Insurance for construction

Insurance for construction

In the world of construction, insurance is extremely important to protect you, your employees, the public and the project itself. Without it, you could possibly be breaking the law and can cost your business huge amounts of money, even risking bankruptcy if someone makes a claim against you.

To make sure you don’t put your business at risk, we have listed some of the most important types of liability insurance you need to consider and be aware of for your construction project.

Public Liability Insurance

Public liability insurance is designed to protect your business for when claims are made by members of the public relating to injury or damages. There are many factors that create a public liability policy from the size to the nature of your business and these will affect your premium. In the UK, this type of insurance is not typically legal, but is highly recommended if you work near other people and properties.

Employers’ Liability Insurance

This type of insurance covers businesses if a claim is made by one of their employees who has been injured or has an illness from work. This is required by law and the minimum level of cover is £5 million. You will even need this if you are building your own property and have sub-contractors or volunteers helping out.

Product Liability Insurance 

Designed to cover your business against liability for injury to the public or property from the products your supply, manufacture, use or import. If you supply, adapt or import products you need to consider this type of cover.

Professional Indemnity Insurance

This will cover you against claims for loss or damages caused by your professional negligence or advice in some way. If you hold responsibility for design or advice on a site, you should consider this type of insurance to protect you against any negligence claims as they can be made up to six years after the case.

To find out more about these types of insurance and the statistics that surround them, take a look at Trade Direct’s infographic on a guide to liability insurance.