Construction Works Insurance

To obtain construction works insurance as a builder, start by researching reputable insurance providers that offer coverage for construction-related risks.

Compare policies to ensure they include public liability coverage, which is crucial for protecting against property damage or injuries to third parties.

Consider any contract requirements from clients or contractors you work with, and seek advice from business insurance brokers specialising in construction insurance.

Obtain multiple quotes to find the most suitable and cost-effective policy. Once you've chosen a provider and policy, thoroughly review the documents and keep the coverage up-to-date through timely renewals.

Tailor the insurance to match the specific risks associated with your construction projects, and seek professional advice to ensure adequate protection for your business and clients.

To obtain a construction works insurance policy, you'll need to provide essential information about your business, such as its name, contact details, and the type of construction work you undertake. Additionally, you'll need to share details about the specific projects you plan to work on, including their size, scope, and estimated value. It's crucial to assess the risks associated with your construction projects and provide comprehensive information about potential hazards and safety measures in place.

Another important aspect is specifying the desired limit of public liability coverage to protect against claims for property damage or injury to third parties. If you work with subcontractors, you may need to provide information about them and their insurance details. Some insurers might request financial information about your business, such as annual revenue and project turnover.

Additionally, consider any contractual obligations you have with clients or contractors, as they may have specific insurance requirements outlined in the contracts. Being transparent and accurate in providing this information will help ensure you receive the appropriate coverage for your construction business's needs. Consulting with an insurance broker or advisor can also facilitate the process and ensure you meet all the necessary requirements to obtain a construction works insurance policy.

When you are operating in an industry that is so thoroughly reviewed, the difference of providing one small piece of information could result in a claim not being covered if something unforeseen happens. 

It is important that you have the advice, support and knowledge behind you to navigate your way through being provided with a suitable level of cover and an expensive piece of paper. Some policies are literally just that, an expensive piece of paper that is wrapped so tight with restrictions that you couldn't possibly put a claim in and have it covered if you tried. 

For example, if there is a removal and weakening of support exclusion in place and you are doing renovation work at a customers property and the roof caves in due to incorrectly removing foundations or support beams then you will be liable for the full cost of the damages and the rectification of the work that you have already completed. 

Or something as simple as a condition of your policy being put in place that you need to request and keep on file a copy of your sub-contractors insurance certificate to confirm they have a policy in place. If you don't do this and the insurer cannot recover their costs should your contractor be liable for damages then this could fall back onto you as well.

With more and more insurers removing themselves from the builders market this means that competitive pricing is getting harder and harder to put in place. We work with a number of different insurers and underwriting agencies that are still willing to provide a builder's public liability insurance policy and depending on the breakdown of the works that you do, some insurers will still give you a competitive rate. 

The cost of a policy will only go so far as long as it covers you correctly. If you are just waiting to pay for a policy that will only pass the test of getting you onto a worksite then sure, you will find a very cheap premium. However, if you want to have a policy that will provide you with cover for the likely events that could occur in your industry, then you may need to pay a slightly higher premium.

Remembering that only one potential claim could be the difference of whether your business is able to keep operating or not. Construction-related claims are considered to be one of the highest in all categories of insurance. That means that statistics have confirmed that there are only a handful of trades that actually go their whole career on the tools without a significant loss occurring. 

At the end of the day, we understand that you are operating a business and our end goal is to always achieve the best results for you. The ideal situation is finding that perfect balance between the premium and the cover you receive.