Owner Builder Insurance

//Owner Builder Insurance
Owner Builder Insurance 2016-10-19T10:39:52+00:00

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.

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Public Liability

For an owner builder, public liability insurance is essential. Often members of the public can be injured or suffer damage to their property as a result of your building work. These claims can quickly escalate, costing you money and distracting you from the most important thing – getting on with the construction project.

Fortunately, public liability will likely be included in any owner builder insurance policy, providing you with the necessary cover to protect your business.

Workers Compensation

Owner builders sometimes need to take on contractors and sub-contractors for specialised work or just to get the job done quickly. Unfortunately, taking on contracted staff can leave your business open to a whole raft of potential issues if those employees injure themselves on site.

The only way to protect yourself in this situation is to make sure your owner builder insurance also covers for worker liability. This will give you peace of mind that any issues arising from your contractors can be handled quickly, without disrupting the flow of your work.

Home Indemnity

Building work isn’t just at risk during construction. In fact, owner builders will be liable for any faults after the project has been completed, even if the property changes hands.

The only option is to make sure that your builders warranty insurance also covers for home indemnity. This can reassure you that any future problems are covered by your insurance policy.

What’s the next step?

It is essential to take out an owner builder insurance policy before any work is started, otherwise the project will be difficult to insure. Standard policies run for 12 months but, if the construction takes longer, extensions are usually available.

If you want to take out an owner builder policy, make sure you consult with the experts at Trades Insurance who can advise you on the risks you face and get the right level of cover for your needs.