.
It is also important to have employer’s liability cover over and above the contractor’s insurance.
Your insurance brokerage should be able to offer you a policy for your individual requirements and ensure that you, your employees and all your building equipment are all adequately insured.
Shopping around for a couple of quotes is always a good way of finding the one product that is tailor-made for your individual needs and one that offers you the best products on the market. Other types of insurance you should find quotations on when sourcing contractor’s insurance are: public liability, employer’s liability insurance and also general works insurance.
Make sure that your laptop, vehicles and tools are all insured, too when working on a project, as well as any surrounding property that might incur any damages.
Shop around, insure yourself; this way is far better as it is far cleverer to be safe than sorry. |
