Protect Your Profits: The Ultimate Guide to Subcontractor Insurance

In episode 101 of The Subcontractors Blueprint podcast, host Jacob Austin breaks down the four essential insurance policies every UK subcontractor needs: Employers’ Liability, Public Liability, Professional Indemnity, and Contractors’ All Risks. He explains each policy’s coverage, legal requirements, and common pitfalls, offering practical tips for compliance and risk management. Jacob also discusses how major global events have impacted insurance premiums and availability. This episode provides actionable advice to help construction business owners protect their companies, stay compliant, and navigate the complexities of the insurance market.

KEY TAKEAWAYS:

•  Early warning process and its significance
•  Compensation event process and its implications
•  Importance of timely notifications in contract management
•  Consequences of failing to adhere to notification obligations
•  Procedures for notifying early warnings and compensation events

BEST MOMENTS:

"One fire, one fall, one design error can leave you staring at a claim that's worth more than your annual turnover, so insurance is there as the shock absorber that stops the impact from smashing straight into your bank account."

"Clients, main contractors and UK law all expect you to have the right protection in place, and they'll want to see the certificates before you're allowed on site or be paid a penny."

"If your scope includes ‘design’, ‘detail’, ‘select’ or ‘specify’ in some shape or form, then you will need PI."

"There is a bit of a trap to be wary of with PI, and that is that claims operate on a claims made basis, so the policy must be in force when the claim lands, not when the work was done."

"If you're not carrying contractors all risk insurance, then you're rebuilding on your own cost, and you're risking delay damages for the period that you light."

 

Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on.

 

HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, and Kier. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.

LinkedIn - www.linkedin.com/in/jacob-austin/

Instagram - www.instagram.com/qs.zone/

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