The UK Office of National Statistics has revealed that the building industry experienced seven successive months of growth until May 2022 despite ongoing challenges, such as labor shortages, supply chain problems, and inflation. Moreover, construction output in the same period was 4.1% elevated than the pre-COVID-19 epidemic in Britain in February 2020.
Amid this testing landscape, Insurance Business scoured the UK to find this year’s best construction insurance providers by sourcing feedback from insurance brokers and surveying with a wide range of brokerages. The Insurance Business UK (IBUK) team also asked 100s of brokers across the country to rate the building insurers they had helped with over the past 12 months.
The in-depth information collected facilitated the IBUK research team to assign burdened values to each criterion rated by brokers. At the end of the research period, the insurers that earned the highest rankings regarding work quality, specialist aptitude, and client service were named 5-star award champions in construction insurance.
According to the report, the most crucial criteria for the survey respondents when placing building insurance policies (1 = least important and 5 = most important) are:
- Commercial and contractor general liability: 4.78;
- Third-party liability: 4.38;
- Builder’s risk/course of construction: 4.34;
- Professional liability: 3.94;
- Workers’ compensation: 3.22;
- Auto liability: 2.69; and
- Environmental liability: 2.66
See the construction security providers that won in each criterion by checking out the IBUK 5-Star Construction 2022 announcement. Congratulations to all the winners!
