Insurance for Construction Businesses

Contractors all-risk insurance is the main type of Business Insurance that you will need. It can cover a specific build that you're working on (in which case you'll be billed a once-off premium) or it can cover your building projects for a year (which comes with a monthly premium). Annual cover is a better option if you have several projects on the go, while per-project insurance is better for a new company working on a single job.

This is a comprehensive product that can include add-ons such as work damage cover, which provides for the accidental loss and/or damage of property (either temporary or permanent), as well as free issue material to cover items that will be installed/incorporated into the structure.

Other add-ons that are worth considering include debris removal, off-site storage, goods in transit, maintenance, surrounding property, spreading of fire, and damage to underground services.

Ever dropped a hammer when you weren't wearing steel toecaps? Then you'll know that many things can go wrong on site, despite the best-laid safety plans and processes. Public Liability Insurance for contractors is valuable as it protects your business from unforeseen events that impact others. For example, you are legally liable for an injury or damage to third-party property as a result of your actions (including all contractors and subcontractors) during the project.

The risk profile of your business will determine how much Public Liability Insurance you need. So, it's important that you're open and honest about your operations with your insurer. That way they can determine what is most suitable for your construction business and you can avoid being underinsured. You don't want to pay for insurance only to discover that it doesn't cover what you need it to.

Whether your company is small or big, new or established, you need Business Car and Commercial Property Insurance to protect you from a natural disaster, theft or fire damage to your vehicles or company building — including funding if your business is impacted.

It's especially valuable in the construction industry because it can also cover the machinery and equipment your business utilises, be it your project manager's laptop or the giant grading machine you can't do without. You could also look into electronic equipment insurance if your business covers other engineering needs. Just be sure to ask your insurance provider about this to check if it would be necessary.