When you are involved in building and construction there is a massive amount of money, responsibility and manpower involved and these same workers are risking their lives everyday using the tools, equipment and materials for many hours over the course of a day. Many employees work in difficult conditions and some work at great heights off the ground to get the work done. You can put all the safety features that you know of into place and still accidents will occur. It is a normal part of doing business and being involved in the building sector. Any accidents occurring on-site are your responsibility as the head contractor or builder and even incidents that seem small can turn into issues that will cost you thousands of pounds.
Why Get Builders Insurance?
This is why getting builders insurance is essential in the UK as this will cover any expenses that you may incur due to any personal injury claims or damage to property at the construction site. The insurance covers the owner of the company, all the workers that are registered as working at that company, any subcontractors employed by the company, people who live there, business partners and sole proprietors. Accidents occur at any time and in any circumstance and you as the owner of the building company are expected to pay out on any legitimate claims for medical costs or in the event of a death, compensation to the families. With builders insurance you get assistance from the insurance company.
All Types Of Insurance
In some cases, if the work done is not up to industry standards, then the buyer of the property can sue you as the builder for unsatisfactory work. You may need to come back in again and fix or totally remodel the room or building and that is going to cost you quite a bit of money. Once again builders insurance protects you from claims such as these and the insurance company will offer you assistance. There are a number of insurance policies that are available, including personal accident insurance where you are injured and are unable to earn any money. There is also employers liability insurance, which you definitely will need. If an employee gets injured on-site due to the negligence of his fellow workers or the equipment is defective then he can sue you as the employer and claim for compensation. If you have the necessary builders liability insurance, then the insurance company will pay out on your behalf and cover the medical expenses associated with the ongoing claim.
Contractors All Risk Insurance
This is a cover all insurance policy because it covers so many things to do with the building industry. Plant and machinery, whether owned or hired is covered in the event of damage, damage or theft of tools and materials and stoppages of projects are also covered. This type of insurance is the right tool to keep your business afloat when common accidents or incidents occur within the building industry.
Builders insurance is a requirement in the UK and if you don’t have it, then you are a danger to yourself, your employees and your customers. When accidents do happen and they will, the right builders insurance will cover you for most eventualities. If you don’t have it, then get some insurance today.