Contractor Insurance Checklist: Are you really covered?

Contractor Insurance Checklist

The Contractor Insurance Checklist is our new blog series that will act as your guide to everything contractor insurance. Not only will it go into what the different aspects of contractor insurance are but, more importantly, they will explain why you need them and what could happen to you if you don’t have them.

Over the coming days and weeks, we’ll be running articles on various factors of contractor insurance so you can go through the parts you need to in an easily digestible format — after all, we know most contractors are too busy to be rummaging through huge, long guides.

So why are we doing this?

Well, increasingly, we’re hearing stories of contractors taking out seemingly ‘bargain’ contractor insurance policies that cover them for professional indemnity only. Contractors are telling us how they only took out the insurance because a client required it but, ultimately, they didn’t think they needed it so they just took out the cheapest, most basic policy to cover their contractual obligations.

Now, technically, there’s nothing wrong with this and we understand contractors — particularly those just starting out — wanting to save money by not spending a lot on an insurance policy that they don’t feel they really need. The contractors we’ve spoken to have told us that this all seemed well and good, right up until the point that they did need their insurance and then found out that there were dozens of limitations and exceptions that effectively rendered their policy useless since they were unable to make a claim.

Why does the right contractor insurance matter?

These contractors then ran into endless problems, whether it was having to pay out compensation for a mistake they’d made out of their own pocket, not having any income at all during a period of work-related illness or not being protected against claims from any employees.

Having suitable cover with a comprehensive package, such as that provided by Kingsbridge, would have protected contractors in these situations, ensuring they were never out of pocket but, as it was, the contractors in question put themselves and their companies at risk of financial loss which, in some cases, could be extreme.

This series of blogs will take you through many of the different aspects of contractor insurance and their importance, outlining the risks you take on if you don’t include them in your contractor insurance package. The aim is to help contractors see that most areas of contractor insurance do, in fact, apply to them, even though they may think they don’t. This should, in turn, empower you as a contractor to make the best decision for you when reading through insurance documents and help you make sure you’re properly covered.

Tune in to the Kingsbridge blog soon for the first post in the series. Why not head on over to our Knowledge Hub and download our full Contractor Insurance Checklist too?

In the meantime, if you’d like to talk to someone about your contractor insurance options, the team at Kingsbridge are here to help with their expertise. You can call them on 01242 808740 or visit our website for more info. Alternatively, you can find us on social media via Twitter, Facebook and LinkedIn.

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