The benefits to having builders insurance can often be numerous. If you own a building company then it may be worthwhile looking into insurance as the consequences of failing to have protection behind you may be devastating. When considering insurance for your builders business there are different types you will need to look at.

• Public liability insurance – There are many vulnerabilities when working in the building trade. Heights will be a factor with many jobs you undertake and this alone can mean working in a hazardous environment as even when the strictest safety measures are in place, accidents can happen. Of all the types of insurance the business owner may consider, this should be a consideration.

  Public liability insurance may provide protection for your business in the event that an accident should happen on your site and a member of the public was to get hurt. In general, the insurance may pay out in the event of a death, injury or if a third parties property are damaged due to your business activities. When considering this type of insurance you may have to check the minimum amount the policy may payout in the event of a claim.

• Employer’s liability insurance – This protection may come with the same benefits as the insurance named above. However, it will generally protect any members of your workforce. This may apply to those who worked for you full time, part time or even on the odd occasion. It is a legal requirement that you have employers’ liability insurance, though there are exceptions.

The difference insurance may make

Imagine for a second that you and your team were working on a site in a built up area. Even though you had put the tightest of safety measures in place, a piece of equipment was to fall from a height and hit a member of the public injuring them. The individual may be in their rights to take court action against you for the injury. If you did not have liability insurance to fall back onto, where may you get the money needed for legal costs and compensation?
The same scenario may occur and a member of your workforce may fall from scaffolding. With employers’ liability builders insurance in place, your business will typically have financial assistance with which to help meet the cost of the claim.