About Our Contractors Liability Insurance
Contractors across various roles and industries tend to come up against the same dangers in their work – the accidental damage of rented equipment, missed deadlines due to unforeseen circumstances, injury and accidental property damage. That’s why contractors’ liability insurance is highly recommended to allow you to do the best work possible without any worries hanging above your head.
What does Contractors Liability Insurance cover?
- Contractor Public Liability: In the event of any damage or injury to the public based on the work of the contractor
- Indemnity Insurance: Covers you in the event of a work-related mistake that may leave it below standard
- Legal Expense: This covers the legal costs of any claims made against you
- Personal Accident Insurance: This covers any fees or expenses related to your injury or any injury to the public
Tools
Tool insurance is a considerable aspect of contractors’ insurance because tools are essential to their work. Tools can be stolen in an instant, which means thieves can strike at any time. Of course, most contractors won’t leave their tools inside their car or van overnight as the chance of theft is too high, but this risk can seem incredibly low during the day and while on the job. However, this isn’t always the case, and all it takes is an unlocked van while you work only a few feet away for an opportunistic thief to strike.
Inventory
The best way to keep track of the tools that you are likely to amass over a length of time is to keep a record of every tool that you own. Then, each time you buy something new, add it to the list, as in the event of tool theft, this will help you claim your insurance. With this inventory, you should keep pictures of the tools, relevant serial numbers and receipts or invoices from where you purchased them.
Plant & Machinery
Contractors are no different to large businesses when it comes to the reliance on plant and large machinery to enable them to complete their work. Unfortunately, however, these pieces of equipment are subject to a fair amount of abuse given the nature of their purpose, which can lead to expensive repair costs when things go wrong. Now, most contractors will hire these machines, as the cost to buy them outright is just too high, not to mention the space and security required to keep them, so it’s even more important to take out Plant & Machinery insurance to cover you in case you damage these machines. However, if you do own the machine yourself, you’ll still be covered with this policy, which protects you from covering the cost of repairs yourself.
What type of machines are usually covered?
- Diggers & Mini Diggers
- Cherry Pickers
- Forklifts
- Cranes
- Dumpers
- Dozers
- Mixers
- Excavators
- Loading Shovels
- Circular Saws
- Lathes and Looms
- Milling Machines
- Contract Works
This type of insurance is quite a specific type of insurance that is designed to cover contractors on any work that is underway. This means that in the event of any fire, flood, storm, theft or vandalism, damage to the job is covered by the insurance to be fixed or completely redone. Now, some client contracts will specify that you must hold this insurance to attain the job contract, but others will not. However, it is advisable that you acquire this cover just for your peace of mind.
