Thompson & Co Insurance Brokers specialise in Builders Insurance. We have a great many years’ experience working as building insurance brokers in the construction industry and have acquired a deep understanding and awareness of the industry and all of the specific requirements of builders’ insurance services.
We represent all kinds of building companies and are able to focus on key risk areas, providing builders insurance policy solutions that ensure your workplace is 100% safe, secure and fully covered.
At Thompson & Co, we are specialist brokers and have dedicated teams of risk control and assessment experts, property risk managers and builders’ insurance cover specialists who can identify the best ways to provide you with total cover, ensuring that your experience is swift, easy and completely stress-free.
What different kinds of builders’ risk insurance policy are there?
Builders insurance can seem confusing, so to keep you from getting lost in a sea of different policies, abbreviations and jargon, we’ve prepared a short summary of the most essential types of policy you should be looking at to ensure that you and your building project are totally protected.
* Employer’s Liability Insurance (EL): if you employ people, then employer’s liability insurance is a legal requirement. It protects you against claims arising out of injuries or illnesses sustained by employers.
* Public Liability Insurance (PL): If you work in the building sector, then it’s almost a certainty that you come into contact with members of the public. This means you need to take out a PL policy. Public liability insurance protects you against claims arising from injuries sustained by third parties, which means anyone that you don’t actually employ yourself. It also applies to damage sustained by property owned by third parties.
* Contractors All Risk Insurance (CAR): this covers contractors for any material damage sustained on building sites. Not only does it cover losses sustained by the insured party but also any property damage that’s caused to any third parties.
Other building insurance policies to consider
We recommend you take out a Structural Warranty. This protects you against problems which arise in buildings within ten years of completion. They are normally taken out by building developers and construction companies, but they cover the owners of new buildings.
Personal accident insurance is also hugely important for anyone working in the building industry, as it covers both medical costs and any lost earnings that arise as the result of serious injury.
Other building insurance policies that you should also consider includes Professional Indemnity insurance — this is a must if you offer any kind of building project advice or site design. You should also take out tool insurance, machinery and plant insurance, and business equipment cover.
Failure to ensure adequate builder’s risk insurance coverage could result in incredibly costly lawsuits and could even result in the end of your business and, in the worst-case scenario, a custodial sentence.
Whatever your role in the building trade, call us at Thompson & Co Insurance Brokers today for a no-cost, no-obligation builders risk insurance quote. Also, if you’re not entirely sure what cover is best for you, we’d be more than happy to advise. Call us today on: 0121 796 0123