General Builders Insurance
As general builders, you are anything but ordinary and the scope of your work can be vast. As such your insurance needs can be complex but the solution doesn’t have to be.
We work with many building firms and here are some of the key areas where you need to be protected.
I have some permanent & temporary premises I need to cover, can I include these?
You can cover both permanent and temporary site premises under a policy ensuring that your business equipment and contents are fully protected. This may include temporary site huts or a storage unit you have to keep your equipment and materials.
Insurers know that you will have multiple jobs on at once so it’s just about understanding the risks and the security around each of the sites to ensure there are no gaps in cover.
Make sure you check your sub-contractor’s insurance policy
Usually your insurance policy will stipulate that your subcontractors (bone fide subcontractors) have at least equal cover in place. Usually we recommend a minimum of £5m public liability to give you a sufficient base line cover.
Often, we see that sub-contractors are carrying £1m or £3m but rarely £5m. Remember if their insurance fails in any way then the liability will fall on your policy.
I have been asked to get professional indemnity insurance, what is it and do I need it?
Professional indemnity insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual.