Do Contractors Need Liability Insurance?
With various risks associated with construction projects, understanding the necessity and benefits of liability insurance for contractors is vital for those in the industry. In this article, we’re discussing why finding the right contractor insurance shouldn’t simply be a consideration; it should be a foundation of your business.
Understanding the Types of Liability Insurance
Public Liability Insurance for Contractors:
Although not a legal requirement in the UK, public liability insurance is hugely important for contractors. This policy covers the costs that can arise from claims made by third parties for injuries or damage caused during the course of your work. For instance, if a passerby is injured by any construction work, public liability insurance for contractors can cover the associated legal and compensation claims.
Employer’s Liability Insurance:
In the UK, employer’s liability insurance is a legal requirement if you employ staff. This type of insurance protects your business against claims from employees who might get injured or fall ill as a result of their work.
Why is Liability Insurance a Contractual Requirement?
The vast majority of clients will require contractors to have liability insurance before beginning work. Generally speaking, this is because suitable coverage provides an essential safety net for both the contractor and client. Without adequate liability insurance for contractors, both parties could find themselves facing serious financial and legal consequences if something were to happen on the job.
Even if liability insurance is not a contractual requirement, however, having comprehensive coverage is still very much recommended. As well as providing financial protection, it can help a contractor appear more credible, enhancing business reputation and trust.
The Benefits of Choosing Contractor Insurance from Alan & Thomas
At Alan & Thomas, we offer bespoke contractor insurance policies that can be tailored to just about any requirement. Here are the benefits of choosing a policy with us:
- Comprehensive Coverage: Our policies are designed to offer broad protection, ensuring that contractors are covered for a wide range of risks associated with their profession.
- Customised Policies: We understand that no two contracting businesses are the same. That’s why our liability insurance for contractors can be tailored to match the specific needs of your business.
- Standard Chartered Status: As a Chartered Insurance Broker, you can be sure you’re speaking to an insurer that prioritises professionalism and quality service. The title of Chartered Insurance Broker is only awarded when the highest standards have been met, and acts as a public declaration by a firm of their commitment to maintaining professional standards.
Are you currently looking for contractors’ liability insurance? Get in touch and we’ll be happy to provide you with the coverage you need. Speak to us today by calling 01202 745900 or by emailing info@alan-thomas.co.uk.