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What is construction business insurance?
Construction business insurance is a broad term that refers to various policies designed to protect construction professionals, businesses, and projects from risks. These policies cover potential liabilities like property damage, employee injuries, and delays due to unforeseen events. Typically, the insured pays premiums to a provider, and in return, they receive financial support for covered incidents, helping ensure projects stay on track and businesses avoid crippling losses
What does construction insurance cover?
Construction insurance provides cover in the event of damage to a building or its structure and can include cover for tools, equipment and accidents. Without construction insurance or public liability insurance, you could risk losing a large sum of money due to injury, property damage or liability claims. Our construction insurance covers a wide range of risks, including:
- Property Damage
- Business Interruption
- Public Liability
- Contract Works
- Tools, Machinery & Plant Cover
- Fleet Insurance
- Employers’ Liability Insurance
- Directors & Officers Liability (D&O)
- Professional Indemnity Insurance
While coverages vary, these policies mitigate financial risks, allowing construction businesses to operate with confidence.
Why do you need construction insurance?
Construction projects will always carry an element of risk and can be complicated. Things can go wrong for no apparent reason and without insurance cover you could be left in a risky financial position which could affect your future trading position. For instance, imagine a building suffering irreparable damage just prior to its completion. The cost would be considerable to start over again, as it would, where there is a delay involving an onsite injury involving site closure to facilitate investigations. Insurance therefore gives you peace of mind so you know you are protected should matters such as this happen.
What types of businesses is construction insurance suitable for?
Construction insurance is ideal for many businesses involved in building, maintenance, and infrastructure projects, including:
- General contractors
- Builders and developers
- Architects and engineers
- Electrical, plumbing, and HVAC companies
- Subcontractors (e.g., roofers, bricklayers)
Whether small tradespeople or large construction firms, our construction insurance policies cater to industry-specific risks.
What factors affect the cost of a construction insurance policy?
The cost of construction insurance depends on several factors including:
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Type of Policy
Liability or equipment coverage affects pricing.
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Project Scale
Larger projects with higher risks cost more.
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Claims History
Businesses with frequent claims may face higher premiums.
Do I need Contractors and Public Liability Insurance?
Yes, you definitely need both. Public Liability insurance will only cover you for damage for third party premises or bodily injury. Therefore, if you only have Public Liability Insurance then none of the building work you carry out on a project will be insured at all. On this basis, a combined contractor policy should be purchased which provides both elements of cover.
Why choose us as your construction insurance provider?
It is crucial to find a partner you can trust to protect your business from industry-specific risks. Start by evaluating the reputation of the provider—look for companies with positive reviews, proven expertise in the construction sector, and a track record of delivering reliable service. A reputable provider like Waltons Insurance Brokers offers personalised guidance based on years of industry experience.
Waltons Insurance Brokers have years of technical knowledge and experience in the construction insurance sector. We find out what you need, explain the cover available and what perhaps you haven’t thought about. We work with carefully selected insurers to make sure you have the right policy for you and always at the right price.
Should I use a construction insurance broker or go direct?
Using a broker offers access to multiple insurers, helping you find the best coverage at competitive rates. Business Insurance Brokers like Waltons provide personalised advice and understand your industry-specific risks. Going direct may save on broker fees, but it limits your options and expertise. For complex construction insurance needs, our brokers often add significant value.
One of the most important things we have learnt is that if you need to make a claim, it’s important that this is resolved quickly and fairly. Waltons work with some of the UK’s leading A-rated insurers in the Construction industry who are financially stable and have a proven track record for excellent claims service. Claims against any kind of construction insurance can be stressful enough without having to battle for it to be paid, so our in-house claims team are on your side to help you deal with it.
What additional types of construction insurance are available?
Additional construction insurance options include:
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Professional Indemnity Insurance
Covers errors in design or advice.
Professional Indemnity
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Tools & Equipment Insurance
Larger projects with higher risks cost more.
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Contract Works Insurance
Covers projects under construction.
How do construction insurance claims work?
To make a claim, follow these steps:
- Notify your insurer immediately about the incident.
- Provide detailed documentation, including photos, reports, and contracts.
- Work with an adjuster to assess the damage. For example, if a contractor faces a professional liability claim due to a design flaw causing delays, their policy could cover legal fees and damages. Claims are usually processed within weeks if all documentation is clear.
Waltons work with some of the UK’s leading A-rated insurers in the Construction industry who are financially stable and have a proven track record for excellent claims service. Claims against any kind of construction insurance can be stressful enough without having to battle for it to be paid, so our in-house claims team are on your side to deal with it for you.