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Business Insurance for Self-Employed Builders
Building can be a hazardous business. It's hard to avoid entirely the risks of working up ladders or on roofs, or with dangerous machinery or materials. That's why proper building and construction cover is important to consider.
Your customised builders' insurance package can help keep you and your business safe if the unexpected happens.
Accidents or legal claims can be costly. You may be running on tight margins, and a big claim could be ruinous. A customised builders' public liability insurance package helps to protect you against unexpected costs.
Builders need tools, and losing or having your tools stolen means downtime. You need be able to get up and running as soon as possible if something happens to your tools. Including tools cover in your builders' insurance package can help secure you in the event of theft or damage.
If you have employees, including Employers’ Liability in your builders’ business insurance package is an important consideration. This helps protect your business if your employees were to be injured or fall ill on the job.
While Public Liability insurance isn’t a legal requirement, some clients will require you to have adequate insurance in place. On the other hand, if you have employees, Employers’ Liability is usually a legal requirement.
Risks that Self-Employed Builders face
Do I need Builders’ insurance?
Builders’ insurance for UK contractors is an important consideration for a business. Building work can be hazardous. Your employees, your clients or members of the public can be hurt in the course of your work or on-site. Injuries can mean lost work, interrupted business and legal costs.
To help cover costs incurred by third-party injuries, you should consider public liability insurance. If you have staff, employer's liability insurance is also usually required by law. You can customise your business insurance package with other covers to meet your business needs.
What is covered under Builders’ insurance?
You can customise your insurance package by adding optional covers such as tools cover, business equipment cover, and cover for plant and contract works.
What is not covered under Builders’ insurance?
Levels of cover can depend on your insurer. For example, there may be a maximum value for individual items in a contents policy. General wear and tear of tools, equipment and plant is also typically excluded.
How much is Builders’ insurance?
The cost of your builders’ business insurance package will depend on a number of factors, such as which insurer you choose, the number of covers and amount of cover you select and the types of activities your business performs.