Large one-off construction projects are inherently complex and involve significant risks. As a project owner, it is crucial to mitigate potential liabilities by securing appropriate insurance coverage. In this article, we will explore the importance of contract works insurance and liability insurance for such projects. Furthermore, we will highlight the benefits of utilizing a construction specialist insurance broker who can guide you through the process.
Contract Works Insurance
Contract works insurance, also known as construction all-risk insurance, provides coverage for physical damage to the construction project during the course of its construction. It safeguards against risks arising from various sources, including fire, theft, natural disasters, vandalism, and accidental damage.
For large one-off construction projects, contract works insurance is indispensable. The policy typically covers not only the actual construction work but also the materials, plant, and machinery on-site. It can extend to include temporary structures, such as scaffolding, as well as existing structures being renovated or extended. The coverage starts from the moment the construction work begins and continues until the project is completed.
Liability insurance is equally critical for one-off construction projects. Depending on the insurance policy set up, it protects the project owner, contractors, subcontractors, and other parties involved from potential claims or lawsuits arising from bodily injury or property damage caused during the construction process.
Public liability insurance covers third-party claims for bodily injury or property damage that occur on or around the construction site. It includes compensation for medical expenses, legal fees, and damages awarded to the affected parties. Worker’s Compensation insurance, on the other hand, safeguards against claims from employees who suffer injuries or illnesses related to their work on the construction site.
The Benefits of a Working with a Construction Specialist Insurance Broker
Engaging a construction specialist insurance broker offers several advantages when seeking insurance coverage for large one-off construction projects.
Expertise and Industry Knowledge
A construction specialist insurance broker like Be Covered Insurance Brokers possesses in-depth knowledge of the construction industry and understands the unique risks associated with large projects. Be Covered Insurance Brokers can assess your project requirements accurately and recommend suitable insurance policies tailored to your specific needs.
Access to a Wide Range of Insurers
Be Covered Insurance Brokers have established relationships with multiple insurance providers. This enables us to access a diverse range of policies, ensuring that you receive comprehensive coverage at competitive rates. Be Covered Insurance Brokers can obtain multiple quotes and compare options to identify the most suitable insurance solutions for your project.
Claims Assistance and Support
In the unfortunate event of a claim, Be Covered Insurance Brokers act as your advocate. Specialising in the construction insurance space means we possess the industry-specific expertise to guide you through the claims process, ensuring a fair and timely resolution. This relieves you of the administrative burden and allows you to focus on project completion.
A Specialist Broker is Your Best Choice
For one-off construction projects, securing contract works insurance and liability insurance is essential. Engaging a construction specialist insurance broker streamlines the process, ensuring comprehensive coverage and expert guidance.
Come straight to the experts at Be Covered Insurance Brokers for all your construction insurance needs. Give us a call on 08 7092 2242 today.