There are many types of insurance that builders can benefit from, and one of the most popular is public liability insurance.
Public liability insurance covers a builder for any property damage or personal injury they cause whilst undertaking building activities. The policy only covers damages to other people, and not to the builder.
Most builders will find that public liability is mandatory in order to undertake work as a licensed builder, however there may be some exceptions depending on the specific type and value of the work you undertake.
Common Public Liability Claims
Public liability insurance claims will generally involve property damage, personal injury or potentially a combination of the two.
A common property damage claim for a builder would involve damage caused on a worksite due to their or their staff member’s actions. This could be as simple as another worker’s vehicle being damaged, or as serious as a complete structure being destroyed.
Personal injury claims are generally more serious when it comes to public liability insurance. This could involve an injury caused to a bystander on a worksite, or injury to an occupant due to a structural fault in your building work.
Minor personal injuries may simply be a few hundred dollars in medical expenses, but at the other end of the scale can include multi-million dollar payouts for death or permanent disability as a result of your actions.
Public Liability Insurance Cost
The cost of public liability insurance will vary depending on the scale of your business as well as the type of work you undertake. The cost will also change depending on whether you’re acting as a licensed builder or a subcontractor.
Generally a builder with high turnover and high staff numbers will attract higher premiums than a builder with lower revenue and staff numbers. The number of subcontractors used may also affect the premium depending on the insurance company.
As the premiums for public liability insurance can vary so greatly depending on the insurance company chosen and a number of other factors, it is recommended that builders use a specialist insurance firm to assist with the selection of a suitable policy and policy options.
Options Available With Public Liability
Public liability insurance can be packaged with a number of other forms of builders insurance. At a basic level this may simply include tool insurance, however there are more comprehensive covers to consider such as business interruption and other forms of protection.
It recommended that you speak with a builders insurance specialist when determining which options your insurance package should include or exclude.
Choosing Public Liability for a Builder
Although most public liability insurance policies are quite similar, there are some important differences that need to be considered.
Generally you will find that some policies will suit builders better than other policies, however for someone who does specialist in builders insurance it can be difficult to determine which policy is best.
Here at Builders Insurance we specialise in public liability and other forms of insurance for builders, and our network of insurance experts will be happy to speak with your about your specific needs and provide you with the quotes you need.
For more information on builders public liability insurance please contact us, or if you are ready to obtain quotes simply go to our online quote form and follow the prompts.