You might have been speaking with your client for several weeks (if not months) about their new build. You’ve reassured them every step of the way and they’re ready to go ahead. The quotes have been approved, plans discussed in depth and you think you’re ready to get the excavator stoked up - but have you thought about the various insurance cover required? Perhaps there’s an insurance policy you’re forgetting about, or you just need help understanding the cover available.
Let's go through our top tips to ensure that your new build goes smoothly, as well as future-proofing the build for up to 10 years post-completion.
Offer your clients a warranty
Your clients are investing in considerable sums of money into the work you will be completing for them, so it’s only natural for them to be apprehensive.
FMB Insurance’s 10 Year New Home Warranty offers first class cover for both you and your client. From builds using modern methods of construction to partially complete and completed dwellings, FMB Insurance can offer cover for an extensive selection of developments. Not only is the warranty accepted by most UK mortgage lenders, it’s also a fantastic alternative to the traditional 10-year warranties currently on the market.
Don’t forget the deposit
This is the part that really makes a client nervous – and understandably so. If you’re taking a deposit from your client, ensure that the amount is agreed in advance and is noted on the invoice. To help ease your client’s worrying, FMB Insurance’s New Homes warranty includes deposit protection, covering up to a maximum of 10% of the contract value, or £100,000 - whichever is lesser.*
Look after you and your team
It’s easy to assume that accidents won’t happen, especially if you’ve been in the construction industry for many years. We are all too aware of the risks and dangers posed by working in this industry, so it’s never been more essential to arrange the right level of cover.
Minimise your risk by firstly completing a risk assessment (the FMB has a handy Health & Safety section online) to highlight the potential dangers, and then ensure that your team are fully aware of the protocols.
Secondly, ensure that you have a good public and employers liability cover for you, your team and the public. FMB Insurance can arrange this insurance cover for you and even price match your renewal quote*, too. Choose from a range of indemnity levels, from £1m, £2m, £5m or £10m. In some instances, liability insurance is a legal requirement, so it’s worthwhile checking - FMB Insurance can assist you.
Our liability cover is a truly flexible insurance policy, allowing you to mix and match additional extras like tool cover, temporary employees and contract works, to create your own tailor-made package.
Prepare for unexpected events
So you, your team and the general public are covered, but what about the work itself? Contract Works insurance is a helpful tool that can help you continue the works underway on site, should they be damaged by an insured event.
Unlike a warranty, contract works covers the work you are undertaking, for example, if there is a fire on site and the works you are undertaking have been partly destroyed, Contract Works insurance will help fund the cost of the repair/rebuilding. The insured events covered by Contract Works includes fire, theft, vandalism, burst pipes and more, making it a great policy to ensure protection against a wide range of events.
If you require any additional assistance, simply get in touch here, or call us on 01353 652760.