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Does Contractor’s All Risks Insurance Cover Theft, Fire, Flood or Vandalism?

Rhino Trade Insurance 01 January 2024

Tradesmen and women are the backbone of the UK's construction industry, taking on diverse projects ranging from small-scale renovations to large commercial constructions. In the pursuit of their craft, they face a multitude of risks, including theft, fire, flood, and vandalism. These unforeseen events can significantly impact their projects, leading to financial setbacks and delays. In this blog post, we look into the world of Contractor's All Risks Insurance, exploring its coverage and benefits, particularly concerning theft, fire, flood, and vandalism.

Understanding Contractor's All Risks Insurance

Contractor's All Risks Insurance serves as a comprehensive protection plan for construction professionals like electricians, plumbers, carpenters and builders, safeguarding them against various risks that can arise during the course of their projects. To put it simply, Contractors All Risks Insurance guards against loss on a construction project or site, as well as any physical damage to it. This covers harm to the physical structure or any additions that are being built on the original building, as well as any equipment, supplies, and machinery that are brought in to help with the project.

What Is Included In This Cover With Rhino Trade Insurance?

With Rhino, the following losses or damages will be covered by your tailored policy:

  • The contract works that are currently being built, such as any temporary structures, partially finished buildings, or building supplies.
  • Any tools, machinery, and equipment used in construction that are owned by the insured.
  • Anything that the insured hires, including machinery, tools, and construction equipment.
  • Any equipment and personal belongings that employees of the insured have on-site, up to a maximum of £500 per employee.

Does Contractor's All Risks Insurance cover theft, fire, flood or vandalism?

Uncontrollable situations will always arise when owning a trade business, but fear not; worrying about your policy shouldn't cause you to lose sleep. 

Rhino's insurance includes the following:

  • Theft of machinery, equipment, and construction plant.
  • Flood damage that affects the partially finished projects themselves as well as any construction plant, tools, machinery, or equipment. 
  • Fires that destroy or damage any supplies, equipment, machinery, tools, or partially finished projects.
  • Financial loss brought on by an adverse event such as a fire, flood, poor weather, theft, vandalism, or damage.

Coverage Against Theft

Theft can occur at any stage of a construction project, from the pilfering of tools and equipment to the theft of building materials. Contractor's All Risks Insurance steps in to cover the losses incurred due to theft, ensuring that tradesmen and women can replace stolen items without bearing the full financial burden. This coverage not only protects their investments but also allows them to maintain their productivity and meet project deadlines without significant disruptions.

Protection Against Fire Damage

Fire accidents can wreak havoc on construction sites, causing extensive damage to structures, materials, and equipment. Contractor's All Risks Insurance provides vital protection against fire-related losses, enabling tradesmen and women to rebuild and replace what was lost. This coverage is indispensable, offering financial relief during a time of crisis and allowing construction projects to resume promptly.

Safeguarding Against Flood Damage

In the UK, unpredictable weather patterns can lead to flooding, posing a significant threat to construction sites. Floodwater can damage foundations, structures, and materials, leading to costly repairs and project delays. Contractor's All Risks Insurance includes coverage for flood damage, ensuring that tradesmen and women do not bear the burden of these unforeseen natural disasters. With the financial support provided by the insurance policy, they can swiftly address flood-related issues and continue their work without prolonged interruptions.

Defending Against Vandalism

Vandalism is another unfortunate reality faced by tradesmen and women, with vandals causing deliberate damage to construction sites, equipment, and materials. Such acts can result in substantial financial losses and project setbacks. Fortunately, Contractor's All Risks Insurance with Rhino Trade Insurance covers vandalism, offering a safety net that shields tradespeople from the financial consequences of these malicious acts. This coverage allows them to focus on completing their projects without undue stress or financial strain.

Do I Need Contractor's All Risks Insurance If I Have Public Liability Insurance?

Short answer: yes, you do. Long answer: These two policies are not the same thing at all. Businesses can be shielded from the financial burden and potential legal liability of third-party illnesses, injuries, accidents, and property damage by purchasing Public Liability Insurance from Rhino. You would make a claim on your Public Liability Insurance coverage to reimburse the related expenses if a client or member of the public made a claim against your trade business for any of the above reasons. 

The purpose of Contractors All Risks Insurance is to provide insurance for contract work before it is finished. It's important to keep in mind that Public Liability Insurance does not cover partially completed projects, tools, or supplies. For this reason, Contractor's All Risks Insurance is crucial for both construction contractors and their clients.

Contractors would require Public Liability Insurance at a minimum, Employer's Liability Insurance if they employed anyone, and Contractors All Risks Insurance as an additional insurance to get fully comprehensive protection. 

Why Get Your Contractor's All Risks Insurance With Rhino?

For tradesmen and women, Contractor's All Risks Insurance serves as a vital safety net, offering comprehensive coverage against theft, fire, flood, vandalism, and a range of other risks. This insurance policy not only protects their investments but also provides peace of mind, allowing them to focus on their craft without constantly worrying about unforeseen financial setbacks.

As the construction industry continues to thrive, it is essential for tradespeople to invest in the right insurance coverage. Fortunately for you, Rhino Trade Insurance has your back. Our policy experts have come up with some of the best and most affordable cover for trade businesses in the UK. Get a taste of what you can cover and the price by calling one of our experts today on 0116 243 7904 or check out our quote engine online


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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