Contractors all risk insurance: What is it and why do you need it?
Construction sites can be dangerous places and the risk of loss or damage to buildings or injury to people can be all too real.
If something happens you need to make sure you’re financially covered to protect the contractor or you as the employer from risks or damages.
This is when contractors all risk insurance comes in.
Contractors all risk is a non-standard insurance policy that protects contractors and employers from insurance claims for anything that happens while working on-site.
This includes for damage to property and injury to people and can help save on the costs and admin you might face by taking out separate policies.
For example, it could be a claim against you because a structure wasn’t constructed properly or another property was damaged during your construction project.
It could also include an injury claim from a subcontractor who was hurt while working on site.
Who is contractors all risk insurance for?
This type of policy is usually taken out at the start of the project by both the employer and contractor.
But it’s used by anyone who is working on a construction site.
The policy would cover the employer and contractor, and would also include any subcontractors and other parties involved in the project.
This includes everyone from the site managers to the plumbers and electricians.
In the event of a claim, both the employer and contractor would be able to seek insurance from the policy to help cover any costs.
Contractors all risk is a comprehensive insurance policy against loss and damage to property or personal injury from work completed on a construction site.
A typical insurance policy will include?
While these are the typical protections included in a policy, contractors all risk insurance essentially covers any risk unless explicitly excluded from the policy when it’s taken out to help protect against any eventuality.
This will depend on a number of things but most insurers will base the cost for premiums on some typical factors.
With so much riding on your contractors all risk insurance you want to make sure you’re getting advice from an experienced provider with knowledge of the construction sector.
At ABC+ Warranty we’ve got decades of experience helping contractors secure the right level of cover for themselves and subcontractors on a range of projects.
Get in touch with us for a quote.