Insurance is one of those topics that people like to sweep under the rug until it becomes a pressing issue. This is unfortunate because a little extra planning can often help you avoid some serious complications down the road. If you’re planning on working as a building contractor in the UK, it’s a good idea to have a comprehensive set of insurance policies to cover your operations on all fronts.
Builders risk insurance covers your projects while they are being built. This is an important policy to get no matter how responsible you are in your approach to work. Mishaps can happen when you're working on driveways or patios and they’re sometimes completely out of your control. Builders risk insurance will protect you against damage caused by bad weather, vandalism, and various other issues that you can’t predict or control.
General liability insurance is a must for pretty much any business that does physical work. General building contractors are no exception. A good general liability insurance policy can cover you against various faults in your work, as well as the work of your employees and subcontractors. There are many different policies on the market, and you’ll want to compare them to find one that offers the best coverage for your specific work.
You may have heard about professional liability insurance under a different name, errors and omissions insurance. It’s another important policy for building contractors which helps prevent issues arising from improper calculations and other errors that can happen in the course of the initial planning. This might seem similar to general liability insurance, but it’s a separate type of policy that’s just as important.
You should look into insuring any specific equipment that you use in your work. For example, get auto insurance for your working vehicles. If you’re using expensive tools, you might want to get those insured separately as well. Talk to an insurance company to find out what your options are on this front, as the list is quite long.