3 Main Reasons Why You Need Construction Insurance

Construction insurance is essential when doing any form of building work. As you know a building site is a very dangerous place, a disaster waiting to happen even with all the health and safety procedures in place and notices up everywhere. Accidents happen, theft happen and storms are uncontrollable, which means you need to be prepared.

Equipment

Your equipment is one of the most expensive parts of any build, it's your equipment that you have purchased that is sitting on a site and anything can happen. A flood can fill the area in minutes, as we have seen lately, your equipment being flooded may mean you cannot complete the job. Not completing the job in many cases means you lose money, which in any industry you cannot afford so you need your equipment and heavy machinery repaired or replaced in a short period of time enabling you to complete the building project quickly and effectively.

Liability

Liability is a very real and serious problem especially on a building site. From public liability cover to professional indemnity, you can save money by having adequate cover in place. Imagine a wall collapsing that you are working on and smashing into the neighbours house, maybe taking out a wall or crushing their vehicle. This is claim against you, a claim you are responsible for which can amount to thousands. It is much safer to have the right level of cover that will pay the claim and give you the ability to continue working without the stress.

The same applies to professional indemnity. Defects often only show up once you have completed the job and been paid, a problem that arises from work carried out is unpaid repairs and in some cases can be a large job which can set you back thousands. With this cover in place you can protect yourself against these defects, getting them repaired and keeping your customer happy.

Materials

On a building site you will purchase your bricks and cement in bulk as you start the job so you don't stand the risk of running out and being left with contractors unable to work. At the same time these materials, which are paid for, sit on the site waiting to be used. An attraction for robbers and in the line of fire from storm damage. You need to have the security that your materials are covered, if you've already paid out good money for the materials replacement will cost you more of your money, eating into your profits. Rather be safe than sorry and with the right construction insurance you can know your materials are always protected against theft or damage.