What is public liability insurance for builders?
The builder public liability insurance policy protects you against claims in respect of your legal liability for personal injury or property damage sustained by third parties arising during the course of your business. It pays any awards that are made against you and also meets the cost of any legal defence of any claim, whether you are responsible or not.
Why does a builder need public liability insurance?
Every day builders face the risk of legal action being taken against them in respect of their liability for personal injury or property damage arising in the course of their business activities. The awards that may be made as a result of a successful claim can be catastrophic but even the legal costs of defending the most spurious claim can cause severe financial hardship.
What is the limit of indemnity under the builders public liability insurance policy?
The limit of indemnity under the builders public liability policy is the maximum liability of the insurance company in respect of each and very claim under the policy. Common limits are £1M, £2m and £5M with additional levels available upon request. It is up the individual builder to decide what is the appropriate level for their needs and this may depend upon the type of activities you are engaged in, your perception of the risks you face and perhaps any contractual requirements that the builder may have entered into.
How much is public liability insurance for a builder?
The price you pay is specific to your requirements and will depend how many people are involved in your business, the limit of indemnity you require and whether you have previously had any claims made against you. If there are any unusual features about your business or you require cover for additional occupations, we can accommodate most businesses but this may also affect the premium you pay.
Is the builder public liability insurance policy on a claims made or claims occurring basis?
Most builders public liability policies are arranged on a claims occurring basis. This means that the policy responds to claims arising from incidents that occurred whilst the policy was in force.
Will there be a policy excess under my builder public liability insurance?
There will be no policy excess in respect of claims arising from personal injury. Claims in respect of third party property damage will generally be subject to an excess and this will often be £250. The details of your excess will be shown clearly in your quotation.
How do I buy builder public liability insurance?
You can apply on-line for builder public liability insurance or call us direct to discuss your requirements with one of our team who will be happy to discuss your requirements for builder public liability insurance and provide you with a range of alternatives from our extensive panel of providers.