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Why You Might Need Contractors All Risks Insurance

Rhino Trade Insurance 05 November 2023

As a tradesman or woman, there's no shortage of challenges when working on the job. Whether you're an experienced tradesperson or just starting your business, you're no stranger to the ever-present risks that can threaten your hard-earned work and livelihood. That's where Contractors All Risks Insurance comes into play.

Today, we'll spend five minutes exploring this important insurance that is tailor-made for the skilled men and women of the UK's trade industry. You'll discover why this type of coverage is essential for safeguarding your business and assets. So, let's hammer out the details and explore why you might need Contractors All Risks insurance.

What is Contractors All Risks Insurance?

Contractors All Risks Insurance is a type of insurance policy designed to provide financial protection to builders, contractors, and tradespeople involved in construction projects. This insurance is primarily intended to cover risks and unexpected events that can occur during the construction process. It's a valuable tool to safeguard the financial investments and assets of professionals in the construction and building trades. Here are the key components and coverages typically included in a Contractors All Risks insurance policy:

  • Equipment, Plant and Tool Protection
  • Damage To Projects
  • Weather-Related Damage
  • Business Interruption
  • Contractual Compliance
  • Customisable Coverage

In essence, Contractors All Risks Insurance is a comprehensive and flexible insurance solution that is typically added to Rhino's quality public liability policies. It provides financial protection for contractors and builders during construction projects. It offers peace of mind by mitigating potential risks, protecting valuable assets like tools and equipment, and ensuring compliance with contractual obligations and industry regulations. 

This type of insurance is crucial for professionals in the construction industry, as it helps them manage unforeseen events and minimise the financial impact of unexpected incidents during their projects.

How Contractors All Risks Insurance Protects Your Business

For any tradesperson, the work in progress is the focal point of your business. It's where you put your skills and expertise to use, and it's where your reputation is built. However, during the course of a project, numerous unforeseen incidents can threaten the work you've put your heart and soul into.

Contractors All Risks Insurance can provide coverage for your ongoing projects. Whether it's damage to the structure, materials, or equipment on the job site, this policy can ensure that you don't suffer financially if something goes wrong, and protection allows you to continue your work with confidence, knowing that even if accidents happen, your investment is safeguarded.

Coverage for Weather-Related Damage

The UK's unpredictable weather patterns can pose a significant challenge for those in the construction industry. Rain, snow, wind, and even heat waves can impact your materials and structures, leading to costly repairs or even project delays.

Contractors All Risks Insurance includes coverage for weather-related damage, ensuring that you don't have to bear the brunt of these natural phenomena on your own. Whether it's protecting your materials from water damage or safeguarding your equipment from heat-related issues, this coverage is essential for those working in the UK's construction sector.

For the best possible price, Rhino provides some of the most generous insurance limits on the market. Building contractors working on larger projects are subject to limits of indemnity that begin at £10,000 (for the actual contract works) and can be increased up to £250,000.

Mitigating Business Interruption

Any unexpected incident on a construction site can lead to project delays and, ultimately, business interruption. These disruptions can result in financial losses that are often challenging to recover from, especially if your livelihood depends on a steady flow of projects. Contractors All Risks Insurance offers business interruption coverage, which helps you bridge the financial gap during periods when your work is halted due to unforeseen events.

Varying Projects Are Protected

Various projects and builds are covered when you take out contractors' all risks insurance, such as:

  • Extensions: Regardless of size, extensions are important projects that typically take a few months to finish. Your job site could experience a number of challenges throughout that period, which is why having Contractors All Risks coverage could come in handy if something untoward were to occur.
  • Refurbs: Whatever you're refurbishing, you'll need to erect a temporary base on the job site. Contractors All Risks Insurance can protect you in case of loss or damage to your current work or materials, no matter if the job is minimal cosmetic work or more extensive renovations.
  • Repairs: For many building contractors, building and structural repair is what keeps them ticking. Repair work requires the storage of equipment, supplies, and tools on-site, which presents several threats to these expensive items. Should damage or loss arise, Contractors All Risks Insurance will pay for it, regardless of the cause - fire, flood, theft, or nearly anything else.
  • New builds: Various contractors across the UK specialise in building brand-new structures for customers. Starting from scratch involves setting up a job site surrounding the build, which will be vulnerable to risks and hazards all the way until completion. Contractors All Risks Insurance provides a safety net in case anything happens to your construction equipment, tools, work equipment, or accessories, or the structure itself.

Compliance with Contracts

Many construction contracts and projects require contractors to have insurance coverage in place. Contractors All Risks Insurance ensures you're in compliance with these contractual obligations, which can be a deal-breaker for certain clients. It's not just a matter of protecting your business but also enhancing your professionalism and reliability in the eyes of your clients.

Tailored Insurance With Rhino Trade Insurance

Fortunately, Contractors All Risks Insurance from Rhino Trade Insurance offers tailored coverage options to fit your specific business needs. Whether you're working on a residential renovation, a commercial development, or a civil engineering project, you can customise your policy to cover the exact risks you face.

This flexibility allows you to manage costs while ensuring that your most significant risks are adequately protected. It's like having a toolbox filled with different insurance solutions, allowing you to pick and choose the ones that best suit your project. Many trade businesses that we cover opt for our Public Liability cover and then add-on Contractors All Risks for further protection because of the benefits it has.

In the dynamic world of construction, where risk is a constant fixture, Contractors All Risks insurance is a dependable ally in risk prevention and the ultimate survival of your business. To make an investment in the protection of your trade business and your next project, contact the Rhino Trade Insurance team on 0116 243 7904 for your customised quote. 


About The Author Phil McCormick

Experienced in brand marketing and content. Most of that lovely communication you see online will be from Phil. social media, emails, videos, how to make a bacon sarny? You get the gist!

Trade most identified with: Electrician - It’s our Phil’s job to map out all our communications and make sure the signal works! Also, he’s one of the cockiest blighters in the team so electrician fits perfectly!

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