Have you been thinking about whether or not you need Contractors All Risks Insurance as a tradesman or woman? Not sure what it covers, how much it costs, or where to start? This guide will answer all of your nagging questions. The team at Rhino Trade Insurance have an abundance of experience in this area and have tailormade policies for a variety of trades ready to be explained.
A simple definition of Contractors All Risks Insurance is an insurance policy designed with builders, construction workers, and other tradesmen in mind. It is essentially a form of cover specific to work on-site that will cover you for things like repairing or redoing any work that's already underway but goes so wrong that it needs to be scrapped. That includes things like damage caused by the tradesman, some form of theft/ vandalism or through an act of god like a flood, storm or fire.
Before starting any project, no matter how big or small, you should check with the client or main contractor what level of insurance you and your business need. For example, you will need a Contractors All Risks Insurance policy if your contract value holds you directly responsible for any unfinished work. In this scenario, you could end up owing a fortune in compensation should something go wrong.
Most trade businesses that insure themselves with this type of cover are generally property developers, building contractors, bricklayers, electricians, plumbers, plasterers, carpenters and a hand full of others. With that said, this type of cover can come in handy for practically anyone working in the trades who spends considerable time on construction sites.
For every tradesperson working on a building site, the main reason for taking out Contractors All Risks Insurance is to make sure that all work currently in progress is protected. If, for example, something were to drastically go south on the site, it would pay to have this form of insurance so that any costs associated with redoing the work or repairing any damages wouldn't be coming out of your own pocket.
Is that all? Absolutely not, as The Wolf of Wall Street says. With the right level of cover, your insurance will also include any plant or machinery that is on-site (whether owned or hired) as well as any material purchases and stored on-site to be used for the build. Sounds like a game-changer? That's because it is.
A very popular add-on to our Public Liability Insurance, taking out Contractors All Risks Insurance with Rhino is as simple as 1,2,3. We consider all of your business needs and come up with a specific policy for you - think of a Saville Row suit but in insurance terms.
Our insurance starts at just £11.20 a month - an absolute steal considering the level of cover you are afforded.
So in typical Rhino fashion, let's paint a picture for you. Big Dave is out in his local area building a two-storey house extension. What with the usual British weather, you never know what it's going to throw up - after a bright morning, heavy winds suddenly descend on the site. This causes the 'in progress' roof to rip clean off. Thankfully in this situation, Big Dave is covered with Rhino's Contractors All Risks Insurance and can claim to replace the entire new roof that has been destroyed.
Be careful what you are covered for and what you are not. Reading your insurance documents will undoubtedly show anything you are not covered for. For example, you could be working on a construction site that has a pre-existing structure. If a problem arises on-site stemming from this structure, your Contractors All Risks Insurance won't cover the outcome (as this isn't an in-progress build, it was already on the site).
The easiest way to imagine it is by thinking of Big Dave again. If there is a problem with the original home but not the extension during the extension build, no cover will be in place. This would most likely fall under the client's home insurance policy.
Whether you are a builder, bricklayer, gas engineer or gardener. We have a variety of insurance policies designed to fit your business needs. We have a great team based in the heart of Leicester, ready to speak to you and answer any questions you have. Give them a call now on 0116 243 7904, or alternatively, get a quick, no-hassle quote for your trade insurance now via our accessible online quote page.
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