Industry - Construction and Building Business Insurance

FreelanceInsure offer a number of policies to suit the freelancer or consultant working in the Construction and Building sector including Engineers and construction professionals.

Whether your construction business is large or small, you will need to ensure that you have the right type of insurances in place to protect you against any loss or damage which may occur on your premises. Examples of this may be a failure of equipment, theft or vandalism and of course, the legal costs associated with a personal injury claim.

However one of the more overlooked forms of insurance which the construction and building industry should consider is Professional Indemnity (PI) insurance. This type of insurance protects construction businesses from the ramifications of giving out poor or incorrect advice or problems with the delivery of the construction service.

Clients are within their rights to sue if they feel that your company has been negligent in the provision of the services they have paid for. This may be resulting from a loss of documentation, an act carried out by an employee, general negligence or even committing an act of breach of confidentiality.

Professionals such as those in the construction and building industry are considered to be providing a service and therefore have a duty of care to their client. If this is breached, your Professional Indemnity insurance may be required. In addition to this breach it must also be proved that your client has suffered a financial loss in respect of that breach of duty of care.

Your Professional Indemnity insurance will pay any compensation which may become due and will cover your legal costs (and those of the client, if you are instructed to pay them) up to the level of cover you have specified. In some cases your client may ask for a certain level of cover to be in place before they will allow you to carry out the work.

While it may not be compulsory to have PI in the construction sector, professionals associated with the delivery of your services, such as engineering experts or architects must have this type of insurance. It also makes good sense to invest in PI to protect yourself. Even if you are not in the wrong, you can use your professional Indemnity insurance to pay for your legal costs if you are taken to court.