Owner Builders face a unique set of risks which can cost you a lot of money if they go wrong. Without the right level protection, you will leave yourself open to a wide range of potential liabilities, many of which you may not be aware of. With so many risks on site, how can you protect yourself from unforeseen events during your everyday work?
At Trades Insurance, there are a few key policies which we recommend for owner builders looking to keep themselves protected while on a job:
Fire, storm, vandalism and theft
Building sites can pose a range of risks to your business. Fires, both natural and man-made, can have a crippling effect on your construction work, throwing timelines out the window and turning small jobs into big challenges.
Sites are also at constant risk from vandalism and theft, as opportunist criminals look to make the most of any opportunity to disrupt your work.
Fortunately, there is a range of owner builder insurance policies which can address these concerns. Comprehensive cover can make sure that if any challenges arise on your building site, you will be able to deal with them quickly and efficiently.
Existing structures not part of the project
Often owner builders will be working around other structures, either on renovation jobs or because there are existing structures around the building site. In these situations, your work could easily impact other structures, costing you money and making the job even bigger.
In these situations, the only solution is to make sure you invest in builder’s warranty insurance to cover any potential problems for other structures.