The size of a business directly affects its insurance needs – the most obvious reason for this being that the more employees a company has, the more coverage it will require as potential risks increase. A larger workforce will have more factors that impact on coverage needs and company owners should always check their builders insurance when taking on new workers. In the building industry it is common practice for companies to hire specialist subcontractors for jobs they don’t possess the skills for.
Taking on contractors poses its own unique risk and building companies in particular need to be sure they are covered for the work done by specialists that they hire on a temporary basis. Anyone on a building site – including the public – is at risk of injury, even in those with stringent occupational health and safety practices in place. Insurance isn’t just dependent on the size of the workforce.
For those businesses that grow and accumulate equipment and tools, theft and damage of assets is also a huge concern. Companies that can’t afford to lose key pieces of equipment in the event of construction site theft are better off insuring their equipment so that they can save in the long run. The best way to understand the needs of your company, regardless or size or industry, is to speak to a specialist insurance specialist.