Essential Insurance For The Building Trade
construction industry is like many others in the UK
with its own unique set of challenges and risks.
There are many steps that a construction company can
take to protect itself from the hazards that are
part of the construction process, but none as
important as the proper insurance. Any time machines
and people are in close proximity there is the
potential for injuries and accidents. In the United
Kingdom, businesses are required to carry a minimum
amount of employer's liability insurance to protect
against the inevitable accidents that will occur.
The employer's liability will protect your employees
and your business by providing the funds for
treatment of injuries or illness suffered by
employees, and any legal proceedings that may
result. Employer's liability is mandatory and other
types of coverage may also be required depending on
your situation, but trying to get away with the bare
minimum is never safe. There are a multitude of
things that can happen on or off the job site that
can put your business in real jeopardy.
One of the most important elements of business
protection for construction companies is public
liability protection. This is different than
employer's liability in that is protects people
other than your employees and other businesses. This
type of protection is paramount for any aspect of
the construction process, damage to adjoining
properties and injuries to those outside of the
workforce are very common at construction sites.
Unfinished job sites can be a magnet for curious
children and vandals, and you need to be prepared
just in case. Even if an individual has trespassed
onto a closed site you may be financially
responsible, and with out the backing of public
liability coverage any damages awarded will fall on
your shoulders. Even if the situation is not your
responsibility, you still need the resources to
navigate through the legal process.
Construction has several inherent risks and the best
was to protect your business outside of insurance,
is to follow a strict regiment of safety procedures.
Safety equipment and procedures will reduce your
risks, and for many insurers they are mandatory.
Many policies have these procedures spelled out in
detail and are often in the fine print,
demonstrating the importance of knowing your policy.
This is where working with your provider is
extremely important, you need to know exactly what
is covered and under what conditions. Using this
information you can develop a prevention plan that
works with your coverage. If a claim is filed and
your business is found without certain procedures in
place, your claim may be denied and you can possibly
be sued for any compensation the insurer has paid
out on your behalf.
Weather and mother nature can be a construction
companies worst enemy, from weather delays to
undermining the integrity of structures due to run
off and erosion, the notorious UK weather can prove
one the biggest challenges you may face. The United
Kingdom is known for catastrophic and sudden floods,
and is not immune to violent storms and even
tornadoes. When it comes to weather and acts of
nature, you may need explore more than just the
basic types of protection mentioned above. Property
and building protection, and specific event cover
like flood insurance may be your best solution. By
combining these policies, you can implement a
protection plan that is designed for your needs.
Taking a serious look at your risk factors, along
with the help of an experienced provider will assure
that when disaster does strike, you will have the
resources to respond quickly and confidently.
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