What kind of insurance does a building contractor need?

Commercial vehicles and machinery

First and foremost, if a building contractor has commercial vehicles then road risk cover is a requirement by law. As with all other motor insurance products, the cover options would be comprehensive, third party fire and theft, or third party only. Commercial fleet polices can cover many vehicles under one policy.
The value of the vehicle is important to review each year, as are the drivers.
Commercial vehicle policies usually give “open driving 25 to 70-years-old” but sometimes naming the drivers who will use the vehicle is a better option and can save you money.
You may need road risk and associated covers for driving plant and machinery such as teleporters, tractors and the like.

Employers, Public and Products Liability Insurance

Employers Liability Insurance covers your legal liability in the event that you are negligent and required to pay compensation for bodily injuries to an employee in the course of their employment. Employee numbers and annual wages will need to be disclosed accurately and annually.
Public Liability Insurance covers your legal liability in the event that you are negligent and required to pay compensation for bodily injuries or damage to third party property in the course of your business activities.
Your annual turnover will need to be disclosed and reviewed annually. Many main contractors and State bodies may require the tradesperson to have a minimum of €6.5 million limit of indemnity.
Products Liability Insurance covers your legal liability for injuries and property damage in connection with goods sold or supplied.

Other covers needed may include “Tools in Transit” cover which can be arranged in conjunction with your commercial vehicle policy and “Engineering Inspection Cover” may be required on plant and machinery. A “Contract Works Policy” protects the building works in progress against fire. Some insurers can include “Personal Accident” cover on a combined liability policy.

You should seek out the expert advice of a professional insurance broker to review your insurance needs. At Healy Insurances, we can review your business requirements, offer expert advice and save you money on your premiums.