Insurance.... Why?
It's a Legal Requirement
It's a Legal Requirement
Insurance is a legal requirement if you employ anyone. Employers Liability cover protects your employees and labour only sub-contractors in the event of an accident or injury at work for which you are legally liable. By law, if you have employees, you must have at least £5 million cover.
Health & Safety statistics show that construction work is dangerous. Public Liability insurance is essential for firms and self employed people working in the building and allied trades. It will provide compensation if you cause injury to a member of the public or damage property. Claims for public liability can run into millions of pounds threatening your livelihood if you do not have insurance protection.
Have you ever been asked to show evidence that you are insured before you have been allowed to start work on a site? If you haven't, you may have been fortunate as most employers and increasingly householders will expect to see this before they will allow you to work on their project.
As a basic minimum you should take out Public Liability cover.
If you employ anyone, including labour only sub-contractors, Employers Liability is a legal requirement.
If your tools were stolen or damaged, you may not be able to continue working. Tools cove is worthwhile if you are self employed and rely on your tools for your livelihood.
Contract Works cover, also called Contractors All Risks (CAR) provides cover for work in progress, and can include your tools, employees tools, temporary buildings, contents of show houses and your own or hired in plant. It may also include speculative developments and show houses awaiting sale, construction plant and materials. There are also optional extensions that could be added to a policy to tailor it for your firm's needs.