Formwork refers to moulds, permanent or temporary, that are used to pour concrete or any other similar materials into it. It is a very common procedure that stands at the base of many concrete constructions.
With specific practices comes the need for a particular insurance, one that covers all the needs that will arise. It is important to know that many typical public liability insurances for carpenters do not cover formwork. Lack of information in that department could leave you exposed to issues that appear during work, with you realising when it’s already too late. In order to avoid unexpected costs or legal troubles, we advise all formworkers to do careful research before choosing a policy.
Is There a Dedicated Formwork Insurance?
It is difficult to talk about dedicated and recognizsd formwork insurances in the traditional sense, seeing how most companies on the market do not list it as an occupation. As a result, many activating in this area choose carpentry for insurance purposes.
However, this brings other issues such as either offering no coverage at all when it comes to the risks specific to this industry or covering it just partially. With that being said, there are policies covering everything that the occupation needs. It is for this reason that formworkers need to make sure they have all the information necessary before making a choice.
Here are a few types of insurances that are essential in the field.
1. Public and Product Liability Insurance
This covers all accidental damage that can occur to third parties as a result of your professional activities. Whether we are talking about injuries or property damage, the costs that appear as a result are covered. These include legal actions, medical treatments, repairs, and compensation.
It can apply to contractors and sub-contractors alike, depending on the policy chosen. The amount that is covered also varies according to your particular situation.
2. Professional Liability Insurance
This insurance protects professionals from costs that appear as a result of mistakes done during work. These can be omissions, errors, wrong decisions and others along the same lines. While it is in the interest of any business to do an exemplary job, these are ultimately unavoidable.
Compensations and legal costs following complaints from clients will be covered.
3. Tools Insurance
Construction requires dedicated tools, most of which should be insured. Testing equipment, hand tools, machinery and any other kind of equipment can all add up to a high cost. It’s crucial to protect the most valuable assets you have as a professional or business activating in this industry.
4. Work Vehicles Insurance
Vehicle insurance is another one of the aspects that can save you from financial ruin. Anything that is used in the profession, be it vans, trucks or special purpose vehicles should be considered for your safety.
There are many other aspects to consider, perhaps the most important one being insurance for injuries.
Bluewell Insurance Brokers aims to cover the formwork professionals with policies that are tailored to all these needs and more. Do not hesitate to contact us for a quote.