The construction sector covers a very wide range of businesses ranging from the small self-employed builder, electrician, plumber, tiler or painter to large multi-national corporations involved in major building or civil engineering projects that require either construction insurance or what is sometimes referred to as construction all risk insurance, contractors’ insurance or JCT insurance.
The insurance requirements will be the same whatever the size of your construction business. It will very often be controlled by the contract you have arranged with you customer. The contract will define who is responsible for the contract works and also for any existing structure where the work is for alterations or extensions.
You may be involved in employing both bona fide and labour only sub-contractors each of which requires special consideration. It is really important that you understand the difference between these categories as failure to get it right can mean that your insurance is not correct and will fail to provide cover in the event of a claim as well as having implications with taxation.