What Information Do I Need to Supply for Builders’ Insurance?
Caeva O'Callaghan | April 7th, 2022
Insurance companies ask a lot of questions: for good reason.
Your builders insurance company will need to know about your annual turnover, wages, subcontractor payments, as well as the depths and heights you work at, length of time in business and any previous claims.
This is so your insurance provider can accurately calculate your risk, and give you the most accurate quote possible.
In this article, we’ll go over the following questions:
- How do I get builders’ insurance?
- Why do builders’ insurance need to know about my employees?
- Does builders’ insurance cover working at depths and heights?
Sometimes, it seems like insurance providers and brokers want to know everything about you down to your favourite colour. But we have so many questions because we need to accurately assess the risk of insuring you, and determine the monthly cost of your premium.
How do I get builders’ insurance?
All you need to do is give us a call. Once we know about your building business, we can find the best quote for you on the market.
Firstly, we need to know about what types of work you regularly undertake. We know no two days are the same in the building profession, so that’s why we need to be as comprehensive as possible.
At a minimum, make sure you tell your insurance provider:
- Your projected annual turnover
- Projected annual wages to employees
- Subcontractor payments you have in place
- The depths you work at (down wells, for example)
- The heights you work at (installing roofs, for example)
- The length of time you’ve been working as a builder
- Details of any previous claims you’ve made
Having all this information prepared beforehand will save a lot of time and fuss if the worst should happen, and ensure no one forgets anything important.
Why do builders’ insurance need to know about my employees?
Telling your insurance company about who works for you means they can give you a more accurate quote.
It not only matters how many employees you have, but also what they do. For example, if you hire a receptionist, the cost to insure them will be much lower than for an electrician. This is because the chances of injury during the course of employment is much higher for an electrician than for an administration assistant.
If your employee or casual worker injures themselves on the job and you are proven negligent, your employee will be awarded compensation. This must come out of your own pocket, unless you have employers’ liability insurance, which you will need if you have others working for you.
If you do not, compensation payments could very well put you out of business.
Does builders’ insurance cover working at depths and heights?
Yes, it can do, as long as you’re honest about your insurance requirements. In most cases, a little bit of roofing work here and there will be absolutely fine. But working at depths and heights comes with extra risks, so you need to make sure you’re covered before you take on this kind of job.
Falling from heights is the leading cause of death in construction work. As you can imagine, this may involve falling off the roof of the building altogether, but you need to bear in mind that falling through skylights or straight through fragile roofs are just as dangerous.
Most policies will cover you up to a height of 15m off the ground. If the roof you’ll be working on is any higher, you need to let your insurance know so they can protect you according to your needs. Working heights can be increased if necessary.
Working at depths is more rare, but not unheard of. For example, you may be called in to help renovate a basement. Cave-ins and unstable structures can result in major risk to everyone in the immediate area and irreparable damage to the property, so make sure you have adequate insurance in place before you accept the job.
Confused about builders’ insurance? Pick up the phone and give us a call. Our experts are on hand to help with all your questions.
All Information in this post is accurate as of the date of publishing.