What insurance cover do contractors and subcontractors need?

Tradesure
29 May 2024
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Why do contractors and subcontractors need insurance?

In the construction industry, both contractors and subcontractors face a myriad of risks daily — from accidents on-site to legal liabilities. Insurance acts as a safety net, ensuring that these professionals can manage risks effectively without jeopardising their business’s financial health.

What insurances should contractors and subcontractors consider?

Contractors and subcontractors should consider a variety of insurances to protect their business interests. These cover a range of potential issues, from liability for accidents to equipment damage and beyond. We’ve outlined some of the most common types of insurance in this post. These coverage options are ones we most recommend businesses having to ensure you and your company are protected from unforeseen events.

Public liability insurance

What is it?

Public Liability Insurance is essential for covering claims of property damage or personal injury caused to third parties as a result of your business activities. It’s a fundamental cover that protects against the high costs of claims and legal action.

Do I need it?

Yes, if you’re a contractor or subcontractor. This insurance is crucial as it covers the costs of legal proceedings and damages if you're found liable for injury or damage at your worksite. It ensures that a single incident doesn’t financially devastate your business.

When is it beneficial?

Learn more about the coverage we provide at Tradesure. Public liability insurance.

Personal accident insurance

What is it?

Personal Accident Insurance provides compensation for loss of income, medical expenses, and hospitalisation if you suffer from an accident while on the job. This type of insurance is designed to help maintain your standard of living if you're temporarily unable to work.

Do I need it?

Absolutely. For contractors and subcontractors, whose work often involves physical labour in potentially hazardous conditions, Personal Accident Insurance is vital. It ensures that an injury doesn’t lead to severe financial strain due to lost income.

When is it beneficial?

Learn more about the coverage we provide at Tradesure. Personal accident insurance

Tools insurance

What is it?

Tools insurance is a specialised form of coverage designed to protect the tools and equipment essential to your trade. Whether they're lost, stolen, or damaged, this insurance ensures you won't have to shoulder the full cost of replacement or repair, keeping your business operational with minimal downtime.

Do I need it?

Yes, especially if your business relies heavily on tools and equipment. Considering the high cost of tools and the risk of theft or damage on job sites, having tools insurance can provide significant peace of mind and financial security, ensuring you’re always ready for the job at hand.

When is it beneficial?

Learn more about the coverage we provide at Tradesure. Tools insurance

Professional indemnity

What is it?

Professional indemnity insurance is crucial for protecting businesses against claims of negligence or breach of duty arising from advice or services provided. This insurance covers legal costs and expenses, as well as any damages or costs that may be awarded, providing a safety net that allows you to work with confidence.

Do I need it?

Absolutely. If your business involves giving advice or providing a service, professional indemnity insurance is essential. It protects you against the legal costs and claims for damages that may arise from an act, omission, or breach of professional duty in the course of your work.

When is it beneficial?

Learn more about the coverage we provide at Tradesure. Professional indemnity

Can I pay by the month?

At Tradesure, we understand that different financial situations mean different needs for payment flexibility. That’s why we offer the option to pay your premiums monthly, allowing you to manage your cash flow more effectively and ensure continuous coverage without financial strain.

Get a quote for your business

Ready to protect your business with comprehensive coverage? With Tradesure, you're not just getting insurance; you're gaining a partner who understands the ins and outs of your industry. Don't wait — reach out to our friendly support team, and secure your business's future today.

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