Insurance For Builders

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Why do Builders need to consider it?  

The building industry is fast-paced and full of vastly different job sites to work on. For builders, no two days are ever the same and each job brings with it its own unique risks and challenges. Accidents can and do happen, even on the best run worksites. No matter how many precautions you take, some things may simply be beyond your control. When you’re onsite, it is important that you have the right insurance in place. If you are working on residential jobs, holding Public Liability insurance can be mandatory. 

As a builder, Public Liability insurance and tool insurance are some of the main types of coverage types you could consider.  Of course, every individual builder runs a very different business with its own unique characteristics and needs, and so their insurance needs will vary as well. The insurance products that work well for one builder may not be the best choice for you and your business. 

Did you know?

Your potential exposure is not necessarily limited to your job fee. Even a relatively small mistake can result in a claim for many thousands of dollars in damage. 

Public Liability insurance*  

One of the most popular types of insurance for builders is Public Liability insurance.   

Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities. 

The reality is accidents can and do happen, no matter how careful you are. Something as simple as someone tripping over your tools on site or you accidentally damaging a client’s property are real liability risks builders face each day.  

If you’re working as a contractor or are a member of a trade association, check to see if there’s a minimum level of cover required. There may well be. 

Portable Equipment insurance*

To get the job done you need your tools, so it makes sense to protect them. If you take the time to sum up the value of your toolbox, you might be surprised how much they all add up! Could your wallet and reputation afford losing out on a few days of work? Could you afford to replace all your tools?

Give yourself peace of mind with Portable Equipment cover. This product covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Professional Indemnity Insurance*

Builders take on a higher degree of responsibility than many other trade professionals and they are paid accordingly. As a builder, you make important decisions in your job every day by providing a specialist service and dispensing professional advice. Professional Indemnity insurance can be a great option for many builders. It protects you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. Subject to applicable limits, your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).

If a crack were to appear in a building constructed by your company years after it goes up, you might be held liable for hundreds of thousands of dollars.

Things to consider

  • Does your business rely on portable property (such as tools)?
  • Would having to replace or repair of the equipment put your business under financial stress?
  • Is your portable equipment stored in the open air or is it secured? Your policy wording is likely to explain how your portable property is required to be securely stored for it to be covered by your insurance.

* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

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