Every business comes with a certain amount of unavoidable risks, but a lot of risk can reduced with the help of appropriate business insurance covers.
Different types of insurance can offer cover for your business, which can be purchased as single or combined products designed to suit your business, your sector, and your profession.
This insurance cover involves the protection of your buildings and contents, the liability that protects you from claims, and products that help protect you from losses, including the loss of key shareholders.
This guide explores the insurance market which offers the mentioned benefits for contractors in the UK 2024.
5 Best cheap business insurance for contractors in the UK 2024:
Liberty Mutual
Liberty Mutual general liability policies provide the contractors standard coverage for bodily injury, personal injury as well as property damage, with an endorsement to customize policies to specific industry and business needs as well.
Liberty Mutual also provides BOPs and commercial packages which include property damage, with BOPs targeted toward smaller businesses as well as commercial packages providing higher limits and more complex coverage for mid-size and larger operations.
Liberty Mutual can also be a partner for other forms of coverage that a business might need, like designers as well as contractors’ professional liability, contractors’ equipment, builders’ risk, and surety bonds.
Features:
- Industry-oriented approach with specialized knowledge of the construction industry
- Easier to identify the right coverage’s the improve claims handling.
- Excellent financial strength ratings.
THREE
THREE Insurance was started in 2019 to simplify commercial insurance coverage for small business owners.
This policy provides simple, jargon-free policies that involve several essential coverages that business owners need including commercial general liability as well as property, auto, workers comp, and other form of liability.
The policy is designed to be three pages long, giving the business its name, and a sample version is easily available on the company’s website.
THREE boasts that it is comprehensive coverage costs 20% less than purchasing separate standalone policies. And additional discounts may be available, like 5% off for paying premiums for the policy period upfront.
Features:
- You can start the quote process online by filling out a quick form. Simple, easy-to-understand policies.
- Multiple commercial coverages are included in policies along with general liability.
- Excellent reputation and financial strength through a relationship with Hathaway
Nationwide
Nationwide offers a host of policy and coverage options for commercial customers. It is a general liability policy that is available both through BOPs and separate commercial liability options.
Nationwide writes policies with plentiful endorsement options available, including hired and non-owned auto, product and completed operations, and umbrella coverage.
Nationwide also offers valuable inland marine coverage for contractors, including installation floaters, equipment and tools, and building risk.
Nationwide has experience insuring businesses of all types and sizes, but it has good expertise in working with contractors.
Features:
- A wide variety of endorsements and coverage types are available
- Experience working with contractors and construction trades
- Excellent reputation and financial strength ratings
The Hartford
Hartford offers general liability through both standalone and BOPs, through BOPs leads to be more common for small contractors insured through Hartford.
The company also serves options for contractors’ equipment insurance, along with other construction-related coverages like professional liability, commercial auto, and workers’ company
One benefit of Hartford is its extensive knowledge of the construction industry. Hartford offers a general liability choice policy for mid-size and large construction firms that includes features like limited professional liability, per-project, and location aggregate limits, completed operations coverage, and contractual liability coverage.
Features:
- Extensive track record in the insurance industry.
- Offers general liability policies appropriate for businesses of different sizes and specialization
- Expertise in policies designed for the construction industry, especially for mid-size or larger firms.
State farm
State Farm tends to direct general liability shoppers towards its business owner’s policy offerings.
State Farm BOP combines general liability with property insurance and can easily be tailored with other endorsements and additional coverages like professional liability, depending on the business needs.
State Farm’s recommended coverages for contractors also include features like tools and equipment coverage and installation floaters that are useful for covering liability issues that small contractors may encounter.
State Farm makes it easy to purchase umbrella liability coverage on top of a standard policy in $1 million increments.
State Farm is less equipped for more complex construction liability needs than some other competitors, so larger constitution businesses may need to look elsewhere.
Features:
- Industry-leading customer satisfaction and financial strength
- Tailored coverage options for small and mid-sized contractors.
- Nationwide network of agents
Conclusion
In this article, we have discussed the 5 best cheap business insurance for contractors in the UK in 2024, cheap business insurance is not just an essential thing but offers you protection against unforeseen situations.
Companies right from Liability Mutuals up to State Farm offer customizable and competitively cheaper policies, making them ideal for those who are looking to balance cost with coverage.
The best choice depends on your specific needs and the level of coverage you require.
