Contractors Combined Insurance
Contractors Combined Insurance is a broad heading for a collection of different types of insurance policies designed especially for the unique requirements of the Contracting industry.
Contractors always need cover for their legal liabilities, both Employers Liability and Public Liability, to cover both work at their own premises and when they are on site. A Contractors Combined Insurance policy rather than lots of separate policies could be just what you need and could be more cost effective.
Different types of contractors have different exposures depending on whether insurance cover is needed for work at height or underground, whether heat or explosives are used on site, the amount of work which is sub-contracted and what sort of controls are in place for the sub-contractors.
When purchasing Contractors Combined Insurance all of these factors can determine which insurers would be most interested in providing a quotation, which is why at Prizm Solutions we deal with over 20 different insurers who offer specialist products in the contractor sector.
Risk management is critical, so the better the quality of Health & Safety documentation that is available will often result in significant Contractors Combined Insurance premium savings.
Required limits of indemnity are often increasing in accordance with the principal contractors requirements and we now have capacity to place liability limits of up £100 Million if necessary.
In addition to the Liability insurances, contractors often need to cover both their own plant and hired-in plant in their own premises, in transit and on site. This type of cover is commonly referred to as Contractors All Risks and forms a key part of a Contractors Combined Insurance policy. This section will often include cover for materials on site and for loss/damage of temporary buildings and your employees’ own tools.
If cover is needed for speculatively built properties, these can usually be covered automatically following practical completion up to an agreed day, for example 180 days.
This type of policy can often be extended to cover the Contractors own premises, both Buildings & Contents, against loss or damage, together with the associated Loss of Profits, or Increased Costs of Working, in the event of damage.
JCT contracts have specific insurance requirements which can cover you in line with your exact contractual requirements, for example in line with JCT Design and Build Contract 2011 (JCT DB11) or JCT Minor Works Building Contract with Contractors Design 2011 (JCT MW/D11).
We find contractors are increasingly being asked to purchase Professional Indemnity insurance which covers you against negligent advice or services. An example would be a Fire Alarm Contractor who installed a system which didn’t work thereby delaying the opening of the building, or even worse if the defect wasn’t detected until there was a fire. This is specifically called Efficacy insurance – cover against failure to perform.
A Contractors Combined Insurance policy of this nature can be tweaked to cover all sorts of additional risks such as Personal Accident, Management Liability, Terrorism and Money – it can be designed for your bespoke requirements and because we are the experts it is our job to determine what you need and then provide you with the correct cover that is best for your specific needs at the best price.
Traditionally Contractors Combined Insurance policies of this kind has not been cheap but with the development of new technology massive savings have been achieved and policies are now available for less than £250 per annum, depending of course on what you need to insure and what the risks are present.
At Prizm Solutions we strive to keep costs low and competitive whilst offering the best advice and what can help and what makes us different from most insurance brokers offering Contractors Combined Insurance is that we don’t take a commission from the insurance companies for placing the business with them in most cases. We prefer to work on a fee basis which we feel is more ethical and our earnings are transparent.
Whether you are the Director or Proprietor of a business in Lichfield, Tamworth or the Sutton Coldfield area you can be assured of our expert advice and knowledge of the Contractor sector. Please click here to arrange a call back or to email us if you would like a quotation.
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