Why Builders Need Insurance
As a contractor builder, most if not all construction companies require you to be insured before they consider hiring you.
Common Risks That Can be Protected With Insurance
- Injury
- Theft
- Property, product damage
- Time delays
- Disputes
- Financial loss
- Tool theft, loss or damage
What Types of Insurance Do Builders Need?
If you have a construction business or in a management position, the risks of claims against you are many, and if you’re a tradie, you must take care of yourself and your employment, tools, clients and public safety.
Essential Insurance Types for Builders
Some of the most common types of insurance coverage that builders should have include:
This is the most common and necessary insurance for builders. Whether you’re building sheds in the suburbs, or doing work in the city on commercial job sites, public liability insurance is a must.
Builders or tradies who use their own tools need tools of trade insurance for protection from theft and other perils.
This protection is different to public liability in that it covers you even if you weren’t negligent, protecting against claims of professional error or inadequate work.
This insurance covers you for events where you weren’t at fault and may not seem responsible, but you have become responsible because of the contract into which you entered.
All builders need vehicles. Whether it’s your ute used to get from job to job, a fleet of vans, trucks and utes, you need commercial motor insurance.
How Does Builders Insurance Work?
Project owners, management, subcontractors and lenders may all take out and pay for builders risk insurance. It protects their subcontracting business.
Or if you’re a self employed tradie, the insurance covers you against damage, personal injury or destruction. Terms can range from three months to one year, depending on your policy.
How Much Does Builders Insurance Cost?
Builders insurance costs vary depending on the requirements of your project and its structure.
Call us at Adroit and your risk advisers can compare a wide range of options available and assess the price of your excess. You’ll be guided by professional and tailored advice.
Why Choose Adroit?
At Adroit, we strive to provide you with accurate, trusted, and sound risk advice tailored exactly to your needs. You can’t totally eliminate risk, but you lessen it by knowing what needs protection and how you go about it.
We work for you, not the insurer. As your advocate, we manage claims paperwork and negotiate with insurers to protect your interests.
As part of the Insurance Advisernet (IA) network, Australia’s largest insurance broker group, we access exclusive construction insurance policies with competitive premiums unavailable directly to builders.
Adroit has your back – with our professionals onside, you can focus more on growing your business and less on the challenges and risks that could hold you back.
Get Quotes on Tailored Builders Insurance Covers at Adroit Today
The laws vary in Australia around the cover needed so get an online quote or call Adroit today and speak to one of our Melbourne professionals for advice and a quote.
Disclaimer: The information provided in this article is for general guidance only and does not constitute financial or legal advice. Insurance policies vary by insurer and individual circumstances. Always consult with a qualified insurance broker or adviser before making insurance decisions. Adroit Insurance & Risk is an authorised representative under Australian financial services regulations.