Contractors’ liability insurance
Cover against damages caused by faulty contract work.Valid liability insurance is a requirement for contractors
All contractors operating at a work site must have valid business liability insurance.
Professionals at your assistance in case of loss
You will find instructions in case of loss as well as details on our partners conveniently in Pohjola Claim Help. As the business owner, you can concentrate on your core business while we take care of the compensation claim on your behalf.
We also cover legal expenses
Contractors’ liability insurance covers investigation and legal expenses resulting from a claim for damages.
All insurance policies necessary for contractors
We also offer latent defects insurance required by the Housing Transactions Act and contractor’s construction/installation all risks insurance to protect work performed by your business and your work machinery and tools.
What is contractors’ liability insurance?
No matter how careful your company’s work, unexpected accidents can happen. As a contractor, you need basic business liability insurance. The insurance protects you in the event that your business activities cause bodily injuries or material damage. Even in smaller contracts, it is prudent to make sure that your liability insurance is valid.
Business liability insurance is a form of basic insurance for companies. In some industries, especially construction, the commissioner of a project often demands proof of valid business liability insurance before work can begin. This is to ensure that the contractor is able to meet the obligations put forward in the Tort Liability Act if a loss event occurs.
If you are the property developer or shareholder in a construction project and sell new housing to consumers, you will need latent defects insurance. Latent defects insurance is required by the Housing Transactions Act and protects your company against insolvency.
What does contractors’ liability insurance cover?
Business liability insurance for contractors covers bodily injuries and material damage caused to third parties for which your company is liable for damages under the law. For example, your business may be liable for injuries suffered when a customer slips at a worksite that lacks sufficient precautions.
Pohjola Insurance experts are at your assistance in the event of a loss. You are free to focus on your core business while we investigate your company’s liability and negotiate with the party demanding damages. We will appear in court or pay the legal expenses if the claim for damages leads to legal proceedings.
What factors affect the price of contractor's liability insurance?
The price of contractor's liability insurance depends on the following factors, among others:
- the company's line of business
- amount of salaries paid
- sum insured and deductible
