For those of you who have established themselves as a reliable experienced contractor (whether you be a builder or any of the numerous of other trades working on a contract site) but have yet to obtain a contractors all risk insurance policy (CAR for short), then my advice to you would be to act fast.
A Contractors All Risk policy is the epitome of insurance you can acquire for your business. Unlike Public Liability where you are protecting yourself against third party property damage, what you are covering with a CAR policy is the property in which the contract is being carried out on, and acts as a safety net should the contract for whatever reason unable to be completed or there is damage to the property undergoing works due to negligence.
With a contractors all risk insurance policy, cover can also be extended to cover your tools, plant, as well as hired in plant.
Many of the inquiries we receive from expanding building contractors regarding acquiring contractors all risk insurance policy come with concerns that they already have a valid public liability policy running and the renewal date is a great few months away, and financially (given small return premium) it is not worth cancelling – this is not a problem, as contractors all risk insurance can be acquire as a standalone policy, and does not have to run coincide with your public liability insurance.
Apart from making sure your future contracts works are completely covered, having a Contractors all risk policy is the ultimate marketing tool, as it separates the budget outfits, to the esteemed professionals when tendering for new works.
Showing a client that you are 100% fully insured could be the difference in winning a contract and losing one; so if you’re interested in receiving a quotation for Contractors All Risk Insurance please give our team a call.
