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Because they are on the front line of any project, subcontractors and their teams are most vulnerable to financial loss caused by accident, personal injury, claims for property damage, theft of tools and materials, or business interruption. To protect themselves from these types of risk, subcontractors will buy subcontractors’ insurance. This is specialist cover designed exclusively for subcontractors and available with many different options to suit different business needs. Build a custom insurance package that protects your business from every eventuality.
Subcontractors are specialist tradespeople who supply their unique skills and tools to complete part or all of a project. Most subcontractors work within the construction industry, but they also support IT, telecommunications, research, the energy sector and more. Subcontractors’ insurance is an umbrella term for a range of policies that protect these professionals from financial loss in the event that things go wrong on a project. Most subcontractor insurance packages will include cover against third-party personal injury and property damage, accidental death, tools and equipment loss or theft, legal expenses, and employers’ liability.
Firstly, if you have employees or you hire labour-only subcontractors, you must have employer’s liability insurance by law. This is a type of business insurance that protects you and your employees, (including those who no longer work for you), should they be injured or become unwell as a result of working for your business.
Secondly, it doesn’t take much to cause an accident, and errors and omissions are common in business, as is theft of tools, equipment, materials and vehicles. Any of these issues could make you liable for devastating compensation claims and legal costs, as well as creating expensive disruption for your business. If you operate in a high-risk industry, such as construction, you simply cannot afford to be without insurance protection. One slip, one fall, one piece of heavy machinery lost, and your business could be gone forever.
Subcontractors’ insurance can cover everything from a sprained ankle or a scraped vehicle, to a major fire or total loss. Depending on the industry you work in and the work you do, you should purchase essential cover and then add optional extras according to your circumstances:
Premiums for some subcontractors’ insurance can start at less than £4 per month, but the cost you pay will depend on your business type, the sector you work in, and the risks attached to what you do or sell.
All business involves risk, but that doesn’t mean you have to suffer the consequences if things go wrong. Don’t let an accident or oversight become a catastrophe for your business. Contact Swoop today to compare top-quality subcontractors’ cover from different providers and to discuss all your business insurance needs.
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