What Is Property Developer Insurance?
It covers property developers, construction firms and contractors who profit from selling a property or renting it out. Whether you are undertaking new build development, renovating an existing property or just adding an extension, Property Developer Insurance offers you protection and peace of mind.
What Insurance Does a Property Developer Need?
As with most insurance policies, this can be all down to the circumstances of your business. Most policies would need public liability, property liability and employer’s liability (if you employ staff) insurance as a bare minimum.
These are in place to protect you should you experience third party accidental damage to the property, or someone is injured on site. The construction industry is subject to seriously stringent health and safety procedures and liability can leave you open to large costs and possibly prosecution, if mistakes are made.
On top of the cover we’ve already discussed, you may also need Contracts Work cover, protection for your equipment and tools, unoccupied property insurance and cover for any plant you own or may have hired that is on your site.
Dependent on what level you operate at, you may also need JCT Insurance 21. 2.1, or Non-Negligence Insurance as it is sometimes known. It can protect against third party damage to properties as a result of works undertaken on your site by a contractor or external party that are not directly attributable to a negligent act.
Why Do I Need It?
The programme of works for your project is probably pretty time-restricted, so any delays to this can end up being costly. Insurances can get you back up and running without delay, and our experts can help you deal with any bumps in the road, quickly and efficiently. It is also essential that you fully understand your obligations whether you own the property or are responsible for the construction aspect.
As a property developer you’ll know that even with the best of intentions, problems can arise, often out of nowhere. That’s where Property Developer Insurance comes in.
Call our experts today and get a quote for comprehensive cover that perfectly fits your needs.
Is Property Developer Insurance a Legal Requirement?
There are elements of Property Developer Insurance that are vital and a legal requirement to hold. You are required by law to have Employer’s Liability Insurance to protect you against claims by employees resulting from accidents or injury in the workplace.
Many of the other policies encompassed in Property Developer Insurance cover are not required by law, but we would strongly recommend you have it in place to protect your business.
How Much Does Property Developer Insurance Cost?
Your policy is completely unique to your business, so any premium will depend on the level of cover you require. The cost of a policy must be weighed against how much risk you might be opening your business up to if you don’t have comprehensive cover in place.