Seeing as there is a lot of uncertainty in the world that we live in, there has been a lot of appreciation behind the concept of insurance policies. Every insurance policy is mainly designed to cover a person in the event of unseen circumstances. Due to the high demand in the current market, there is a large variety of policies that are available for different circumstances. One policy that many people have not been able to get to grips with is a builders public liability insurance policy.
A builders public liability insurance is mainly designed for builders and contractors as the name suggests. As I’m sure many of you are already aware, the construction business is probably one of the most hazardous jobs that a person can do. Regardless of the number of safety measures that a person takes, there is always a chance that something could go wrong. Builders and contractors are required legally to have a number of insurance policies in place before they are legally able to practice their work.
A builders public liability insurance on the other hand is not a legal requirement that builders and contractors require, however it is highly recommended. If you are a builder that is currently working on site, there is always the chance that accidents may happen on your work site area. There is also a chance that any construction that you complete could prove to be faulty due to low quality material which in effect could result in an accident. In either case, you the builder would be liable to a claim from those that have been affected.
This is where a builders public liability insurance comes into play. This particular type of plan has specifically been designed to ensure that a builder/contractor is protected against any claims that are made against them in relation to their work. The great thing about this particular insurance plan is that one is also protected against third party claims as well.
There are a number of different types of builders public liability insurance policies that are currently available in the market; certain policies often a more extensive cover in relation to others. Due to the technical and legal aspect involved in the building industry, you may be required to get some form of legal advice before opting for one insurance policy over another.
It is very important that you take your time in reading the fine print agreement before making any commitments. Even though there are a large number of builders public liability policies to choose from, this does not mean that all of them are worth considering. Take your time in finding the most suitable insurance policy in relation to how much risk you are able to deal with. It is recommended that you get a lawyer to read over your insurance contract to highlight what you are and are not covered for before making a final agreement. The key to finding the right policy is doing enough background research.
By Andrew Clapton