Construction projects come with a unique set of risks and insurance needs. If you are in the construction sector, then you know that accidents happen. And when they do, you want to be sure that you have the right coverage in place to protect yourself and your business.
However as the type and extent of cover required depends very much on individual circumstances, it can be overwhelming to know exactly what insurances you need.
That’s why it’s important to work with an independent insurance broker who understands the business of construction and can help you find the right coverage for your project.
Let’s look at some of the reasons why you should use a broker for your insurance needs.
Types of Construction Insurance
To give you an idea of how many different types of construction insurance there are available, here is a (very long) list of the various types of cover we deal with at Construction Insure:
- Public liability
- Employers liability
- Contract works insurance
- Professional indemnity
- Contract performance bonds
- Product guarantee or product liability
- Directors and officers liability
- Legal expenses and employment law protection
- Motor fleet Insurance
- Property insurance
- Self build insurance
- Right of light insurance
- Restrictive covenant insurance
- Absence of easement insurance
- Building warranties
- Planning & Building Regulations insurance
- Demolition insurance
- Scaffolders insurance
- Roofers insurance
- Welders insurance
- Steel erectors insurance
- Waste removal companies insurance
- Piling contractors insurance
- Asbestos contractors insurance
- Ground workers insurance
- Scrap metal liability
- Air conditioning engineers insurance
- Building contractors insurance
- Basement contractors insurance
- Plumbing & heating insurance
- Civil engineers insurance
- JCT insurance
While some of these are specific to particular niches within construction, others are required by law for all companies, and still others are required for certain types or sizes of projects.
So how do you know which types of cover your business needs?
How an Independent Broker Can Help
When it comes to cover, there are a lot of factors to consider. What type of coverage do you need? How much coverage do you need? What are the risks associated with your project?
Experienced independent insurance brokers can help you navigate these waters and make sure you have the right coverage for your project.
Here’s a look at why you should use an independent insurance broker when choosing your insurance and how they can help you decide which cover is right for you.
Broad pool of insurers to choose from
Independent insurance brokers represent many different insurers, which gives them a broad range of options to choose from when placing coverage for their clients. This means they can find the best possible coverage at the most competitive price.
In addition, brokers are not beholden to any one insurer, so they can offer unbiased advice on which policies would work best for your project.
Expertise and tailored advice
When you work with independent brokers who understand your industry, you have access to their expertise and advice. Insurance brokers know the ins and outs of the construction insurance industry and can help you choose the right coverage for your project.
No two projects are alike, which is why it’s important to have a policy that is tailored to your specific needs. A broker will review the details of your project and make recommendations on the type and amount of coverage you need.
They can help identify the risks associated with your particular project and recommend the most appropriate cover. This will ensure that you are properly protected in the event of an accident or damage.
Experienced brokers will also take the time to understand your business and your specific needs. They will then work with insurers to find the policies that offer the best protection at the most competitive price.
Brokers can provide valuable advice on which coverages you need and how much coverage you should purchase. They can also answer any questions you have about the different types of policies available.
Finding the right insurance carrier
There are many insurers that offer insurance solutions for construction businesses but not all of them will be a good fit for your project. Brokers will compare the rates and coverage of different carriers to find the one that best meets your individual business’s needs. This will save you time and money in the long run.
Competitive quotes
Insurance brokers have relationships with multiple insurers. This means they can shop around for the best rates for your project and can usually negotiate better rates on your behalf.
Working with an insurance broker can help you save money on your insurance premiums. In addition, many brokers offer discounts if you purchase multiple policies from them.
One stop shopping
With so many different types of construction cover available, it can be difficult to know which coverages you need. Brokers can help you identify the cover you need and find a policy that meets your requirements.
This saves you time and hassle in trying to find the right cover on your own and getting individual quotes for each type of cover your business needs.
As you can see, working with a broker offers many advantages when it comes to construction insurance cover. If you’re looking for a policy that is tailored to your specific needs, provides adequate coverage and doesn’t cost a fortune, then working with experienced brokers is the way to go.
Choosing the Right Broker for Your Business Insurance
When it comes to construction insurance, there are a lot of factors to consider. As a business owner, you know that having the right cover is essential to protecting your company. But with so many options out there, it can be hard to know where to start.
You’ve seen how an independent insurance broker can help with this. A broker represents multiple insurers, which gives them the ability to find the best coverage for your specific needs. But with so many to choose from, how do you know which one is right for you? Here are a few things to look for:
Experience in the construction industry
When it comes to something as important as insuring your business, you want to work with someone who knows what they’re doing.
Look for a broker who has experience specifically in the construction industry. They’ll be able to advise you on the best coverage for your needs and answer any questions you have about the process.
A focus on customer service
You should feel like you’re working with a partner, not just another vendor. Look for a company who is responsive and accessible (this will be a good indication of their claims service) and who takes the time to understand your business needs.
They should be able and happy to offer suggestions and resources, even if you’re not ready to buy cover right away.
A commitment to ethics
Make sure the company you’re working with is committed to ethical practices. They should be transparent about their fees and commissions, and they should always put your best interests first.
About Construction Insure
As a construction professional, you know that having the right cover is critical to protecting your business and finding the right broker can make all the difference.
Construction Insure is a leading provider of construction insurance in the UK. We have forty years of experience insuring building projects and understand the industry inside out.
We also want to get to know you as a client and understand your specific needs. Our aim is to find the cover that is right for you, not just sell you a policy and move on. This is why our clients keep coming back to us; they know we actually care about doing the very best for them and building a continuing relationship with them.
We have experience working with all types of construction businesses, from small contractors to large property developers. We are proud to be a completely independent broker, which means that we work for you, not the insurers.
We also provide a resource for other professionals in the industry, for example architects, quantity surveyors, structural engineers and solicitors. They can get the information they need in order to educate themselves about the policies available for construction businesses.
We fully understand the complex risks that come with working in this industry, and we will work with you to tailor a policy that meets your specific needs.
We offer a wide range of coverage options, including public and employers liability, contract works insurance and professional indemnity as well as more specialised types of cover.
And because we are independent, we have access to many different carriers and can shop around for the best coverage at the most competitive rates.
When it comes to finding the right broker for your business’s needs, there’s no one better than Construction Insure. If you’re looking for expert advice, competitive quotes and one stop shopping, then working with us will make all the difference.
Give us a call today to discuss your business’s insurance requirements and find out why we have so many happy customers.