What is contract works insurance?
You only have to see an episode of Grand Designs to know that things never go to plan on a building site. You are in the middle of building a new commercial or residential premises and as you arrive at the site to start work in the morning you are horrified to see that a storm has ripped off the roof overnight. Luckily, you are covered by contract works insurance.
What does contract works insurance cover?
Contract works insurance covers the work that you are in the midst of completing on a building site for almost any damage loss from severe weather to theft.
Your policy should pay for the cost of redoing your work if it has been totally destroyed. This would include the cost of time, labour and materials.
The policy can be customised to suit your own needs and can include:
- Your tools
- Your employees tools
- Temporary buildings
- Own plant
- Hired in plant
Who needs contract works insurance?
Anyone who works in the construction industry should take out contract works insurance, including:
- Building contractors
- Property developers
- Property refurbishers
- Double glazing installers
- Carpenters and joiners
- Ceiling artexers
- Partitioning contractors
- Dry lining firms
What isn’t covered by contract works insurance?
A contract works policy will typically not include public and employers’ liability insurance. If you already have public and employers’ liability insurance – or you are planning to buy this type of insurance – contract works insurance can be added as an optional extra. This is ideal for small companies who do not require a high level of cover.