Contractors insurance

Find out what business insurance policies you might need for your contracting business.

As a sole-trading contractor or owner of a contracting business, you'll no doubt want to safeguard your company’s financial position as comprehensively as possible.

That means ensuring assets such as your stock, tools, machinery and premises are suitably protected against the risks your business faces. This is where contractor insurance comes in.

Contractor insurance is a term that describes the many different types of business insurance that a contractor might need, as you won’t find a generic insurance policy that covers each aspect of every contracting business.

For instance, a business with ten contractors offering electricity maintenance is likely to require more comprehensive policies than a sole-trading, freelance IT contractor operating from their own home. The cover your business requires depends on your industry, business size and the level of risk you face.

Types of insurance for contractors

The key policies you might consider for your contracting business are:

  • Public liability insurance

    This policy offers financial support when you are defending your business in the event that a third party or member of the public claims your work has resulted in them suffering injury or property damage.

  • Employers’ liability insurance

    In most cases, if you are a contractor employing staff – whether full-time, part-time, temporary or unpaid – you will be legally required to have employers' liability insurance. This policy could help to cover costs such as legal expenses and compensation if a claim is made by an employee who has been injured or become ill as a result of carrying out their duties at work.

  • Professional indemnity insurance

    Professional indemnity insurance can provide you with cover if a client claims the work you've carried out has resulted in them suffering some form of physical or financial loss. This typically applies to sole traders and contractors who offer advice or design services – for instance solicitors, architects, tax advisers, consultants and advertising agencies.

  • Business interruption insurance

    Business interruption insurance is designed to cover your business against loss of revenue during periods in which you are unable to trade. For example, if a fire causes damage to your business premises, a successful claim could help minimise any financial loss you might experience while you’re getting your business back on track.

  • Contract works insurance

    Contract works insurance covers the work in progress on a construction site.  In the event of any damage or loss - typically as a result of events such as fire, flood, storm, malicious damage or theft - the insurance could cover the subsequent costs. As you'd expect, this policy is likely to be included in a building contractor’s insurance package.

  • Buildings insurance

    This policy could cover the cost of damage to your premises caused by a third party. Additional protection for specific incidents can also be included in your buildings insurance policy, such as fire and flood damage.

    However, if you rent your premises this policy may already be in place, so it’s a good idea to check with your landlord before taking out cover.

  • Tools and equipment insurance

    A tools or equipment insurance policy could help to cover the value of your essential items if they’re lost, stolen or damaged, minimising the financial impact this could have on your business. For example, if this policy was included in an IT contractor insurance package, it could cover the cost of replacing or repairing stolen or broken computer equipment.

Your contractor insurance quote

At Make It Cheaper Financial Services, we make your insurance our business. We can help you identify the different types of insurance for contractors that are ideal for your business, and combine these into one bespoke package for you, so that you receive an accurate quote based only on your needs.

Get the insurance that’s right for your business. Call 0800 144 4808

  • We’ve helped thousands of Britain's business owners protect what’s important to them.
  • Our UK-based agents will set up your policy to make life as easy for you as possible.
  • We’ll always make sure you get the cover that’s right for you and your business – no unnecessary extras.
  • You’ll get a personal account broker who’ll be on hand to help if you ever need to make a claim.

The right business insurance at a price you'll like.

Our expert service finds policies and prices from trusted providers and makes it easy to protect your business properly.

Call 0800 144 4808 to get a policy that's right for you.

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