Whether you’re an owner builder, a contractor or a large construction company, you’ll need a range of insurance covers to safeguard your workers, building and equipment.
Construction projects involve multiple stakeholders and are often undertaken on challenging sites. Construction businesses must often manage changes to scope or orders, poorly written contracts and specifications and complex project management issues. They may need to deal with labour and materials shortages, or theft of tools and materials. Subcontractors and suppliers can provide extra stress for construction firms, as can the rising number of extreme weather events. What’s more, cybercrime is an emerging threat to construction businesses, which often use insecure connections from mobile workplaces, and share files and data with stakeholders outside the business.
| Type of cover | Potential benefits |
|---|---|
| Contract works | Protects any buildings under construction and construction equipment. This cover may include protection against:
|
| Business pack | Safeguards your business premises against:
|
| Cyber | Safeguards you and your business against expenses and legal costs if your website or other systems are hacked and your system cannot be used or customers’ details are stolen. |
| Motor Insurance | Takes care of your valuable business vehicles with cover to:
|
| Professional Indemnity | Protects you against legal action from a client for breach of professional duty. This type of insurance is often required by building contracts. |
| Workers Compensation | Covers the cost of your employees’ wages, rehabilitation and medication if they become injured or sick through their work. |
Rick has a small construction business, which employs subcontractors from time to time. As his usual plumber was unavailable for a job renovating a home, Rick employed a plumber recommended from a friend. Unfortunately, the plumber did a careless job and a pipe burst overnight, flooding the building and causing extensive damage to the half-completed renovations. Rick successfully claimed on his contract works, which covered the cost of the labour and materials to rectify the damage.
Important note
This general information does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with Axle Insurance Brokers whether this type of insurance is appropriate for you. Deductibles, exclusions and limits apply. This type of insurance is issued by various insurers and can differ.
Axle Insurance Brokers Pty Ltd
ABN 88 681 367 760
Corporate Authorised Representative (No: 1313968) of McLardy McShane Partners Pty Ltd
AFSL 232987 I ABN 14 064 465 309
Level 3, Building 7, Botanicca Corporate Park, 570-588 Swan Street, RICHMOND VIC 3121
Give us a call 1300 356 657