Insurance acts as protection against a possible eventuality. It’s aim is to reduce financial uncertainty and make accidental loss manageable.
In this article, we’re going to explore 6 types of insurances you’ll likely come across in construction and understand the purpose they serve.
The insurances we’ll explore in this article are as follows:
- Public Liability Insurance
- Professional Indemnity Insurance
- Product Liability Insurance
- Employer’s Liability Insurance
- Plant and Equipment Insurance
- And finally, Contractor’s All-Risk (C.A.R) Insurance
Public Liability insurance can protect against loss to third parties i.e., non-employees to the business. This may include personal injuries and loss of or damage to property.
Professional Indemnity insurance can protect you against claims for loss or damage by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered.
Product Liability insurance can protect you against the cost of compensation for personal injury or property arising from products you supply or manufacture.
Employers liability insurance can help pay compensation if an employee is injured or becomes ill because of the work they do for an employer.
Plant and Equipment insurance usually covers owned or hired-in plant, for loss or damages. This cover sometimes includes temporary site buildings and security devices.
Contractor’s All-Risk insurance can cover for damage caused by a contractor to property or materials insured during the construction period.
