According to the January PMI (Purchase Managers Index) report, the UK construction industry is expanding at its fastest level since August 2007, before the economic slump took hold. The report highlighted specifically that new house builds are at the highest level since November 2003.
The PMI uses a number of metrics to measure how the industry is performing:
• Production levels
• New orders from customers
• Business stock inventories
• Employments levels.
Obviously, this is great news for you if you work or run a business within the construction or building trade. But it also presents challenges for small businesses who need to gear up to meet demand. Growth can often put pressure on cash flow and small businesses particularly need to be conscious of just how much they are changing – increased stock levels, additional tools and machinery and even hiring in additional labour either casually, under contract or as full time employees of the business.
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If you are experiencing an upturn in business and are planning for growth, you should take the opportunity to review your insurance cover as part of the process. It can be quite easy to find yourself inadequately insured in a rapidly changing business environment and if the worst was to happen, what should have been a positive upturn in business could quickly become a disaster.
BAW is a specialist insurance broker to the construction and building trade. We work with clients of all shapes and sizes – from sole traders and casual labourers who simply need a public liability certificate through to limited companies with extensive insurance requirements. We also cater for a wide range of specific trades that can sometimes find getting the right cover difficult:
• Roofers insurance
• Scaffolders insurance
• Plumbing and heating engineers insurance
• Air conditioning engineers insurance
• Electrical contractors insurance
• Groundworker insurance
We can help with cost effective, fast quotes and cover – so if you find you do need to take out additional cover for new workers we can get that arranged in a matter of minutes.
Similarly, we can take larger clients through a full assessment of their precise needs and tailor cover that meets their requirements.
So, if you're feeling the benefit of the reported upturn in the market, why not get in touch to discuss your insurance needs?
For a no obligation business insurance quote simply call us on 01902 324 194 or use our contact form here.
