At Markel Direct we believe we offer excellent value for contract works insurance, because we understand that every business is unique and tailor your policy to suit your precise needs. Whether you’re a builder, electrician, plumber or any other type of tradesperson, we’ll have a policy that’s just right for you.
In this guide you’ll see who should considering obtaining the appropriate level of cover, how much it costs and why it’s important for tradespeople who typically works on a construction site.
What is contract works insurance?
Designed for builders and other tradespeople, insurance for contract works pays out if a construction project is affected by an insured event such as a flood, fire, theft or act of malicious damage. Whatever stage of the build you’re at - whether you’re laying the foundations for an extension or making the finishing touches to a new block of flats - any work you have already completed will be covered.
The tools, materials, and labour needed to get your project back to where it was before the damage occurred can be included in a comprehensive policy, such as Markel Direct’s contract works insurance. As a result, you can repair or redo the work without being out of pocket.
Do I need contract works insurance?
No matter how careful you are to minimise risks, there’s always a chance that something will go wrong on a building site. And in many cases, these problems are beyond your control. For example, you might have nearly finished a house extension when strong winds rip the roof off the structure.
If the contract you have signed with your client holds you responsible for unfinished work, you could face major costs in a scenario like this. As well as replacing any materials and tools damaged by the storm, you’ll have to foot the bill for the labour needed to get the project back on track.
These costs could run into an eye watering amount and the more work you have already put into a project, the greater the costs can be. If you would struggle to bear this expense yourself, ensuring that you have the appropriate level of contract works insurance is a worthwhile consideration.
But it’s not just builders who need contract works insurance, many different businesses and tradespeople should consider taking out a policy. From electricians to plasterers to carpenters, anyone who works in the construction industry and is liable for projects while they are in progress can benefit from contract works insurance cover.
Why choose Markel Direct for contract works insurance?
There are many reasons to choose us as your contract works insurance provider. Here are just some:
✔ Transparent pricing
We feel that our policies offer superb value for money. As well as this, our policies are fully transparent when it comes to pricing. This means you won’t be hit with any hidden fees.
✔ Quick quotes
There’s no need to hang around when you want a quote. Simply fill in our online form and we’ll provide you with a quote for contract works insurance in as little as 90 seconds.
✔ Legal advice whenever you need it
Day or night, you can access specialist information and guidance from our legal advice helpline. It’s available 24/7 and is run by experienced solicitors.
✔ Customer feedback that speaks for itself
Our customer feedback says it all. Check out our impressive ratings on Feefo.com.
✔ Decades of experience
With more than 25 years of experience in offering small business insurance, we know exactly what you’re looking for.
How much does contract works insurance cost?
At Markel Direct, we offer contract works insurance from £20 a month for £100,000 of contract works insurance cover*. When it comes to insurance, the cost varies from business to business depending on;
- The size of your business - your turnover and whether you have any employees
- The level of cover you choose
- The types of projects you work on and the equipment you use.
To get a clearer idea of how much you’ll pay, simply get a quote online. *Price based on a builder requiring £100,000 of contract works insurance.
What is the difference between contract works insurance vs. professional indemnity?
Contract works insurance covers damage to in-progress construction projects, whereas professional indemnity insurance protects against claims of negligence in professional services you have provided. If, as a tradesperson, you offer any advice, designs, or other services for a fee, it’s important to have this type of insurance cover.
For example, you’re a carpenter and you provided designs for a bespoke kitchen installation. The client claims you made a mistake on the designs which has caused a costly delay to their renovation project. Professional indemnity insurance would cover the cost of defending the claim and any compensation awarded against you.
