If you’re starting a new construction company, you’ll no doubt have considered the costs of the equipment, vehicles and staff you might need to carry out the job.
One of the most important things to put in place before you proceed with business, however, is the right construction insurance policies.
Protecting your business, your people and your kit is vital and can help keep you from falling into trouble if something does go wrong further down the line.
Here are five policies you’ll want to bear in mind.
Public Liability Insurance
This covers you against any damage or injuries to property or people in the vicinity of your project – something that you will almost certainly always want to have in place before starting any job in construction.
PL Insurance can be taken out across all of your business dealings and is typically renewed on a yearly basis.
Product Liability Insurance
If you manufacture and supply and construction products – and even if you import and sell them on – you will need this cover in place.
The tools used commonly in the construction trade are often used to their limits across several tasks and, if you sell any that include defects, this may come back to bite unless you put in place the appropriate cover beforehand.
Employer Liability Insurance
If you have a crack team of traders under your company’s watch, you’ll need to take out this cover in case anything were to happen to them while working for you.
This cover will help you cover costs of medical expenses if someone suffers an injury and can protect incomes in the event of illness. Most importantly, it is a legal requirement for any employer.
All Risk Insurance
All risk cover adds extra layers of protection compared to many standard public liability policies – particularly important if you hire a contractor or you work as one.
Public liability protects you against damage to third-party buildings but is of no help in the event of works being delayed by something like inclement weather. All risk cover can even help you if clients chase refunds for sub-standard work, but we’re sure that won’t apply to you…
Professional Indemnity Insurance
Professional indemnity cover is another way to protect yourself against the whims of clients.
If it is claimed that you’ve been negligent, made errors or not stuck to agreed plans, PI cover can help you to recover any lost earnings and can also contribute to clearing up reputational damage.