Contractors All Risk and Tools Insurance Overview
For both contractors and employers, a contractors’ all risk insurance policy is required so each party can make a claim should there be any damage to the property, injuries or accidents. This type of policy ensures that a whole project is covered including all parties involved so that there is effective coverage in place regardless of who caused the damage.
If you are undertaking a construction project or are working on a project as a contractor, then it is important to protect yourself from the risk of third-party injury or damage as well as issues such as damage to the property
which may include poor construction.
Another benefit of contractor’s all risk policies is that they will often include subcontractors as the third party, so if any subcontractor is injured while working on site of the construction project, they will be covered by
the insurance policy and have a right to claim.
Standard options on a contractors’ all risk policy will usually include risks such as fire, flood, earthquakes, mould and water damage. Construction faults, negligence and damage, are also usually included but aspects such as poor workmanship and wear and tear as well as wilful neglect are not, so it’s important to make sure your quote covers all of the aspects you need.
Own & Hired In Plant
If your business uses expensive equipment and machinery, your premises can become a target for thieves while working on site opens the door to the risk of damage and opportunistic theft. The cost of replacing items can be catastrophic while not being able to complete jobs without it could leave you losing business and severely impact project timings.
Hired Out Plant
Whether you need short-term cover or want to include it as an extra to another business insurance package, you can focus on the job in hand, without worry by getting in touch with Compare My Insurance.
Why choose Compare My Insurance?
- Flexible policies designed to suit your business
- Up To £1m Public Liability Cover As Standard
- Low Policy Excess From Just £100
- 9 years experience providing thousands of customers business insurance
- We use A rated insurers to help you receive a quality of service if ever needed to claim