At Be Covered Insurance Brokers, we live and breathe insurance for the building and construction sector. We understand that while some core risks will always be present for all builders, other risks will depend on how you operate. The most common insurances tailored to the specificities of businesses within the construction industry are:
Office and/or Workshop
If your business includes an office or workshop, you will need a policy that covers your contents on those premises, whether for office equipment or for machinery and materials. Usually, office or workshop insurance can be placed under a Business Pack insurance policy. It can be extended to include coverage for items such as Glass, Theft, Machinery and Electrical Breakdown, Business Interruption and many over covers for that specific location.
Vehicle insurance can be tailored to cover one primary vehicle that is used for both business and private use or a fleet of vehicles requiring different levels of cover with various drivers. Cover can be extended to cover upgrades to the vehicle, sign-writing, hire car following an accident and excess free windscreen cover.
Tools and Materials
The critical thing to consider when covering tools and materials is their storage and use. The kind of tools, equipment or plant insurance you need will depend on how exposed your tools are to theft and whether you are using them on a work site or keeping them at a home office/workshop. It’s important to check how and where you can use your tools and in the event of a claim how much are you covered for and what excess will you be required to pay. Pay close attention to this; sometimes, the excess for tools is almost the same price as the tool itself!
Contract Works and Liability
Every business requires Liability insurance which covers third-party injury and damage to third-party property out of negligence from operating your business and can be tailored to cover the specific works you are carrying out. Depending on your works and the contracts you are signing, you may also be required to cover Contract Works insurance covering the material project from risks such as theft of building materials, fire and storm damage during the construction.
The above four highlighted examples are just a snippet of covers to be considered by builders. To ensure you are obtaining an effective program to suit your specific needs, it’s best to speak to an insurance broker who specialises in the building and construction industry both locally in South Australia and across Australia, like Be Covered Insurance Brokers. Don’t hesitate to reach out to us, and we will be glad to help.