Contractors Combined Insurance
Also known as a Contractors All Risk policy
Contractors Combined Insurance
You already have robust health and safety practices. And you’re great at managing risks. But are you covered for all the contractual requirements you’ve signed up to? A contractors all risk policy provides financial protection against unexpected losses and liabilities that can occur during construction projects.
“So knowledgeable and helpful sourcing the right insurance for my company. Reassuring to know we now have the correct level of cover in place.”
What is Contractors Combined Insurance?
Contractors Combined Insurance is a bespoke, single-policy insurance that protects contractors and construction companies from the many specific and unusual risks involved in construction, engineering and maintenance. A contractors all risk policy can be arranged on a project specific basis or an annual basis, depending on the needs of the contractor. Policies are designed to cover multiple parties, including the main contractor, subcontractors, and other parties involved in the project.
It’s called ‘Combined’ because it’s a flexible insurance that ‘combines’ all the insurance covers you need if you work in contracting or construction. It can include very basic things like tools insurance and damage to your customer’s property, right through to hired-in plant insurance and sub-contractor insurance. You could say it’s everything you need under one roof.
It’s perfect if you need lots of different types of cover and flexibility but want to keep your insurance super simple. A project specific policy or a one off policy may be more suitable for high-value or complex projects, while an annual basis policy is ideal for contractors handling multiple projects throughout the year. A contractors all risk policy can be structured to include a loss payee, ensuring that relevant parties with a financial interest are protected in the event of an insured loss. Separate policies can be arranged for different aspects of the project, but a combined policy is often more cost-effective. The policy is covering a wide range of risks and costs associated with construction projects.
“Although Contractors Combined is a single policy, it’s far from ‘one size fits all’. It’s why we always carry out a full risk review first to factor in Health and Safety policies, Risk Assessments and Method Statements, hot work, COSHH and PPE practices as well as your accreditations and qualifications. Because no two contracts or contractors are quite the same.” Barry Davies, Contractors Combined Insurance Specialist
Contractors Combined Insurance explained | Expert Insights
Who is it for?
- House builders, developers, commercial construction companies, roofers,
scaffolders, engineers, carpenters, groundworkers and formworkers. - Contractors and construction companies who want full and flexible
insurance cover without the hassle of lots of different policies. - Construction, engineering or property maintenance companies with good
risk management practices and strong health and safety procedures.
How Contractors Combined protects you
Contractors All Risk Insurance is a bespoke policy. Because no two contracts or contractors are the same. We’ll ask lots of questions to help you work out your risks and then we’ll build a bespoke policy for that all-important contract. Your policy may include things like:
- Public and Employers Liability Insurance
- Protection for Sub-contractors
- Contract Works Insurance
- Plant and Equipment Insurance (your own and hired-in plant and machinery plus employees’ tools)
- Professional Indemnity
- Performance bonds
- Insurance-backed guarantees
- Non-negligent cover
- Structural warranties and latent defects
Even if your workforce is made up of sub-contractors, you still need to protect against accidents that your sub-contractors might be liable for.
We’ll ask lots of questions to help you figure out your risks and then we’ll build a bespoke policy for that all-important contract. Your policy may include things like:
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Public Liability Insurance – Cover personal injury or property damage claims from third parties.
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Tools insurance – Protection against the loss of (or damage to) tools, equipment and machinery.
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Sub-contractor Insurance – Cover for mistakes or damage made by one of your subcontractors.
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Professional Indemnity – Cover for compensation claims as a result of negligent advice or services.
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Performance Bonds
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Structural Warranties and Latent Defects
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Insurance–backed Guarantees.
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Non-negligent cover
On average, 13 people die every year and 1,200 suffer major injuries falling from ladders at work.
Get in touch
Frequently asked questions
When is the best time to get contactors insurance?
If you can, ask your broker to review your insurance while a contract is being drawn up with your client. It’s important your contractors cover meets the contractual requirements of the work you’re about to do.
My workforce is made up of subcontractors, do I still need separate insurance cover?
Your responsibility for subcontractors depends on how you engage them. If you employ ‘labour-only’ subcontractors (where you manage and supervise them, and provide PPE and materials) your responsibility is similar to being a direct employer. Even if you’re working with bona fide subcontractors, you would need cover in case there’s an allegation that you and your subcontractor share the blame.
If a contract has ended, do I still need professional indemnity insurance?
Professional indemnity cover is only valid if it’s in force at the time a claim is made. So even if you had Professional Indemnity Insurance when the work was carried out, if a claim is made after the event and your cover has expired, you wouldn’t be covered. It’s good practice to keep your cover for a period of time after contract completion (the length of time depends on the type of building contract or collateral warranty).
The Joint Contracts Tribunal (JCT) contract is a bit confusing, how do I know what cover I need?
The JCT is a standard construction contract which outlines the responsibilities of all parties involved in a construction process. It highlights what works needs to be done, who’s doing it, when it will be done by and how much it will cost. Your insurance cover must align with the requirements of the JCT contract, otherwise it will be invalid. The good news is that we can look at the JCT contract for you and help you work out exactly what insurance cover you need.
Want some reassurance?
Ask Barry to review your policy:
- Reading 0118 916 5480
- Marlow 01628 532 613
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