Why you should invest in contractors’ all risk insurance!
Contractors’ all risk insurance protects the contract works against ‘all-risks’ on a construction site and, should the worst happen, it could be the lifeline that you need to ensure your business survives. It can also include additional cover for own plant, hired-in plant, employee's tools and public and employers' liability insurance. Here are 3 important reasons why you should invest in contractors’ all risk insurance.
A construction site is a very high-risk area. There are countless things that could go wrong – and, if they do, it’s your responsibility to make sure the problem is rectified, and the job is finished. This is where contractors’ all risk cover can help. The policy would cover the cost of any repairs and allows you to get the project back on track. It prepares you for the worst case scenario and provides peace of mind that, whatever happens, you’re able to complete the job without suffering financially.
When you are the boss, you are responsible for your own tools and equipment and, if these are damaged or stolen, you could face serious financial repercussions. Tools and equipment can be very expensive. If you can’t afford to replace them, you’re likely to lose your current construction job, as well as miss out on future contract. Contractors’ all risk insurance can offer protection for all building materials, plant machinery, tools, equipment and hired-in property.
Employers want peace of mind just as much as you do. If they can see you’re a reliable contractor who is willing to invest in contractors’ all risk insurance, they’re much more likely to recruit you for the job.
That’s why it’s often a good idea to invest in a blanket contractors’ all risk policy. This covers all projects undertaken within a pre-specified period of time and, as it’s already in place, it could be the deciding factor in helping you to win new jobs.
If you would like to find out more about contractors’ all risk cover and how it could help you, please feel free to get in touch. We at Unison have a seasoned team of experts with years of experience in drawing out the perfect contractors’ all risk policies tailored to our clients’ needs.