Peace of Mind
If you run a business in the construction industry, there’s a good chance that you’ve spent time worrying about damage or theft of your building materials.
As a builder, you often have no choice but to leave building materials on-site overnight. Hauling them off to a depot or storing them indoors isn’t feasible. All that you can do is go home in the evening and hope that nobody takes them while you’re not there.
Builders also have to deal with the risk of damage to building materials during construction. While most material you use is relatively robust, certain items are particularly prone to breakage, especially during transit and installation.
There’s another problem too: the risk that workers will injure themselves while on your building site. If a worker can prove that you are to blame for their injuries, they could initiate legal action and force you to pay compensation.
Contract Works & Legal Liability
The good news is that there is a way to protect yourself from these threats: contract works and legal liability insurance.
Contract works and legal liability insurance is for anybody who regularly works on a building site, including building contractors, builders and owner-builders.
The insurance covers all kinds of material losses that you might incur on the job, as well as worker litigation. Cover includes:
- Damage to property or materials during new constructions, additions and alterations
- Damage to existing property under your care
- A broad definition of the people who are insured, including principals, financiers, sub-contractors, and contractors
- Tools and equipment cover across Australia, not limited to any particular construction site
- Protection for building materials stored off-site anywhere in the country
- Cover for any damage to properly build sections of your construction site damaged by incorrectly built sections or use of materials
- Liability cover for workers injured on-site while working, up to a $50 million liability limit
- Cover for specialist risks, such as vibration and removal of weakening supports
Businesses in the construction industry operate on razor-thin margins, and so need insurance policies that can help them remain financially healthy in the event of a loss or litigation. Contract works and legal liability insurance provides a safety net for your firm.
How A Contract Works Insurance Broker Can Help You
While buying contract works and legal liability cover is essential, how you buy it matters a lot too. Many builders will ask their existing insurer to bolt on additional protection to their current policy, but this is unlikely to yield the best deal.
A much better option is to use a contract works insurance broker. An insurance broker helps you search through all of the contract works insurance options available on the market and enables you to choose the right one for your circumstances. A legal liability insurance broker does the same for legal liability insurance.
At ALS Insurance Solutions, we’re both. We provide you with expert advice and don’t try to push any particular product. With us, you can find the contract works and legal liability insurance that meets your needs and mitigates your risk best.