What Types of Insurance can come in a Contractor Insurance Package?
#1 Public Liability Insurance
Contractor public liability insurance protects contractors from legal and financial consequences if a third party suffers injury or property damage during project activities. It's considered fundamental coverage for contractors engaging with the public and is a legal requirement in the UK.
#2 Employer Liability Insurance
This is crucial for contractors with employees. It covers legal costs and compensation if an employee suffers injury or illness due to work-related activities. Compliance with legal requirements is essential.
#3 Vehicle Insurance
Vehicle insurance provides coverage for contractor-owned or -operated vehicles, offering financial protection in case of accidents, theft, or damage. It ensures seamless business operations and compliance with road safety regulations.
#4 A Contractors All-Risk Policy
Contractors risk insurance is comprehensive coverage that protects contractors from a wide range of risks, including damage to property, theft, and unforeseen events. It provides peace of mind by addressing various potential challenges.
#5 Professional Indemnity Insurance
Professional indemnity insurance safeguards contractors against claims related to professional advice or services, like consultancy. It covers legal fees and compensation for any wronged parties and can enhance a contractor's professional reputation and financial security.
#6 Tools and Equipment Insurance
This coverage is essential for contractors reliant on specialised gear. It protects against theft, loss, or damage to tools, ensuring contractors can continue their work without disruptions.
#7 Personal Accident Insurance
Personal accident insurance offers contractors financial protection should they injure themselves. It covers their medical and rehabilitation expenses and provides some income during recovery, which helps contractors focus on their well-being.
These diverse insurance types collectively form a robust insurance package suitable for any contractor.
Park Insurance's tailored solutions ensure contractors receive comprehensive coverage for their unique needs, fostering a secure and resilient business environment.
What Limit of Liability Will I Require?
The amount of cover you need totally depends on your individual business and the likely risks you may encounter. It may also depend on the kind of work you do for example many councils will now require a policy of £5 Million before you are able to work on council property.
A minimum of £1m in contractor's public liability insurance cover is normal. Some customers or clients may insist on a higher level before they will allow you to work with them, or work on their premises. If you have employees you will also need to purchase Employers Liability.
The amount of cover you might need for tools, plant and other options needs some thought. It's easy to underestimate how valuable your kit is until it has gone missing.
Who Would Require Contractor Insurance?
- Bricklayers
- Plasters
- Carpenters
- Shop fitters
- Painters & Decorators
- Roofers
- Groundwork's
- Plumbers
- Electricians
- Tiller
- Floor layers
- Carpet fitters
- Kitchen fitters
- Landscapers
- Plus Many Other Trades
Why Park Insurance?
At Park Insurance, we go beyond providing standard insurance coverage. Our team understands the intricacies of the contracting industry, allowing us to offer personalised solutions tailored to your specific needs.
With a reputation built on trust and reliability, contractors can rely on Park Insurance as their steadfast partner in securing a stable and protected business future.