Construction Insurance
Keeping you and your team covered with construction public liability insurance during construction projects
Construction insurance cover is designed to insure the complex risks facing companies who work within the construction industry. Because of the ever-changing landscape of the industry, including the consistent increase of health and safety requirements, the policies are designed to offer bespoke covers that adapt to these emerging requirements and risks.
- Bespoke Tailored Coverage
- We Work With Industry Leading Markets To Get You the Best Rate
- Lloyds of London Commercial Broker
- Independent Broker Since 2001
The Covers We Offer
Construction insurance is a term used to summarise the various covers available to companies working within the construction industry. Within this there are many different types of insurance covers which can be combined to create your policy. Core covers typically include Employers Liability, Public liability, Contractors all risk (CAR) and own plant/ hired in plant covers. However, at SJL we have a wide range of insurers meaning we can negotiate market-leading rates for the following covers:
Professional Indemnity Insurance
While working on site it is normal that there is a large number of people and high value of equipment and materials in a small vicinity. With this in mind, a small negligent act by an employee can easily lead to injury to a member of the public, mass third party injury and property damage.
Public liability insurance for construction will pick up the legal expenses and compensation payments following an event causing both third party injury and property damage. Have peace of mind with construction public liability cover.
Contractors All Risk
From the day the ground is broken, through the project being signed off as practically complete, there will be an accumulation of materials on site.
Between the aforementioned times, this cover will pay to replace/ reinstate materials. from loading, through to being structurally in place on site. While including completed structures for maintenance period/ for short periods of times pending sale on residential properties, and free issue materials whilst on site.
Employers Liability
No matter how careful and diligent you are with risk assessments and method statements, accidents involving employees at work regularly happen.
Therefore Employers liability insurance is designed to cover you in the eventuality that your employees are injured at work, so you can protect your business.
Own Plant
Comprehensive cover for plant, power tool and machinery belonging to you, including cover whilst in use, in transit, and in temporary storage.
Therefore cover is acceptable when the plant is either owned by you, in the process of being purchased, under a lease or deferred purchase agreement by you.
Hired in Plant
In short, Cover for plant hired from a third party. So this includes legal liabilities you assume under contract when hiring out plant, including physical damage to the equipment, and continual hire charges that you are financially responsible for following accidental damage to tools and equipment.
Personal Accident Insurance
In short, Cover designed to give you, your staff and your dependents security should an accident occur and your income be effected.
Fleet Insurance
Many businesses own multiple vehicles, making insuring these individually on an annual basis a logistical and financial problem. However, SJL Insurance Services offer Fleet Insurance which covers all of your business vehicles under one policy. Therefore there is only one renewal date.
So SJL Insurance Services cover all vehicles including cars, vans, taxi’s, HGVs and special type vehicles.
Latent Defects
Also known as Structural Warranty and is primarily designed to cover costs of repairs or rebuilding in the event of structural damage which appears after practical completion.
As well as faults and defects caused by failures in design, workmanship or materials throughout the construction process may not become apparent for years after practical completion and hence most policies are for 10-12 years.
Bond
An increasing number of both public & private contracts are requiring the financial security of a surety bond. The most common are performance, retention or road bonds but there are a multiture of different surety bonds on the market. Surety Bonds are not an insurance product, they are a written obligation provided by the guarantor to cover the beneficairy against the default of the bonded company. It secures the fulfilment of contractual, commercial or legal obligations.
Professional Indemnity
Professional Indemnity Insurance refers to protection against incorrect or inadequate advice and services that you give. Furthermore, any business can produce work resulting in both financial and reputational loss for their client and this is sometimes only uncovered long after the contract is completed.
Legal Expenses
Construction Legal Expenses Insurance covers claims which arise from any contract disputes during construction projects. So this could be against a vendor, solicitor, architect, engineer, main contractor, surveyor, local authority, services utility, or supplier of materials. Therefore this cover takes away the worry of escalating legal fees. Consequently, it is a useful addition to any construction insurance program to protect you from any legal costs.
Fleet Insurance
Many businesses own multiple vehicles, making insuring these individually on an annual basis a logistical and financial problem. However, SJL Insurance Services offer Fleet Insurance which covers all of your business vehicles under one policy. Therefore there is only one renewal date.
So SJL Insurance Services cover all vehicles including cars, vans, taxi’s, HGVs and special type vehicles.
Who is Construction Insurance for?
Construction business insurance and the different types of cover it affords are suitable for a wide range of companies, including construction businesses such as:
Manufacturers and distributors of construction materials (including companies engaged in modern methods of construction contracts)
Building contractors
Lead contractors / developers
Sub-contractors and specialists trades
Architects and design professionals
Surveyors
Plant and equipment hire companies
The solutions SJL Insurance Services offer, including Professional Indemnity Insurance
We offer full turnkey solutions for both annual & project specific insurance programmes combined with bespoke, tailored coverage. A comprehensive business insurance policy is essential for construction companies to protect against unique risks and challenges in the industry.
Examples of our existing client footprint include:
Owner Controlled Insurance Programme (OCIP);
Contractors Controlled Insurance Programme (CCIP);
Insurance backed guarantees & surety bonds;
Advanced loss of profit & delayed start-up costs;
JCT 6.5.1 (Non Negligence cover);
Contractors All Risks/Erection All Risks;
High Risk Liabilities;
Latent Defects;
Undoubtedly, SJL Insurance Services, we build insurance programs suited to your business, based on your specific requirements.
Thus built into our service is assistance in reviewing contracts to highlight your construction company insurance requirements, with specific expertise in JCT contracts.
Construction Insurance FAQs
While the cost of insurance for your construction business varies depending on the size and type of the project. As well as the location, and the level of coverage required. On average, the cost can range from 1-5% of the total construction cost.
How We Help
With SJL Insurance services we take out the guesswork and make sure you get all the cover you need at the best price possible.
While in the UK, construction insurance is not a legal requirement, but it is highly recommended. Because of this, some clients, lenders, or local authorities may require contractors to have insurance in place before starting a construction project. Having insurance helps to protect both the contractor and the client against financial losses in the event of a covered loss during the construction process.
Because choosing the right construction insurance requires a thorough understanding of the risks involved in the project. As well as the coverage needs of the contractor, owner, and other stakeholders.
How We Help
It’s advisable to work with an insurance broker such as SJL Insurance Services to assess the risks and find the most suitable insurance coverage.
Certainly, Yes, construction insurance can be purchased at any stage of the construction process, including during the construction phase.
So if a contractor or owner doesn’t have construction insurance, they are at risk of incurring significant financial losses in the event of damage.
For Example
Property damage, personal injury, or other covered loss during the construction process.
To clarify, responsibility for obtaining construction insurance typically lies with the contractor, owner, or both, depending on the terms of the construction contract.
Firstly if a claim is made during a construction project, the insurance company will assess the claim. Secondly, it will then determine the amount of coverage available under the policy. Therefore if the claim is covered, the insurance company will pay the policyholder for the losses incurred.
In short, Yes, insurance coverage is available for both commercial and residential construction projects.
In short, Construction insurance typically covers natural disasters such as earthquakes, floods, and hurricanes, as long as they are specified in the insurance policy.
Always Check
So it is important to check the policy details to determine what natural disasters are covered and to what extent.
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