Because of the countless risks associated with running a construction business, it is crucial to take initiative and insure your company against all possible eventualities.
Whether you own a large construction company, or you work with a small team, IC brokers have a deep understanding of the specific challenges and risks you face as a contractor.
That is why we offer comprehensive and flexible uk contractor insurance packages at IC Insurance Solutions. Our bespoke packages are tailored to protect your business, should the unexpected happen.
What Could Happen?
Here are some of the common risks associated with the contracting business:
Accidents and Injuries
With construction, there is always a chance of work accidents and injury. You could be held liable for injuries sustained by your employees or third-party stakeholders, including independent sub-contractors and members of the public, during everyday operations.
There is also a standard risk of structural damage claims from clients. Your work requires you to build or renovate a property that belongs to someone else so you can be held liable for damage to property in case something goes wrong during the construction process.
Some examples include improper construction, damage incurred during renovation and damage to temporary work on-site.
Even the most skilled construction experts err sometimes but the cost of such a mistake can run into thousands of Pounds. You can be held liable if you or anyone representing your business gives faulty advice to a client and they suffer a financial loss.
What is Contractor Insurance?
Contractor insurance consists of a combination of covers that protect your contracting business in the event of an accident or an injury.
Claims filed in the aftermath of a mishap can result in a heavy financial loss for a business. Contractor insurance packages serve as a tool of risk management in such scenarios and provide a financial cushion to contractors by covering their key exposures.
Having the right contractor insurance package reflects positively on your business. Clients are more likely to trust you if you have a cover in place because it serves as a clear indication that you care about their premise and property.
At IC Insurance Solutions, we know no two contracting businesses are the same. That is why, instead of bringing you standard insurance packages, we collaborate with our partner insurers to design insurance policies on a case-by-case basis.
What does the Contractor Insurance Cover?
Our key covers include:
Contractors All Risk Insurance
Contractors All Risk (CAR) insurance, otherwise known as contract works insurance, is a special form of insurance that offers cover to projects that are in progress. CAR insurance provides comprehensive coverage for property damage as well as third party injury or damage claims.
Public liability covers financially protects you against accidental damage to property. Public liability also covers you against third party injury claims.
Employer’s liability insurance can cover claims if any of your employees is injured while at work. In the UK, taking out employers’ liability is compulsory if you have one or more individuals working or volunteering for your business.
Professional Indemnity Insurance
Professional contractor indemnity insurance is essential if your operations and activities involve dispensing professional advice to your clients. Professional indemnity insurance covers you against claims for loss or damage as a result of faulty advice provided by you.
Hired in Plant
Every year, plant equipment worth an average of £70 million is stolen in the UK. Hired in plant insurance covers any plant equipment you may have leased against theft or damage by compensating you for repairs or replacements.
Own plant insurance policy covers your equipment and plant against loss or damage on an all-risk basis.
Types of Contractors We Cover:
At IC Insurance, we have extensive experience in providing business insurance solutions to a wide range of contractors, including:
About IC Insurance Solutions
IC Insurance Solutions is a vibrant and enthusiastic financial contractor insurance intermediary with a passionate team comprising of experienced insurance experts and seasoned brokers. We know the market inside out and our strong partnership with insurance providers enables us to provide comprehensive coverage to you at a competitive price.