Construction insurance is essential for builders to protect their projects, business assets, and employees from a variety of risks that can arise during and after construction. Auswide Insurance Brokers offers comprehensive advice and tailored coverage solutions to suit construction businesses of any size and scope.
Key Insurance Policies for Builders
Construction businesses face a wide array of risks, from property damage to workplace injuries. Here are the five priority insurance policies every builder should consider:
- Construction Works Insurance (Contract Works Insurance)
This cover protects builders, subcontractors, and tradespeople against accidental or malicious physical loss or damage to the build project throughout the construction period. Typical events covered include fire, theft, storm, hail, cyclone, flood, and accidental damage. Proof of construction insurance is often required by project financiers before stage payments are made. - Product and Public Liability Insurance
Usually bundled in one policy, this insurance covers your legal liability for third-party personal injury or property damage, whether you are found negligent or not. It is often a contractual requirement and provides crucial financial protection in case of claims that could otherwise impact business viability. - Business Vehicle Insurance
Comprehensive commercial motor insurance covers your business vehicles such as cars, trucks, or trailers against damage, theft, or loss. It also includes additional features like vehicle replacement, emergency hire, towing expenses, and protection for advertising or branded materials. - General Property (Tools) Insurance
Protects your valuable business tools and equipment against fire, storm, vehicle accidents, theft, and accidental damage. The coverage can be tailored to include protection for property kept at various locations or transported to job sites. Recording digital receipts helps with claim proof. - Workers’ Compensation
Legally required for businesses with employees, this insurance pays employee wages, medical costs, and rehabilitation if they’re injured or become ill at work. Contractors and deemed workers may also require coverage under certain conditions.
Why Choose Auswide Insurance Brokers?
As trusted advisors with access to policies from over 150 national insurers, Auswide Insurance Brokers ensures your coverage matches your business needs and risks. Our brokers provide personalised service and advocacy, support with complex claims, and access to exclusive policies at competitive rates. From initial needs analysis through renewal and claims processes, your insurance works as a partnership for your business stability and growth.
Getting the Most Out of Your Construction Insurance
Builders should regularly review their coverage and seek advice to ensure policies remain relevant as business circumstances change. Combining policies for construction works and liability can often reduce premiums and enhance protection. It’s also crucial to discuss custom endorsements such as pollution liability, mitigation costs, removal of debris, and professional indemnity, depending on the project’s nature and scale.
For expert construction insurance advice or a competitive quote, contact Auswide Insurance Brokers, your reliable partner in risk management and business protection.