Contractors Insurance

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What is Contractors Insurance?

Contractors insurance is a type of business insurance specifically designed for contractors to protect them against various risks associated with their work.

Often associated with tradesman, it is tailored to the specific risks of the contracting industry, and the exact cover can vary based on the contractor’s trade, size of business, and specific needs. It’s important for contractors to assess their risk exposure and choose the appropriate insurance cover to protect themselves financially and comply with legal requirements.

The specialist brokers that we work with will be able to help you identify these risks, finding you the right policy at the right price.

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What our Comparison Expert Says

‘Insurance for contracts is vast and complex. The specialist insurance brokers we work with are here to help you identify your exposure and provide you a competitive policy to ensure you are covered correctly’.

- Michael Tribe

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What’s Covered By Contractors Insurance?

Contractors insurance provides comprehensive cover tailored to the unique risks faced by contractors. The main policy often includes several core protections, and there are additional add-ons available to cater to specific needs.

Public Liability Insurance

Protects against claims of injury or property damage caused to third parties due to the contractor’s work. Essential for all contractors as accidents can happen, leading to expensive claims.

Employers Liability Insurance

Legally required if the contractor employs staff. Covers claims from employees who suffer injury or illness as a result of their work.

Professional Indemnity Insurance

Covers legal costs and damages for claims of professional negligence, such as giving wrong advice or making mistakes in the service provided.

Tools and Equipment Insurance

Provides coverage for the replacement or repair of stolen, lost, or damaged tools and equipment.

Personal Accident Insurance

Offers financial support if the contractor is unable to work due to an accident, providing a temporary income.

Contract Works Insurance

Covers the ongoing work on a construction site, including materials, in case of damage due to an insured event like fire or flood.

In addition to the core policy, you will be able to add a variety of policy addons in order to create an even more robust contractors policy.

Goods in Transit Insurance

Covers the loss, theft, or damage of items while they are being transported from one place to another.

Plant and Machinery Insurance

Protects owned or hired plant and machinery used on the job, such as diggers or cranes.

Business Interruption Insurance

Provides compensation for lost income and fixed expenses if the business operation is interrupted due to an insured event.

Legal Expenses Insurance

Covers legal costs associated with various business-related legal issues, like disputes with clients or suppliers.

Cyber Liability Insurance

Important for contractors who handle sensitive data. It covers the costs related to data breaches, including legal fees and compensation.

Directors and Officers Insurance

For contractors who operate as a limited company, this protects individual directors and officers against personal losses due to legal actions taken against them for alleged wrongful acts in managing the company.

Product Liability Insurance

If the contractor supplies products, this covers against claims of damage or injury caused by those products.

Performance Bonds

Guarantees compensation for the client if the contractor fails to complete a project or meets the required standards.

Each contractor may require a different mix of these coverages and add-ons, depending on the nature of their work, the size of their business, and the specific risks they face. It’s essential for contractors to assess their needs carefully and choose the appropriate insurance products to ensure comprehensive protection.

Who Needs Insurance For Contractors?

A contractors policy is essential for a wide range of occupations, particularly those involving manual work, construction, or professional advice. Here’s a list of some common occupations and sectors where contractors insurance is often necessary:

Construction Contractors: Includes builders, carpenters, electricians, plumbers, and other tradespeople involved in construction and building maintenance.
Specialty Trade Contractors: Such as roofing contractors, landscapers, painters, HVAC technicians, scaffolders and masonry workers.
Engineering Contractors: Mechanical, electrical, civil, and structural engineers working on various projects.
IT Contractors: Professionals providing IT consultancy, software development, system implementation, and other IT-related services.
Management and Business Consultants: Offering advice and consultancy in management, marketing, human resources, and business strategy.
Freelance Professionals: Including graphic designers, copywriters, photographers, and other creative professionals offering services to clients.
Health and Safety Consultants: Experts providing advice on health and safety policies and regulations.
Architects and Design Professionals: Involved in planning, designing, and overseeing the construction of buildings.
Environmental Consultants: Specializing in environmental management, compliance, and assessments.
Surveyors: Providing land, property, or building surveys.
Fitness Professionals: Personal trainers and fitness instructors working independently or as freelancers.
Cleaning Contractors: Offering commercial or residential cleaning services.
Handymen and Maintenance Workers: Performing a variety of repair and maintenance services.
Event Planners and Organizers: Managing and coordinating events, conferences, or exhibitions.

This list is not exhaustive, as the need for contractors insurance can apply to any profession where there is a risk of causing harm (either physical, financial, or otherwise) to a third party or their property. Additionally, those offering professional advice or services could face claims of negligence or professional misconduct, making insurance crucial. It’s essential for contractors in any field to evaluate their specific risks and consider appropriate insurance coverage.

What Is Contractors All Risks Insurance?

Contractors All Risks Insurance (CAR), is a comprehensive insurance policy specifically designed for construction projects. It provides extensive coverage to protect against a range of risks that contractors and builders might face during the course of a construction project.

Material Damage Cover

This is the core component of CAR insurance. It covers physical damage to the construction work, including the structure being built, and often the materials and equipment used in the project. This can include damage due to accidents, fire, storms, vandalism, and theft.

Third-Party Liability Cover

It protects against liability claims from third parties for bodily injury or property damage arising out of the construction activities. This is crucial because construction sites can pose significant risks to the public and workers.

Construction Plant and Equipment

Covers the cost of repairing or replacing construction plant and equipment, which can be very expensive, used in the project that may be damaged or stolen.

Construction Machinery

Similar to plant and equipment cover, this focuses on the machinery used on-site.

Temporary Buildings and Structures

Often includes coverage for temporary buildings and structures erected on-site, such as site offices or storage units.

Additional Customisation

The policy can be customized to include various additional risks, such as:

Delay in Start-Up (DSU) Coverage: Compensates for the financial loss due to project delays caused by an insured risk, like construction damage.
Advanced Loss of Profits (ALOP): Provides coverage for anticipated loss of profit due to delays in project completion.
Professional Fees: Covers fees for architects, surveyors, and consulting engineers if required due to an insured loss.
Debris Removal: Covers the cost of removing debris following an insured event like a fire or storm.

Contractors All Risks Insurance is highly recommended for all parties involved in a construction project, including the principal (client), contractors, and subcontractors. It’s particularly crucial for large projects but can be tailored to suit the needs of smaller projects as well. The cover ensures that the project can proceed with financial protection against a wide array of risks that could otherwise cause significant financial setbacks.