Contract works insurance simply refers to cover for construction work that is in progress (on a building site). This type of insurance is needed in all instances where the client contracts make you (the contractor) directly responsible for partly completed work.
For instance, let’s assume that you are midway through building an extension only for a fire to break out and sweeps through the entire floor of the construction site. In such a case, your contract works insurance would help cover the cost of redoing the damage caused by the fire. You should also understand the fact that your contact works insurance would not cover all risks. For example, it is not able to cover damage as a result of terrorism. Good news is, it will be able to provide cover for risks events such as floods, fires, storms, theft as well as vandalism.
Another very important thing to do is to make sure that when you buy contract works insurance, you get to choose a cover level which matches the total cost of your largest project. This means you will have to seriously think about what it would actually cost you to redo the entire construction project from scratch factoring in things such as material and labor.
Feel free to use Tradesman Insurance 4u to set up a custom policy for your construction business. Just so you are aware, your core cover would be Public liability insurance after which you can choose to add contract works insurance alongside other covers such as plant insurance and tools insurance.
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Most tradespeople start with public liability insurance. If you employ staff, you're legally required to hold employers’ liability insurance. Depending on your work, you may also need cover for tools, personal injury, professional indemnity or contract works.
Costs depend on your trade, turnover and the cover levels you choose. Complete our online form and we will come back with a quote built for you.
Just complete our quick online form or call us on 01773 810072. You can also request a callback.
Visit our full FAQ page or explore the insurance types section for more information about specific covers.
Would you like to learn more? Simply point out which cover it is that you are interested in and proceed to get expert insights about how each option stands to benefit your business. A perfect way to start is by going through our business insurance FAQs.
It simply refers to a cover for any work that is in progress at a construction site. Usually, construction companies require this kind of insurance in the event that their client’s contracts hold them directly responsible for any unfinished work. More importantly, it is very important to note that the insurance service provider would be able to pay for a complete redo in the event that the work is damaged by any insured event such as a fire, a flood, vandalism, theft or even a storm.
For starters, it is able to cover the cost of repairing or better yet redoing the work in question at a construction site particularly in the event that it is damaged or destroyed while in progress. This kind of insurance is equally able to cater for the cost of labor, materials, and tools which are needed to restore the work in case it is damaged by any kind of insured events such as a flood or fire.
It is very important to understand that fact that the cost of your contract work insurance depends on several factors amongst them: the nature of your business activities and your cover level. Always keep in mind, your cover level must take into account the cost of your largest project. Just so you know, the easiest way to get a price is to run a business construction insurance quote and including contract works insurance.
