If you’re a builder, whether a solo tradesman or a business owner, you are better off with builders insurance than without it. You may get away with not having tools insurance cover, choosing instead to pay for new ones if and when the existing ones get lost, damaged, stolen, or come to the end of their useful life. However, there are covers that serve a vitally useful purpose for your business. Not having these covers can deliver a crippling setback to your builder’s trade.
Employers liability insurance is a legal requirement for builders that employ personnel. It is worth understanding the insurer’s definition of employment. You may be considered as having employed personnel even if they are not on your payroll. For example, even if you hire people for a short stretch, you require employers liability cover. This policy is your security against claims arising from injuries to employees. These claims can run into thousands of pounds, and without a policy in place, you may have a very hard time meeting these claims. Moreover, operating a business without public liability insurance is a prosecutable offence. So, if you don’t have this cover, you should look at getting a quote for it as soon as you can. The insurance company Tradesman Saver have an online quote form for builders insurance that you can use if you want to work out how much it’s going to cost you.
The cover that you are most likely to use is public liability insurance. It protects your business from costs related to injuries to customers and third parties. It also covers property damage that may occur because of the work you do. The usefulness of public liability is easy to appreciate. Many private and government organizations demand a minimum level of public liability insurance before awarding contracts to builders. If you are a contractor, you must ensure that sub-contractors employed by you also have this cover.
In fact, if you are a contractor working on a construction site then contract work insurance enables you to execute your responsibilities without worrying about costs arising from unforeseen disasters such as fire, vandalism, theft, etc. It hurts builders financially when clients refuse to pay for costs of damages that cannot be traced to a lapse on part of the builder. Contract work insurance protects you from many situations that you would otherwise have to settle from your own pockets.
Insure your business against costs that you may have to face if you fall sick or get injured. Personal accident and sickness cover should be a part of every builders insurance policy that you avail. As you’re self-employed, income sources may dry up if you fall sick. Loss of income can place you under financial strain. Avoid such situations. Under this policy, you get either weekly disbursements of a lump sum amount. The money can prove incalculably useful in helping you get back on feet. You can also use the money to ensure that the business does not suffer.
Builders have to liaise with many different people and agencies. They have to transact with buyers, lenders, clients, borrowers, suppliers, etc. The nature of work undertaken by a builder comes with inherent risks of accidents and injuries. The chances of a lawsuit are ever present. Employment disputes, property matters, tax disputes, injury claims, and compliance matters are some of the scenarios covered by this insurance. Apart from legal insurance for builders, your business may also benefit from advice on tax matters, staff counselling, and a legal helpline. Along with financial loss, public liability, and products liability, legal cover is an automatic cover provided as a part of a builder’s insurance cover plan.
Choosing an insurance provider becomes easy when you have the right information at your disposal. This article is intended to inform tradesmen and building contractors about the difference a builders insurance policy can make to their business. When selecting an insuring agency, check for the extent of cover provided as against the premium charged, the ease with which the policy can be changed, and the customer service offered.