Insurances

As an Owner-Builder you are licenced to be, and required to be, the person in charge of the construction site. In almost all cases you’ll be responsible for damages caused to third party property, but even more importantly, for injuries caused to a third party. Injuries that are serious, or even permanent, can arise on even the smallest projects. You should take out a package that includes any of the following that are applicable to your project. Each will be included as an option on your quote.

• Contract Works and Public Liability (this is the core insurance product usually referred to as the “Owner Builder Insurance”).
• Existing Structures (for Renovators needing to have the actual House covered, which will usually be the case)
• Voluntary Workers (group income protection and medical expenses cover for the owner-builder and unpaid friends and family)
• Workers Compensation (you will need this. See here, under “Do you recommend Workers Compensation” for a detailed explanation)
• Tools and Equipment (you can’t insure equipment belonging to contractors, but you need this cover if using your own tools on site)

Builders necessarily have both significant material loss/damage exposure and also public liability risk. While in charge of the site any material loss or damage will be the builder’s own financial risk, which is especially high towards the end of each project. Most losses will be of this type, although the biggest value claims tend to be the public liability ones in the form of injury to a third party. As both types of cover are essential, they are normally contained in the one insurance product.

Trades insurance for builders is a crucial type of insurance that protects builders from various risks associated with their work. It typically includes public liability insurance, which covers third-party property damage or injury claims, and contract works insurance, which protects against damage to the building project itself. Other important coverages can include tools of trade insurance, professional indemnity insurance, and workers compensation insurance.

Professional Indemnity insurance, also known as Professional Liability insurance or Errors and Omissions cover, protects businesses that provide advice or services for a fee. It provides you and your business with protection against claims for financial loss, bodily/personal injury or property damage arising from an act, error or omission in the performance of professional services.Your clients rely on you to deliver quality services and advice. And despite your best efforts, there’s always a chance that either something can go wrong or an allegation of something having gone wrong be made – potentially leaving you or your employees on the wrong end of legal action and a claim for compensation. The costs to defend your business against an allegation or claim, whether you are liable or not, can be astronomical. Let alone the costs for compensation if you’re found liable.