Your benefits
Our contractor's liability insurance and suretyships offer you a number of benefits.
More details about contractor's liability insurance and suretyships
We support your company with contractor's liability insurance and suretyships, thus strengthening the trust of your partners.
Contractor's liability and Suretyship
FAQ
Contractor's liability
Our contractor's liability cover offers comprehensive protection for your clients. We support you in the following cases:
- Advance payment guarantee: We will refund your client's advance payments if you are unable to pay as a company.
- Execution guarantee: We mitigate your client's financial risk if you are unable to complete a project.
- Work guarantee: We cover your client's repair costs as agreed in your works contract.
Suretyship
Our suretyships offer specific solutions for different industries and requirements. We support you in the following cases:
- HR agency guarantee: Do you hire out personnel? Then you are required by law to pay a surety to the Cantonal Office of Economy and Labor. We pay the surety on your behalf.
- Customs bonds: Do you have regular customs transactions? We will vouch for you and speed up clearance at customs.
- Special bonds: Do you need a special bond? We have the right solution for you.
For whom is contractor's liability insurance or a suretyship suitable?
Contractor's liability insurance or a suretyship is important for companies that need to offer security. These include, for example:
- Construction companies that carry out large projects
- HR agencies that have to provide legal guarantees
- Import/export companies that need to cover customs liabilities
- Logistics companies that need to secure obligations
What is the difference between contractor's liability insurance and a suretyship?
Contractor's liability insurance is often used in construction. It helps to hedge certain risks in construction projects, for example advance payments, execution as well as defects. The term is usually fixed, and you pay a one-time premium.
A suretyship often has an unknown term and is used for various purposes, for example when providing guarantees to government offices. With a suretyship, you pay annually as long as the guarantee is in place.
How do contractor's liability insurance and suretyships work at Zurich?
If your customer requires a guarantee, you will need contractor's liability insurance or a suretyship. We provide such guarantees. When you purchase contractor's liability insurance or a suretyship, two contracts are created:
- A contract between your company and Zurich: This contract determines the premium, recourse and other conditions.
- A contract between your customer and Zurich: The required surety or guarantee deed.
How do I apply for contractor's liability insurance or a suretyship with Zurich?
You can reach us via your advisor or our contact form.
Procedure for contractor's liability insurance
We check your creditworthiness on the basis of your annual financial statements, extracts from the debt collection register and reports from credit agencies. If we make a positive decision, we set an overall limit. Within this limit, you can apply for sureties and guarantees without us having to reassess your company. If you agree to our offer, you can order your contractor's liability cover online. Please note that you need a login for online access.
Suretyship procedure
After we have reviewed your application and related documents, we will provide you with a quote.
Can I change my contractor's liability insurance or suretyship if my needs change?
Yes, you can alter both of them. This is common with suretyships, for example if the office or customs authority requires it. However, in the event of an adjustment, we will check your creditworthiness again.
Contractor's liability insurance can also be changed, but this should be necessary less often. Adjustments might be necessary, for example, if there are misunderstandings about the order or delays in construction.
