As a construction tradesperson, you could often find yourself cash-strapped. It might not even be due to any fault of your own; your company could be financially hit from a wide range of unexpected angles. This sheds light on why you should allocate a portion of your budget to construction cover.

In truth, you can never be certain exactly when financial pressures could threaten to throw your company off course. Here are several reasons for such unpredictability that could call for insurance.

Your firm could pose potentially costly risks to the public

Given that your job will often involve you working in public settings, it will see you routinely running particular risks to the health of members of the public. These risks include, for example, that of dropping a tool that collides with someone near scaffolding on which you may have been working.

Causing injury or illness to the public as a result of your work could ultimately subject your firm to claims for compensation. Fortunately, public liability insurance can fund the payouts, says the FSB.

You can look after employees financially sustainably

It isn’t just the health of people outside the company’s ranks for which you have to watch out. Perhaps some on-site construction equipment fails at an inopportune moment and consequently injures an employee, or maybe a worker falls ill due to exposure to harmful dust.

These people, too, could react to their blighted circumstances by suing your company. If they do, you might need to dip into employer’s liability insurance to prevent financial disaster.

As they trail in supply, bricks are becoming pricier

As reported by the Planning & Building Control Today website, many UK companies have become short of bricks on which they rely for development projects. This has led to bricks significantly rising in price – a particularly strong hindrance for small developers.

If increasing material costs are putting your firm’s usual operations under strain, take comfort that, when you hold construction cover, even a legal case doesn’t have to push you into financial chaos.

Your legal costs and expenses can be covered, too

Losing a claim for compensation can seriously blight you financially. You would have not only the compensation itself to pay but also the legal costs and expenses of attempting to defend the claim. Fortunately, however, public liability cover can pay legal expenses.

Tradesman Saver, a UK-based provider of specialist insurance, includes legal expenses in its list of covers which the company provides automatically with construction public liability insurance.

Construction insurance can cover an array of other things

It’s easy to underestimate the number of things for which construction insurance can pay. With each of its insurance policies, Tradesman Saver offers products liability insurance for free. This would cover third-party injuries resulting from a product that your firm supplies or installs.

Other forms of insurance offered under the Tradesman Saver banner include professional indemnity and financial loss insurance. The firm’s site includes a confusion-banishing guide to construction insurance which you can read before you seek a quote.