Construction insurance is the name given to a selection of different types of insurance which offer cover for property projects. Depending on the type of construction project, you will need to consider a range of options to make sure that you are fully protected again claims.
Rather than listing out every type of insurance ever created, we have listed below the main types of insurance that are required when building new or renovating existing properties, or to protect property owners, construction companies, property developers or trades working on site.
Main types of Construction Insurance
Public Liability Insurance – to protect you if members of the public or indeed your client suffer any personal injury or damage to their property as a result of any negligence on your part.
Property Developers Insurance – to protect you should your contractor not have adequate insurance in place. If their insurance fails and does not pay our damages to third parties, then property developers insurance acts as a contingency.
Employers Liability Insurance – If an employee is injured or becomes ill because of the job that they do for you, this will ensure you are able to pay that person adequate compensation. Be aware that you are legally obliged to have this cover if you employ or have people working under your control or supervision.
Contractors All Risk – this type of insurance covers you for any damage or loss to building works. As an example, if you accidentally damage some building materials during construction this will cover you. It will also protect your overall construction project as well as all materials that you are using on site.
Building Warranties Insurance – to protect you in case of structural damage to a building caused by a fault in the design, construction or imperfect materials that may not have been apparent during the build process. This covers you for 8 to 12 years after the work was completed.
Trade Specific Insurance – one of the most cost effective ways to ensure you are fully covered is to get a combined insurance policy. In this case, any reputable insurance company will look at your overall situation and recommend a range of insurances which are then combined into one policy, this allows your cover to be specifically designed for your unique circumstances.
Why use a specialist Construction Insurance provider?
Going to a broker that specialises in Construction Insurance will mean that you should get access to a wealth of experience and specialist knowledge in this area. Even better, choosing and independent insurance company will also make sure that they have access to a large marketplace of options.
At Construction Insure, we do exactly that, we can advise on the types on insurances that you:
- Absolutely need
- Should definitely consider
- Might like to think about
This gives you peace of mind that you, your employees and your clients are fully protected and compensated should anything go wrong. This also means you get offered a range of options to consider and can then choose the one that meets your individual needs as well as budget.
For more information contact us today!