Do Builders Need Insurance?

Builders are coming under more and more scrutiny as the home improvements start to boom. Every homeowner wants to make sure that the company that is undertaking the work on their home can be trusted and rightly so. Builders have to meet certain required guidelines these days and there are set standards one should put in place to protect both parties.

It is important that every builder is properly insured not only to protect yourself but to also put your client at ease. There are 4 types of insurance that every home improvements company should have. These include:

Public Liability Insurance
Employer’s Liability Insurance
Contractors All Risk Insurance
Professional Indemnity Insurance

Public Liability Insurance

Public liability insurance protects third parties whilst you carry out your work. This protects them from injury as well as damage to property. For example, if you were working on a property and a roof tile became loose and hit a passer by you may be considered liable.

It’s important to know that this cover doesn’t only insure those who are directly involved with the works but also those who aren’t too! It can protect neighbouring properties too if they were to suffer damage as a result of your work.

Employer’s Liability Insurance

Employers liability insurance is a legal requirement that every company must have if they employ anyone - even if it is on a casual basis. In the event that an employee is injured, employers liability insurance will keep you covered.

Contractors All Risk Insurance

Don’t forget contractors all risk insurance. Did you know a third of all builders often forget this type of protection for their business leaving homeowners to pick up the pieces. Any reputable tradesman will have this insurance in place to protect work already carried out in the event it was accidentally destroyed before completion. This cover is sometimes thought of as not necessary but why take the risk?

Professional Indemnity Insurance

Professional Indemnity insurance Liverpool is invaluable to any contractor as it protects you against claims made for inadequate services or advice. Not only will professional indemnity insurance cover the legal costs and expenses that occur during the claim but it also pays compensation to the client if you need to rectify the mistake.

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