For both contractors and employers, a contractors’ all risk insurance policy is required so each party can make a claim should there be any damage to the property, injuries or accidents. This type of policy ensures that a whole project is covered including all parties involved so that there is effective coverage in place regardless of who caused the damage.
If you are undertaking a construction project or are working on a project as a contractor, then it is important to protect yourself from the risk of third-party injury or damage as well as issues such as damage to the property which may include poor construction.
Another benefit of contractor’s all risk policies is that they will often include subcontractors as the third party, so if any subcontractor is injured while working on site of the construction project, they will be covered by the insurance policy and have a right to claim.
Standard options on a contractors’ all risk policy will usually include risks such as fire, flood, earthquakes, mould and water damage. Construction faults, negligence and damage, are also usually included but aspects such as poor workmanship and wear and tear as well as willful neglect are not, so it’s important to make sure your quote covers all of the aspects you need.
Own & Hired In Plant
Tools can be an important and expensive part of your business. While tool insurance may be sufficient for some businesses, for larger businesses, plant hire can be much more effective to cover your personal equipment from loss, theft or damage.
If your business uses expensive equipment and machinery, your premises can become a target for thieves while working on site opens the door to the risk of damage and opportunistic theft. The cost of replacing items can be catastrophic while not being able to complete jobs without it could leave you losing business and severely impact project timings.
In its purest form, contract works insurance is there for you to cover a construction project. It will cover a variety of risks such as malicious theft, vandalism or damage as well as unforeseen problems such as storms, fire and flooding. Contract works insurance are usually the basic insurance policy you need for construction projects and then it is extended depending on requirements to include aspects such as liability, temporary buildings and tools.
Accidents can happen and so can theft, especially if thieves know you use expensive equipment in your day to day work. Insurance for tools can help to protect your business and is an essential cover option for every tradesperson. Replacements can be expensive, but with tools insurance, you can replace or repair tools with money provided by your policy.
Hired Out Plant
It often makes more economic sense for a business to hire out their tools and equipment but doing so your business is susceptible to expensive fees if machinery is lost, stolen or damaged. By choosing hired in plant insurance, you have peace of mind with every piece of equipment you hire that you are covered should any unforeseen risks occur.
Whether you need short-term cover or want to include it as an extra to another business insurance package, you can focus on the job in hand, without worry by getting in touch with Compare Insurance.
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