Fatalities in construction industry are common. Construction workers, business owners and even general public are always at risk of accidents at construction sites. Not only the people are at risk, there are many chances of material and machinery damage.
These unwanted issues at construction sites can be very burdensome for builders, contractors or business owners. These issues can cost them thousands of pounds. Therefore, it is essential for a builder or contractor to have something in hand that can save him from this financial burden.
Builders insurance policy
Builders insurance is a broad term covering all kinds of risks associated with the construction business such as death, injury or material damage. A comprehensive package covers all individual insurance policies like public liability insurance, employee liability insurance, machinery insurance, and personal accident insurance for each of the above risks as they all are covered under a single policy.
Here, we will discuss about the potential risks at construction site and how a tailor made builders insurance policy helps in each case.
Construction sites risky work locations
Constructing a facility is not a one day task or a one man job. It takes many days of work, requires huge man power and wide range of machinery. As people work at elevated heights, handling heavy and dangerous equipment, their lives are always in danger. Every worker including the owner of the company and the neighbors are vulnerable to accidents at construction site.
Workers are prone to injuries and accidents
Workers and other employees working at a construction site are at risk of accidents and injuries. As their work involves manual labor and critical machines, they are highly prone to injuries and disablement or sometimes death. Since the employees are injured at work, employer is liable to pay related medical expenses and other costs. In such cases, having employers liability insurance helps the owner in paying the cost of the claim.
Building activities could injure/kill public
Not only the workers, but other people who are not related to the business such as neighbors, visitors, clients, etc., present in and around the site can fall victims to the accidents at construction sites. They can sue the owner for this unfortunate incident. In such cases, public liability insurance saves the policy holder from the related unexpected expenses like medical costs, etc.
Material and machinery damage
Material and machinery damage may occur due to a natural calamity or human error or during transit. Moreover, as the materials and machinery used at construction sites are costly, they are often prone to thefts. Companies or builders having builders all risks insurance or machinery insurance can effectively face these situations as they can repurchase the material or machinery using the reimbursed amount. These policies provide cover for the equipment used at the construction site.
Personal accidents may keep owners away from work
Having a personal accident insurance policy is very important, especially for the builders, since they spend most of their time on the risky construction sites. As an owner, one cannot sue his own company and file for a compensation claim when he gets injured at construction site. Thus, personal insurance policy helps builders or contractors to protect themselves from such incidents. This is highly useful for business owners, partners and company directors.
All the above mentioned policies are essential for every builder as they are effective in covering all the possible risks and damages. However, it is better to approach a reputed insurance brokerage firm to find your exact requirements. He will offer impartial advise and will also help you in renewal process.