All construction professionals must obtain insurance to cover repairs for any damage to the work they have done. This is a ten year insurance and is a legal obligation for all builders before starting any new construction site. However, in recent years, there has been a general increase in insurance fees and this is across the board. Craftsmen and construction professionals are not spared. What are the reasons for increasing the insurance benefits in the construction world in 2022?
Ten-year insurance is Required by law for all buildersFrom contractor to engineer across construction. This insurance covers Compensation for damages to the building over ten years after birth. Indeed, damage resulting from any malfunction observed on the work during this period will be covered without the risk of spoiling the craftsman or the company. Therefore, it is a commitment and a guarantee for all stakeholders in the construction sector.
However, during the past 10 years we have seen a rise in prices, especially of raw materials in all areas. This is not without consequences for the final products. In addition, the requirements for construction are increasing, and the effects are clearly felt from a financial point of view. This also affects the insurance sector. In fact, insurance companies’ offerings increased slightly for Better response to new challenges and better customer satisfaction.
So we are seeing an increase in insurance for ten years, compared to previous years, It experienced a 4% increase in 2022. If we take into account, for example, the construction cost index announced by the French Confederation of Construction, it has increased by 3%. This necessarily has an impact on ten-year insurance contracts, which subsequently saw an increase in premiums.
In this context, when you get a construction site, you should definitely take out ten year insurance that adapts to the type of work you have to do. There are many providers in the market, and you should choose a ten-year insurance company that offers solutions within your wallet’s reach. This is despite the increase in construction insurance rates. The best insurance companies are driven by desire Providing high quality services with creditworthiness in mind.
Professional Liability Insurance +12%
Apart from ten year insurance, third party liability is also one of the insurance benefits that are on the rise. The latter is optional for craftsmen, but is mandatory for all professionals who practice or carry out regulated activities. We can cite, among other things, lawyers, doctors and architects. This is an important insurance because it allows you to repair damage caused to others in the course of your activities. that it Damage caused by you or one of your employees to a third party.
As a result of the significant inflation observed in all sectors, the premiums for insurance contracts of professional civil liability increased significantly. In the health sector, for example, it has become more expensive to cover hospitalization costs and monitor patients until recovery. To better face this new situation, Professional liability insurance increased by 12%. This gives rise to new definitions that offer all guarantees of full coverage in the event of damage to a third party in the course of your professional activities.
4% increase in health insurance for your employees
Mutual health insurance is part of the obligations of employers towards their employees. In companies, employers have to Participation in health coverage contributions for its employees at a rate of not less than 50% of the total amount. It is not up to the employee to take responsibility for single-handedly taking care of his or her personal resources, when an accident occurs at work. It is your responsibility to share in the expenses resulting from the care that must be provided to him for his recovery. Mutual health insurance is recorded in your employee announcement.
in 2022, Mutual health insurance premiums increased nearly 4% Due to hospital repairs and procedures. It should be noted here that the contributions of mutual insurance companies develop according to the costs of the services they cover. Several reasons, such as the increasingly high cost of health care, could explain the increase in a company’s health insurance contributions. There is also an aging population and the development of some chronic diseases. Not to mention the new taxes and regulations. The peak amount of taxes levied between 2000 and 2019 on mutual health insurance contracts is estimated at 3.2 billion. Regarding the fixes, we can mention Post the fix from 100% And the covid tax.
Remember to renegotiate your building and vehicle warranties
Today, many craftsmen have set up their residence at a workplace. This is often beneficial to them insofar as they are often on the move and then consider renting an office superfluous. In addition, as part of your activities, to get around, vehicles, whether belonging to your company or personal transport, are often used. It would be fair to ensure that you have insurance that will benefit you in case you use your premises and vehicles for commercial purposes.
Local Pro . Guarantees
Home insurance can seem insufficient when you are converting your workplace into a workplace to increase productivity. its the best To get professional multi-risk insurance in this case To protect you from all potential dangers that may arise from the professional use of your residence. Insurance companies offer tailored packages that take into account the needs of using your premises as a workspace. You need to renegotiate your guarantees by protecting yourself with offers, such as:
- Fire and water damage insurance,
- Warranty on electrical damage and stored equipment,
- Operating loss guarantee.
These different offers combine to provide you with guarantees that are mandatory in the eyes of the law. It also provides you with optional protections to prevent hazards while performing your duties from your home. You can, by mutual agreement with your insurance company, determine the risks and, accordingly, adapt the guarantees to your needs in order to obtain the best insurance offers.
Vehicle Insurance for Construction Traders
If professional civil liability insurance was taken to cover bodily injury sustained by a third party while using your vehicle, it is better today Manufacture Additions to better meet new requirements. In addition to preventing the risks of accidents, the car itself may be exposed to breakdowns. It would be interesting to take your precautions with new types of safeguards such as:
- help breakdown,
- Warranty with the replacement car,
- glass breakage guarantee,
- Fire and theft insurance.
The list of guarantees is long. So you should renegotiate your vehicle warranties with your insurance company in order to get the best out of you. Vehicles are important working tools for construction craftsmen. It is therefore essential to have the most beneficial guarantees, whether the use is for professional or personal purposes. For this, you should look for solutions available in the market in terms of insurance. The best team member to accompany you is not necessarily the one with the lowest price. It is he who offers you tailor-made solutions at the best prices.