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In the bustling hub of Oxford, all nature of contractors and small businesses can be found - builders managing multiple projects, electricians working on domestic installations, self-employed tradespeople carrying tools from site to site, and more. But you’ll find that no matter the role, they still need to have the right insurance in place.
Every day, construction businesses face a wide range of risks. If you rely on just basic cover for your business, it could leave you exposed when something goes wrong.
EIC Insurance is an independent insurance broker founded in 1973. With offices in Oxford, Tring and London, we support businesses across the Home Counties and beyond with tailored cover and genuinely personal service.
Why contractors need more than public liability insurance
Many contractors understand the importance of public liability insurance – it can provide protection if a member of the public is injured or their property is damaged as a result of their work.
But depending on the nature of your business, you may also need protection for:
- Employees and labour-only subcontractors
- Tools and equipment
- Ongoing construction projects
- Professional advice and designs
- Commercial vehicles
- Legal expenses
- Business Interruption
If you lack the right combination of covers, you may find that a single incident could result in significant financial costs and disruption to your business.
Common risks facing Oxford contractors
No two construction businesses in Oxford are the same, but many of them face similar challenges.
- Theft of equipment: Storing tools in vans or leaving them on-site can lead to them being targeted by thieves. Replacing specialist equipment can be expensive and may delay the completion of your projects.
- Accidental property damage: No matter how experienced you are, you could encounter unexpected issues, such as a damaged pipe or faulty installation – and these could lead to costly repairs and claims.
- Injury claims: Construction is one of the highest-risk industries for workplace accidents. If someone is injured as a result of your activities, the financial consequences could leave you out of pocket.
- Contract works damage: While work is ongoing, projects can be affected by fire, vandalism, flooding, storms, or accidental damage. Without specialist insurance, you may be responsible for the cost of putting things right.
- Professional errors: Contractors who provide designs, specifications, recommendations, or project management services could face claims if mistakes lead to financial losses for a client.
Employers' liability insurance
If you employ staff, even on a part-time basis, you will usually be legally required to carry employers' liability insurance. This cover can help protect your business if an employee suffers an injury or illness connected to their work and makes a claim against you.
You may assume that this requirement only applies to large construction firms, but the reality is that even smaller businesses and sole traders who employ staff may need cover. Failing to have the appropriate insurance could lead to serious financial and regulatory consequences.
Protecting your tools and equipment
If you’re a tradesperson, tools are your livelihood. Whether you're a plumber, electrician, landscaper, carpenter, roofer, or decorator, losing your essential equipment can impact your income as you’ll need to purchase replacements and delay your projects.
Tools and equipment insurance can provide cover for:
- Power tools
- Hand tools
- Specialist trade equipment
- Hired-in equipment
- Theft from insured locations
- Accidental damage
Having the right protection can help to minimise downtime and get you back to work faster.
What is contract works insurance?
Contract works insurance protects ongoing building and construction work before a project is completed and handed over to the client.
For example, if a partially completed extension is damaged by fire, severe weather, vandalism, or theft of materials, contract works cover may help with the cost of reinstatement.
This type of insurance is particularly important for contractors involved in:
- Residential construction
- Renovation projects
- Extensions
- Commercial developments
- Refurbishment work
Without adequate protection, you may be responsible for substantial repair and rebuilding costs.
Do you need professional indemnity insurance?
Not every contractor requires professional indemnity insurance, but if your business provides advice, designs, specifications, calculations, surveys, or project management services, it may be worth considering.
If a client alleges that professional advice or services provided by your business resulted in financial loss, this cover can provide protection.
It is particularly relevant for:
- Design and build contractors
- Construction consultants
- Surveyors
- Architectural technicians
- Specialist engineering contractors
As construction projects become increasingly complex, professional indemnity insurance is becoming more important across the sector.
Why specialist construction insurance matters
Construction businesses often operate in environments that present unique and complex risks. Generic business insurance may not provide the level of protection that many contractors need. At EIC, we understand the challenges faced by different trades and can help to identify gaps in cover before they become a problem.
This is especially important when considering factors such as:
- Your projects’ sizes
- How many employees you have
- If you use subcontractors
- Contract requirements
- High-value equipment
- Specialist or hazardous work
Getting advice from a broker with experience in the construction sector can help ensure your cover reflects the realities of your business.
Tailored insurance for different trades
The insurance needs of a roofer are very different from those of a landscaper, electrician, or building contractor. At EIC Insurance, we understand that every trade faces its own risks. We can help arrange insurance solutions for:
- Builders
- Electricians
- Plumbers
- Roofers
- Decorators
- Carpenters and joiners
- Landscapers
- Groundworkers
- Construction companies
- Self-employed tradespeople
We don’t rely on a one-size-fits-all approach. Instead, we take the time to understand your business and help you find cover that fits your requirements.
Get a free insurance review
If you run a construction business based in Oxford or the surrounding areas and you’d like to review your existing contractors insurance, EIC Insurance are here to help. Depending on your particular needs, we can also arrange brand new policies, or simply offer advice. Just give us a call today on 01442 286910, or visit our website to find out more.
Protecting your business starts with the right conversation, and we are ready when you are.