Why Are There So Many Different Types of Construction Insurance Policies?
Diverse construction projects demand versatile construction company insurance coverage. We offer a range of policies tailored to your business needs, ensuring you have the proper protection at every stage of your project.
The Most Important Types of Insurance for Construction Businesses
Of the many different insurance policies available to construction companies, the ten below are among the most important.
#1 Employers' Liability Insurance
Safeguard your workforce against injuries and accidents on the job. This is a vital insurance policy for any business that employs workers and is legally required in the UK.
#2 Public Liability Insurance
Construction public liability insurance protects your business against claims from third parties for injury or property damage that might occur during the course of your business. Again, this insurance is a legal requirement for all companies in the UK and could save your business from going under if the worst should happen.
#3 Commercial Vehicle/ Fleet Insurance
Covers your construction vehicles against accidents and damages on and off the construction site. If these vehicles are mission-critical to your business, proper insurance is vital to keep your business up and running if one or more of your vehicles are taken out of action.
#4 Contract Works/ Contractors All Risks Insurance
Ways. For instance, if a wall you are constructing falls over due to adverse weather conditions, your policy would cover the cost of rebuilding the wall.
#5 Directors & Officers Liability Insurance
If you or another company director is sued in the course of your business, this policy will pay for your legal defence and any other costs involved with defending you and your business, such as compensation to a third party.
#6 Subcontractors Insurance
This helps your business if someone suffers an injury to their person or their property because of your business.
#7 Demolition Contractors Insurance
If your work involves demolishing old buildings, this policy is a must, as it covers accidents and injuries to your workers and the public, as well as protection for your equipment that could get damaged during your work.
#8 Latent Defects Insurance
this provides cover in the event of an inherent defect in the design, workmanship, or materials becoming apparent in the structure or waterproofing envelope of a building, resulting in physical loss or damage.
#9 Business Property Insurance
This safeguards the property your business uses for its operations, including office and warehouse space, tools, and equipment.
#10 Professional Indemnity Insurance
Protects against claims of professional negligence, errors, or omissions. This is particularly critical for construction professionals offering design or consultancy services, as any mistakes can lead to six- or seven-figure bills for your clients to rectify your mistake.
When Does a UK Construction Business Need Insurance?
Insurance is vital from the conception of your construction project to successfully getting it up and running. Whether you're a seasoned contractor or a new player in the field, having the right insurance policies in place ensures your business is resilient in the face of challenges.
Directors & Officers Liability Insurance
For example, should you find yourself being personally sued as a result of company business your directors and officers liability insurance policy will pay the legal defence costs involved in defending any action made against you or any compensation awards.
Other Policies Available
- Subcontractors Insurance
- Latent Defects Insurance
- Demolition Contractors Insurance
- Design & Build Contractors Insurance
- Professional Indemnity Insurance
- Office Insurance
- Commercial Vehicle/Fleet Insurance
- Legal Expenses Insurance
The challenges and demands of the construction industry require a broker who is conversant with your activities, contracts and varying insurance requirements: we work closely with you to keeping abreast of your changing requirements.
For a detailed understanding of our construction business insurance solutions, contact Park Insurance today. We're here to safeguard your construction endeavours so you can build with confidence.