Construction Insurance

There’s a constant risk of physical injury either to yourself or your employees. There can be legal issues arising on site, and the risk of theft of expensive equipment, and disputes arising with clients. Managing these risks can seem impossible, but with a comprehensive package of construction industry insurance, you can minimise the risk of expensive disruption.

If you’re a self-employed tradesperson or you’re running a construction business then your reputation rests on your ability to get the job done as promised. Your skills, expertise, and project management skills have to be second to none, but things don’t always go to plan. Disputes can arise, with clients claiming that a mistake in your work has cost them money or left property damaged.

If you don’t have cover in place then a dispute could put you out of business. Construction businesses deal with large amounts of customer data, from invoices to payment information, so If you’re offering any kind of construction industry service then insurance is vital.

A comprehensive package of insurance for construction businesses, self-employed tradespeople, and related trades will usually include a number of different components. These will each ensure that you’re covered for a range of different risks. These components might include:

Public Liability insurance

Public liability insurance is essential in the relatively high-risk world of construction. If anyone is injured, or they believe that their property has been damaged as a result of your professional services, then a claim could be made against you.

A claim could be for something relatively minor, or something major such as a severe injury sustained on-site. If you find yourself subject to a claim then Public Liability Insurance from Falcon will cover the legal costs and any compensation you’re found to owe.

Professional Indemnity Insurance

When the terms for a project are agreed upon, contractors will usually be required to take out professional indemnity cover. A client might choose to sue you for negligence, and if you choose to defend yourself the costs can be considerable.

Professional indemnity insurance gives you protection against negligence claims, covering your legal and compensation costs, and minimising the damage to your business.

Cyber & Data Risk Insurance

The construction industry handles large amounts of data, be that in the form of client data, blueprints, schematics, and budget information. Much of this information is confidential, and if that data is accidentally shared or targeted in a cyber-attack, it may damage the project and your business’s reputation.

With more business being conducted online, the risks of cyber and data-related claims are increasing year on year. Cyber and data risk insurance give you peace of mind in the event of a data breach.