BUSINESS SUPPORT XXXXXXX YOUR FMB GOING BACK TO INSURANCE BASICS
DON’T GET CAUGHT OFF GUARD
Let’s go back to the basics with this introductory guide to construction insurance by FMB Insurance Director Emma Whyatt
Did you know? Construction worker fatalities in the UK are 70 per cent higher than before the Covid pandemic, according to statistics from the Health and Safety Executive (HSE). The number of deaths across the UK has remained steady but construction fatalities have increased rapidly since 2018/19. Scan the QR code to find out more about the types of insurance the FMB offers to protect your business. and key concerns – including the type of work undertaken, contract values, and processes in place. ● Consider price versus value – you may find a cheap policy on the market but does it truly provide coverage you need? Will it pay out in the event of a claim? ● Don’t risk underinsurance – cost is, of course, one of the biggest factors in choosing what policy to go for, but saving money in the short term can lead to much bigger financial issues if you are not covered correctly. Insurance is a complex topic, and the best way to make sure you are protecting yourself and your business is to speak to a construction insurance expert.
W hen you work in the building industry it’s important to ensure you have the right tools for the job, and that includes having the right construction insurance package in place. Here are some key considerations as we get back to basics with this guide to help you identify the policies you are likely to need to protect your business. ● Public liability insurance – provides cover for accidental damage to third- party property or injury to third parties. This policy is a requirement for all members of the FMB. ● Contract works insurance – protects your work while it is in progress, and can also include your own plant or hired in plant machinery, temporary buildings, stock and materials, and tools. ● Employers’ liability insurance – this is a legally required policy, which covers you for costs related to any injury or illness suffered by a worker as
a result of working for you. (See ‘Did you know?’ boxout.)
All of the above can be purchased together in a tradesperson and professionals insurance package –
making it quick and simple to get the right covers in place, in one easy-to-use policy. It’s important to note that the above insurance packages do not keep you protected against all risks. The vast majority of construction firms also require the following policies be in place: ● Commercial vehicle or fleet insurance ● Professional indemnity insurance ● Property insurance ● Personal accident insurance ● Directors and officers insurance ● Commercial legal expenses ● Cyber insurance. Don’t take unnecessary risks Make sure you have the right cover in place, and that you don’t take unnecessary risks with your business, your staff or your customers. Here are a few key considerations to protect yourself and your business. ● Determine your main business risks
How do I find out more The FMB Insurance team makes insurance
its business,so you can protect yours. See how we can help protect your business by calling us on 01353 652760 or emailing at Insurance@fmb.org.uk .
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