Published On: Tue, Jun 5th, 2018

Insurance: What It Means For You, Your Employees And Your Company

There are many things that can happen on a work site and you as an employer need to have coverage for all eventualities. It doesn’t matter if you are a general contractor, homebuilder or a tradesman, you need the relevant insurance protection as laid out in UK law and if you don’t have it, you may be putting yourself, your employees and your assets at risk. The building is a hazardous profession and you need to try to limit your financial risk as much as possible, regarding on-site job injuries, damage of equipment and fixtures and also vehicle damage for any heavy equipment that may be operating on the work site.

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Types Of Risk

Most construction companies face four types of risk when undertaking a job, whether big or small and they need to protect themselves as much as possible from them. And this is when  Onsite insurance quotes have proven themselves to be invaluable. There is property damage where your workers or machinery may damage the clients property and building by accident of course. There is also the income loss that you may experience due to some kind of interruption in the work cycle, such as unusually bad weather that causes flooding on-site or even fire damage. You need to be covered for employee injuries that are all too common on a British building site and even for death or illness due to the job. Finally, there is the liability risk that covers any injury or any kind of property damage that may be caused to others who are not part of your company.

Construction Insurance

Choosing whether or not to have construction insurance may prove to be the difference between your company making a profit or a loss on a contract. It is that simple. One popular option is tradesman insurance. The smallest thing can end up costing you thousands of pounds and so you need to be sure that you have enough insurance to cover all the eventualities of the job and even for some that you may not have even thought of. When choosing a type of insurance you need to take into consideration the size of your company, the number of employees you will have for that particular job and the type of work that is going to be performed. You should probably look into general liability insurance, builders risk insurance, professional liability insurance, loss of income insurance and workers compensation.

What Are The Costs?

This will of course be different for different companies due to the work that they are involved in. As stated, it all depends on the number of employees you are going to be using for a specific contract, what the work entails as dangerous work needs more coverage. If you are a company that builds high value housing and business premises, then you can expect to pay a higher premium than the rest. Some insurance companies ask for an initial payment up front before the insurance can begin and then you pay a monthly premium after that.

Insurance is essential if you are to protect yourself, your employees and your company. It doesn’t make sense not to have it and in most cases, if you don’t have the necessary insurance, then you won’t be awarded the contract.  

Author: Sophie Fenn

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