What is Contractors Insurance
Contractors Insurance is a form of policy designed to cover those who are contracted in on projects of various nature.
Typically insurance for contractors covers companies like electricians, plumbers, engineers and other tradespeople who are contracted in to work on a bigger project such as a large scale construction project.
It can however also cover people like IT professionals or freelancers alike and not just those within a trade.
It is also important that contractors insurance offers you versatility to take into account your ever changing work situation and the different locations to which you will work.
What insurance do contractors require?
Professional Indemnity Insurance should definitely be considered especially if you give advice. In the event you offer faulty advice and then there are costs incurred with putting right anything bad from that advice, a professional indemnity policy will protect you.
Public Liability Insurance is strongly suggested when working in the public domain. Construction sites can be busy and fast moving places where accidents can easily happen. Should an accident happen to a member of the public as a result of either you or an employee of yours, public liability insurance is there to protect you.
Employers Liability Insurance is a legal requirement if you employ people whether it be full time or on a casual basis. This cover will ensure that you are protected from claims arising from your employees who injure themselves of fall seriously ill whilst working for you.
Contractors ‘all risks’ Insurance
Although employers liability is the only legally required insurance policy, it is very wise to take out a policy that covers a lot more.
Contractors ‘all risks’ is general shortened to ‘CAR’ and offers a much more rounded and fully protected insurance policy. You can generally find the following elements within a car policy: Flood, Water Damage, Mould, Fire, Earthquakes, Severe Wind, Negligence and Construction Damage.