Have you heard the one about the unlucky contractor? It goes like this. A contractor, an accountant and an estate agent walk into a bar. ‘Our computers got hacked this week,’ says the unlucky contractor. ‘My business partner’s run off with the staff’s wages. And, to top it all, my biggest client is refusing to pay. Why am I so unlucky?’
What’s the punchline?
Sorry, there isn’t one. Turns out it’s not a very funny joke.
We don’t believe in unlucky. With the right insurance partner, each of these issues would be covered by professional indemnity insurance. The insurer would respond proactively and positively to the claims, and help protect the contractor’s business. Is that lucky, or just good business sense?
New and expanded cover for contractors
We’re excited to tell you about our new range of construction-based professional indemnity wordings. At Custodian Insurance, we understand that every industry is unique. We know that you brokers could be dealing with an estate agent one minute, an accountant the next, and a contractor (lucky or not) after that – each with different needs.
So what’s new about our professional contractor insurance? While the previous contractor cover was good, it’s now been expanded and updated to reflect the challenges today’s contractors face. Think of it like an upgrade on your morning coffee. Your regular flat white is fine. But a flat white with a free extra shot and a biscuit on the side? It’s just better suited to the task at hand (seeing you through to your lunchtime coffee, obviously).
Pollution, cyber threats and more
Here’s a quick summary of the policy’s amendments and additions:
Pollution costs cover has been added, for claims that arise directly or indirectly from pollution.
Cyber and digital cover has been expanded to include third-party hacker cover.
Loss of documents cover has also been expanded, and now includes loss of the contractor’s own documents and third-party documents.
Cover for dishonest acts of employees, partners and directors has been added.
Disputed fees cover is now available, in the event that a client refuses to pay for work done.