After many years of experience working with construction companies of all sizes, from small general contractors and builders to large national or even international entities, Thompson Insurance Brokers know that protecting your business from risk requires a deep understanding of the industry.
No matter what kind of construction business you represent, you will benefit from our many years of experience as we focus on your key risk areas, spearheading solutions that concentrate on keeping your workplace 100% safe and covered. We have entire teams of dedicated risk assessment and control consultants who work alongside property risk managers in order to identify ways in which the total cost of your risk can be safely lowered.
What different kinds of construction insurance are there?
Construction insurance can seem like a very confusing and complicated area, so to ensure you don’t become lost in the quagmire of different policies, acronyms and jargon, we have prepared the following brief summary of the most important types of insurance – those you should be looking at to make sure your development project is sufficiently protected.
* Public Liability Insurance: Also known as PL, public liability insurance covers you against liabilities for any injury sustained by third parties (anyone you do not directly employ) and their property. Pretty much anyone working in construction operates in the vicinity of members of the public and/or their property, so almost everyone needs to be covered by PL insurance.
* Employer’s Liability Insurance: also known as EL, Employer Liability insurance covers you against employer injury and illness. If you employ anyone, then EL insurance is a legal obligation.
* Product Liability Insurance: this protects you in cases where people or property are injured or damaged because of products you manufacture, supply or even import. If you deal with products that are used on construction sites, then you need to consider taking out this cover.
* Contractors All Risk Insurance: this Building Contractors Insurance policy is also known as CAR, and protects you against any physical damage sustained while you’re employed as a contractor. PL insurance normally does not cover such claims, although both types of insurance may be taken out together.
Other business insurance for construction companies
If you provide any kind of advice or have responsibility for site design, then you should also consider taking out Professional Indemnity insurance, which protects you against claims against professional negligence or poor advice.
You should also consider a Structural Warranty, which provides the owners of buildings with ten years of protection against “latent defects” to buildings — these are construction defects that are not discovered until after the project is completed. Structural warranties tend to be purchased by construction companies, but they provide cover for owners of the new buildings.
Personal accident insurance is also important for anyone working in construction, covering as it does both medical costs and lost earnings resulting from serious injury.
Other Building Site Insurance policies available to construction companies include plant and machinery insurance, tool insurance, and business equipment insurance.
So, if you work in construction, contact us at Thompson Insurance Brokers for a free, no-obligation quote. Also, if you’re unsure about what cover you need, we’d be happy to advise. Call today on: 0121 796 0123