As a self-employed builder or a building contractor you job can expose you to many risks associated with third party property damage and injury claims. A claim against you or your business can have devastating effects on your business. As such a builders insurance policy for public liability is absolutely essential. Also is the option of insuring your tools or any plant that you may have or have hired-in. Some of the builders tools can cost hundreds if not thousands of pounds to replace should they get stolen. If your building firm employs staff, even on a temporary basis then by law you also need to have adequate employers liability insurance cover in place.
All builders that are self-employed should seriously consider a builders public liability insurance policy. A building contractor’s policy is usually known as tradesman insurance by the insurers. Without this protection your business could face serious financial problems should a third party claim arise against you.
A builders public liability insurance policy can easily be tailored to suit you specific requirements. If additional cover is required at a later stage then this can be included as and when required. This would obviously incur an additional premium to pay.
Liability Options for Builders;
- Public Liability Insurance – This will provide coverage from claims arising from third party property damage and bodily injury claims that have been caused by you or your firm. This type of cover is essential and all builders should have it even though it is not compulsory by law. Level of cover available is typically £1m, £2m, £5m and even up to £10m. The most common level taken up by builders is usually the £5m public liability.
- Employers Liability Insurance – If you or your building company employs any staff, temporary employees or casual labour then this cover is compulsory by law. The EL insurance will provide compensation to your Employee’s if they are injured or death occurs whilst they are carrying out their duties for you or your business. Every year thousands of accidents occur on building sites throughout the UK.
- Professional Indemnity Insurance – If you or your firm is giving advice to customers and as a result of this advice your client suffers from financial loss you could be held liable. The PI insurance will provide cover for these type of claims.
Compare builders insurance with Active?
At Active, our online builders insurance quote system provides a comparison quote for all types of tradesman. Enter your details once into our system and within seconds over 8 top UK insurance company’s quotes are available for builders insurance.
The level of cover required on builders insurance can easily be tailored to your needs with many additional great options available such as legal expenses cover and personal accident cover.
Premium can be paid online in either a single payment or your can spread the cost of your insurance over 10 easy monthly payments. Your builders insurance documents are available to you to print immediately or if you prefer they can be saved on your computer.