Your skills and knowledge allow you to carry out your job to a high standard but unfortunately mistakes can happen. Therefore, business insurance cover is there for your protection.
Professional indemnity insurance is designed to work for the needs of your business. A client can make a claims against you at any time and this could be related to bad advice, negligence or poor workmanship. You could build a wall where the foundations have not been dug deep enough which leads to the customer having to pay to put it right or you could carry out work that was not part of the agreed requirements. These are issues that could result in a claim and could prove expensive to defend if you do not have the right cover in place.
Also read: Income protection for builders
As a builder you will use heavy machinery and products and all of these pose a risk to the public. Public liability insurance can protect you from any claims made against you for injury caused to your clients or other individuals. This insurance would cover you, if for example, a piece of scaffolding became lose and fell onto someone or if you laid paving slabs that became lose and caused someone to break an ankle. Public liability insurance is there for your business and can help to cover all defence costs and compensations costs.