What is Contract Works Insurance?
5th of November 2024
3 minute readAre you a business owner who is looking for insurance? If so, you may want to consider contract works insurance. This type of insurance can provide you with coverage in the event that something goes wrong with a project that you are working on. It can also protect you from liability in the event that someone is injured while working on your project. So, if you are looking for protection, contracting works insurance may be the right option for you.
What is Contract Works Insurance and What Does it Cover
Contract works insurance is a type of insurance that can provide you with coverage in the event that something goes wrong with a project that you are working on. It can also protect you from liability in the event that someone is injured while working on your project. So, if you are looking for protection, contracting works insurance may be the right option for you.
It mainly covers:
- Vandalism : This covers any malicious damage done to your work by a third party.
- Fire : This covers any fire damage that may occur to your work.
- Flood : This covers any flood damage that may occur to your work.
- Theft : If your work, materials or equipment is stolen, this will cover the cost of replacement.
- Storm : This covers any damage that may occur to your work as a result of a storm.
How do you know if you need it?
You may need contract works insurance if you are:
- A business owner
- A contractor
- A project manager
- Working on a construction project
- Working on a renovation project
With a contract works insurance in place, you can have peace of mind knowing that you are protected in the event that something goes wrong with your project.
What are the Benefits of Having Contract Works Insurance?
There are many benefits of having contract works insurance, including the following:
- Protection from loss or damage to your work
- Coverage for third party liability in the event that someone is injured while working on your project
- Protection from legal action in the event that something goes wrong with your project
- Peace of mind knowing that you are protected
How Much Does it Cost?
The cost of contract works insurance will vary depending on a number of factors, including the value of your project and the level of coverage that you require. However, it is generally quite affordable and is a wise investment for any business owner or contractor.
When is the best time to buy Contract Works Insurance?
The best time to buy contract works insurance is before you start your project. This way, you can be sure that you are fully protected from the start.
How do I get Contract Works Insurance?
To get Contract Works Insurance, you’ll need to compare quotes from different providers that specialise in covering construction projects. Look for insurers who offer policies that cover the full value of your project, including materials and labour. Once you’ve chosen a provider, you’ll need to provide details about the project, such as its duration, location, and the type of work being undertaken. It’s also important to check if subcontractors are covered. Once your policy is approved, you’ll have the protection you need throughout the construction process.
We can help
We provide free, non-obligatory quotes for contract works insurance. Simply fill in our online form, and we will compare quotes from a panel of leading insurers to find the best policy for you. Get a quote now!
So, if you are looking for protection for your business, contracting works insurance may be the right option for you. It can provide you with coverage in the event that something goes wrong with your project and can also protect you from liability in the event that someone is injured while working on your project.
FAQ
Is Contract Works Insurance the same as Public Liability Insurance?
No, Contract Works Insurance is not the same as Public Liability Insurance. While Contract Works Insurance covers the construction project itself, Public Liability Insurance protects against claims made by third parties for injury or property damage that occur as a result of the work. Both are important for contractors and builders.
How long does Contract Works Insurance last?
The policy typically lasts for the duration of the project and can be extended if the project runs longer than expected. Once the project is completed, the coverage generally ends, so it’s important to have appropriate cover in place for the entire construction period.
Can subcontractors be covered under Contract Works Insurance?
Yes, some policies may extend cover to subcontractors working on the project. However, this is not always automatic, so it’s important to check with the insurer. Subcontractors may also need their own insurance in some cases.