What is Contractors’ All Risk Insurance?
This policy provides insurance during building works. It covers items such as tools, building materials, and any plant and equipment that’s on-site.
Sometimes referred to as contract works insurance, Contractors All Risk Insurance can be as vast as you need it to be, depending on the size and scale of your project, and any contractual requirements. It generally consists of three main covers:
As an employer, your construction company is legally required to have employers’ liability insurance.
Should an employee be injured while working, your employers’ liability insurance can cover compensation and legal costs.
This element of cover is for if a third-party claims to have been injured, received damage to their property, or suffered a loss because of your negligence.
As an example, if a scaffold falls and injures a member of the public, your public liability insurance will help to protect you and your business from the financial implications of a claim made against you.
This will make sure your building works are reinstated or repaired should they become damaged during the construction project. That is, the build is protected from ‘all risks’.
A contract works policy covers the property you’ve been contracted to work on and the materials necessary to complete the work. It encompasses two aspects: permanent and temporary works.
Permanent works refers to the property being built and any unfixed materials you’ve purchased for the construction project, like bricks, pipes, or steel. Ordinarily, the unfixed materials are protected under the contract works cover whether they’re on-site, in transit, or at the supplier.
Temporary works refers to items such as scaffolding or site huts etc. Those items that aren’t part of the build, but are necessary for the project to take place.
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Contractors’ All Risk Insurance optional extras
Our brokers will help you to create a tailored Contractors All Risk Insurance policy to suit the specific needs of your project.
Some of the additional cover we can arrange includes*:
Personal accident insurance covers the injury or death of anyone on your policy, whether at work or elsewhere. It covers loss of earnings and medical costs.
If your construction company was faced with legal costs, for example, a client dispute, legal expense insurance will help to cover the costs involved.
*Limitations and exclusions apply to all these add ons
Who needs Contractors’ All Risk Insurance?
Contractors All Risk Insurance is a flexible policy for a construction project.
Whether you’re a contractor for a new build, a renovation project, or general building work, Contractors All Risk Insurance will help to make sure your business is protected against potential risks.
It’ll help to ensure the smooth-running of your construction project and minimise the financial impact on your business in the event a claim is made against you.
Why use GoSkippy 4 Business?
We are an insurance broker set up to bring you first class insurance at the most competitive prices we can find.
We search a range of market-leading insurers to find you the best deal we can.