Contractors All Risks

Contractors All Risks Insurance can also be known as Contract Works Insurance. This type of insurance is needed if you are involved with extending, refurbishing, converting an old building or working a new building.

As a contractor or builder you will be responsible for the work until it has been handed over; you’re therefore responsible for all the costs of having to complete the work again should something happen to the building beforehand.

What does Contractors All Risks cover?

During a building contract, materials and labour will be used to complete the project. If building damage occurs, the materials may not be able to be used again and the labour put in will have been wasted.

Both these costs can be re-claimed on a Contract Risks Insurance policy so the project can be re-instated back to the original state it was before the claim. This will be at no further cost to the contractor. The project can then be completed and finished and handed over. This type of cover can be invaluable to you if you are a contractor or builder as it ensures a project stays workable.

A building project is not just about the labour of building and the materials used, you will also need to consider the additional add-ons that will then cover the additional parts of the building project, for instance:

Public and Employers Liability: this cover is a legal obligation and covers anyone who is dealing directly with the public or you are an employer of staff. You have a responsibility to ensure that you have provided a safe and secure surroundings. Public and Employers Liability cover is available as £2m, £5m, £10m.
Tools: this cover will protect your hand tools, power tools and equipment again loss, damage and theft. You can also cover your tools if you store them over night in a vehicle and whilst in transit.
Personal Accident: will pay your business a weekly sum if you or an employee are unable to work after an accident.