If you are working via an umbrella company, you will be an employee of the umbrella scheme, and in most cases, you will automatically receive business insurance cover. It is for this reason contractors are required to purchase protection in the form of a contractor’s business insurance policy. Inherent risks differ from site to site making it essential that the agent has a complete understanding of the nature of the work that is being performed by the contractor.
Getting no obligation quotes will initiate the dialog necessary to tailor coverage. In essence, liability coverage provides for the defense of a contractor whose fault, or liability, is being contested. In most cases contractors are responsible for work and materials until a contract is completed and handed back to the owner. Much has been said about how great it is to be contractor compared to being an everyday employee.
We live in a world where just about anybody can sue anybody for anything. So what exactly does contractors insurance cover? Let’s revisit that wayward tool from the roof once again. Perhaps, you turn your back on your toolkit for just a moment, and your client’s child trips over it and bangs their head. Commercial vehicle insurance will help cover these types of costs.
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This one might not always be necessary, but it could be useful for certain types of contractors. If you, as a contractor, advise a client to pick one building option over another then you should definitely consider purchasing a professional indemnity policy. These three policies are just a few of the ones you might need as a business owner in the construction industry.