Contractors, Tradesmen & Sub-Contractors and Insurance

The Conundrum for Insurance Practitioners

There are few things in life that are of less interest to a contractor than insurance. Tax perhaps? Nevertheless, in today’s highly regulated and litigious environment insurance is an absolute necessity for any tradesman or contractor of any size or any kind. That particularly includes the cover relevant to the use of subcontractors. In practice, it is very often the insurance practitioner that has to bring the importance and value of well-defined insurance to the attention of the contractor and hopefully get them to understand it.

Experience of claims involving contractors demonstrates how little time and thought is given at the point of sale of the insurance relating to cover in respect of the use of subcontractors. One reason for this is perhaps the commoditisation of the modern insurance process which tends to focus on the speed and ease of transaction for the customer. This applies equally to the broker using a platform that simply requires populating with answers to pre-determined questions.