How much do you know what about Contract Works Insurance? Do you think you know enough about it to truly determine whether or not you need it? At PSC Insurance Brokers we specialise in a range of different Insurance products, and can help you navigate the insurance market. In this article, we’ll explain what Contract Works Insurance is, and how it works, in plain English.
What is Contract Works Insurance?
Learning and perfecting a trade can be tough and doesn’t come cheap. However, what’s more expensive is an accident, injury or theft to handle without a payout.
Depending on the specifics of your business, your insurance requirements will vary. It’s possible for Contract Works policies to be significantly extended to suit different levels of cover so that you can best avoid the possibility of a catastrophic financial loss.
What Does a Contract Works Insurance Policy Cover?
The purpose of Contract Works Insurance is to protect both yourself and your assets should any loss, damage or injury occur whilst undertaking a construction project.
Contract Works Insurance is cover taken out to insure aspects of construction projects such as:
- Accidental damage to on-site materials.
- Theft of on-site materials.
- Third party property damage.
- Third party injuries or other personal effects.
Contract Works insurance also protects against unfortunate events that are out of your control.
Contract works insurance is can provide cover on either a per-project, or annual basis. It is primarily designed for business owners operating their own projects rather than subcontractors.
A Contract Works Insurance policy will generally cover the contractor, any sub-contractors and any other parties associated with a specific contract. It is much more comprehensive than public liability insurance in terms of cover.
Do I Need Contract Works Insurance?
In order to determine whether Contract Works Insurance may be relevant to your business, you should consider the following questions relating to your operations:
- Are you a builder or tradesperson?
- Does your business’ operational nature involve executing construction projects?
- Are you temporarily or infrequently contracted to work within the boundaries of construction sites?
- Does your business regularly engage in renovations or other similar activities?
- Do you have project materials in storage or transit?
- Does your project’s attributes often have the potential to escalate or exceed expected protection limitations?
If you answered ‘yes’ to some or all of these questions, Contract Works Insurance is highly likely to be appropriate for you. Remember, minimising the potential risks to your business ensures your continuing success, and as such, should be a priority for any business owner.
While an additional premium may seem overwhelming now, it is worth considering in order to ensure your business is adequately protected now and into the future. Speak to a broker at PSC Insurance Brokers for more information on Contract Works Insurance.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.
