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YOUR FMB COVER FOR YOUR BUSINESS
Common gaps in construction insurance could put your business at risk, warns Jade Alger of FMB Insurance ARE YOU COMPLETELY COVERED?
A s a builder, risk management is part of your daily routine – or meeting project timelines. But when it comes to insurance, many assume that public liability and employer’s liability insurance provides complete protection – yet this is rarely the case. These two policies, while essential, often leave gaps. Without the right cover, an unexpected incident could cost your business thousands of pounds or even threaten its future. whether it’s enforcing site safety protocols, vetting subcontractors
Public liability does not cover everything
Public liability insurance is a cornerstone of any builder’s insurance portfolio, providing cover against third-party claims for injury or property damage arising from your work. While vital, relying on it alone can leave your business exposed. Imagine a structural collapse during an extension project that damages the existing property along with your tools, materials and completed work. Public liability may cover damage to the homeowner’s property, but it won’t cover the cost of materials lost or the rework required. Those expenses would come out of your pocket. Employer’s liability protects people, not projects Employer’s liability is a legal requirement if you have employees. It covers compensation claims from staff who are injured or made ill through work-related activities. But it doesn’t extend to damage or loss of your tools, equipment, or
Review your cover now If you haven’t reviewed your insurance policy recently, now is the time. A specialist broker with construction expertise can help you to identify gaps and recommend the right cover for your business. A well-rounded builder’s insurance package typically includes: ● public liability insurance; ● employer’s liability insurance; ● contract works insurance; ● professional indemnity (especially for design-and-build contractors);and ● plant and tools cover. Insurance is more than just a box to tick – it’s a crucial safeguard for the time, resources, and craftsmanship you put into every project.
project materials, nor does it cover delays or financial losses arising from project disruptions. In short, it protects your people but not your productivity or profits. What your policy may be missing Builders are often caught off guard when events occur that fall outside the scope of basic policies. These include: ● fire, flood, or theft damaging work in progress or stored materials; ● vandalism disrupting scheduled work; ● unforeseen site conditions requiring costly remediation; and ● adverse weather damaging partially completed structures.
Without additional cover, these incidents can create serious financial strain.
Bridge the gap Contract works insurance – or contractors’ all risks (CAR) insurance – is designed to address gaps. It protects the physical work you’ve undertaken, materials, tools, and hired-in equipment on site. Should damage occur, this policy helps fund repairs or reinstatements so you can keep your project moving forward. Typical CAR cover includes: ● ongoing construction works (from groundwork to completed structures); ● owned and hired tools and equipment; ● temporary structures, site huts, and storage; and ● optional add-ons for plant, employee tools, and professional fees.
How do I find out more?
FMB Insurance can manage all of your business protection needs under one roof, delivering the right policies for the right situations. Insurance and warranty products include contract
works insurance, public and employers’ liability insurance, building work guarantees, unoccupied property insurance, and more. Call 01353 652 760 or send us an email at insurance@fmb.org.uk.
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www.fmb.org.uk
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