Are you confident your insurance would respond if something went wrong?
Most builders and contractors don't spend much time thinking about insurance until they need it. Unfortunately, that's often when they discover gaps in their cover.
Here are five of the most common issues we come across when reviewing insurance for construction businesses.
1. Subcontractors aren't insured correctly
Not all subcontractors are treated the same by insurers.
Whether they're labour-only or bona fide subcontractors can make a significant difference to how your policy responds and whether you've declared your business correctly.
Getting this wrong can lead to unexpected premiums—or problems if you need to make a claim.
2. Your tools and plant aren't covered where you actually use them
Many businesses insure equipment, but don't realise there may be limits or conditions for:
Replacing stolen equipment is expensive. Making sure it's properly insured is much cheaper.
3. Your business has grown, but your insurance hasn't
If you've:
your insurance should probably be reviewed too.
Many policies continue year after year with only minor changes, even though the business has evolved considerably.
4. You assume every contract is covered
Different projects can bring different insurance requirements.
Some contracts require higher liability limits, Contractors' All Risks cover, or protection for contract works, hired-in plant or temporary buildings.
Checking your insurance before signing a contract can prevent costly surprises later.
5. Cybercrime isn't just a problem for office businesses
Builders rely on email, online banking, accounting software and digital quotations more than ever.
Criminals know this.
We've seen businesses targeted by:
Cyber insurance is becoming an increasingly important consideration—even for businesses that spend most of their time on site.
A quick insurance health check could highlight issues before they become expensive problems.
If your insurance hasn't been reviewed recently, we'd be happy to carry out a no-obligation review of your current cover.
We'll explain what's working well, identify any potential gaps, and help ensure your insurance reflects the way your business operates today.
Call us today to arrange your free Builders' Insurance Health Check.
No obligation. No jargon. Just straightforward advice from a local commercial insurance broker.
Providing a consultative approach to commercial insurance. Giving advice on potential risks that businesses face and ensuring that the business is fully covered against any eventuality.
