Australia’s billion-dollar construction industry lies at the heart of the nation’s social and economic infrastructure. Through the provision of structure, Australian builders contribute to the wealth and welfare of the community. Such great responsibility should be backed up with a comprehensive insurance policy.
Builders Insurance can help your business survive the unexpected, with minimum losses.
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Our systems do the hard work, quickly matching the insurance that best suits your business.
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What risks may Builders Insurance cover?
There are plenty of risks that builders are exposed to every day, even if all workmanship standards are adhered to and all safety precautions taken.
Accidents can happen and issues do arise constantly on worksites all over Australia. Builders Insurance is the best protection that you can get to safeguard yourself, your business and your family when things go wrong.
Although every building project is different, there are several hazards that are common to workers in this area, including:
- Personal Accident: As a builder, your ability to maintain a steady income in the event of accident or injury is severely impaired. On a building site you are exposed to many conditions that can result in bodily harm, particularly when working at height.
- 3rd Party Accident: Equipment such as forklifts and dump trucks can cause serious injury to a member of the public if they are not properly manoeuvred.
- Unsafe Working Area: Home to open holes, trenches and stakes, building sites are extremely unsafe working environments. As a result, builders often sustain job-related injuries.
- Defective Building Works: Builders expose themselves to obligations and liability for up to ten years after construction. Major defects can be a huge cost to builders who, in many cases, are legally required to rectify these issues.
- Extreme Weather: During the building period, your structure is exposed to the elements, which can cause serious destruction or interruption of proceedings. Flooding, storms and cyclones are all commonplace in Australia and can have a huge affect on your ability to conduct business.
- Legal Risk: Threat of facing legal action from customers, suppliers, employees, competitors, investors, or other parties.
- Fire & Explosion: Faulty electrical wiring, as well as exposed wires, can be a cause of electrocution, and even fires on a building site which can not only affect the structure and equipment but also injure builders and contractors.
- Machinery & Vehicles: Construction sites rely on machinery and vehicles to carry out their daily operations. Replacing equipment in the event that it is damaged or stolen can be a huge financial burden for the company.
As a builder, it is possible to reduce the risk that you are exposed to by evaluating and taking steps to minimise your risks. However, it’s important to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business, employees and the general public.
What Are the Key Elements of an Builders Insurance Policy?
Depending on your circumstances, a Builders Insurance Pack may include the following covers:
- Public Liability Insurance: Public Liability Insurance protects builders against the financial risk of causing damage to a 3rd party’s property, or causing them bodily harm.
- Income Protection Insurance: Income protection for Builders protects against the financial risk of losing income as a result of not being able to work.
- Life Insurance: Covering the builder and and/or their family from the financial impact of death or diagnosis of a terminal illness.
- Tool Insurance: Covering the replacement cost of your tools if they are lost, stolen or damaged.
- Commercial Vehicle Insurance: Covers you for loss, damage or theft of your business vehicles.
- Builders Warranty Insurance: Builders Warranty insurance covers loss or damage resulting from non-completion of work, loss of deposit or breach of statutory warranty. Cover may be triggered due to the death or disappearance of the builder.
Who Needs Builders Insurance?
Given the dangerous nature of the work, the director of any construction project should always have a comprehensive insurance policy in place before stepping foot on the building site. There are many types of Builders Insurance, and each of them have an important role in protecting a builder from risks both on the worksite and afterwards.
How PSC Direct Works for You
The team at PSC Direct comprises specialist business insurance brokers, experienced in sourcing insurance for Australian SMEs. We care about the clients we service and want to fully protect their businesses. That’s why we treat each and every one as an inividual entity, considering their unique requirements to source the most appropriate cover that will offer the upmost business protection.
PSC Direct Insurance Brokers use online systems to review your business. We draw on our experience with thousands of similar businesses across Australia to match your needs to our database of indexed insurance policies. In order to ensure you have the most appropriate cover, our insurance brokers will fully review any policy before it is recommended to you.
PSC Direct is an entity of PSC Insurance Group, one of Australia’s largest private insurance broking houses. This affiliation offers us access to a range of leading insurers and underwriters as well as membership of a range of national and international insurance organisations. Part of such a wide insurance network, PSC Direct is best placed to source cost effective covers for our clients.
Protecting your business is important to us. We understand that insurance can be complicated, and we’re here to simplify it for you. We provide advice and cover to a range of businesses across Australia, in industries from Accounting to Engineering, Mining, Retail and Trucking. We know the policies necessary to fully protect your business and assets in the specific sector you operate in.
We are able to offer a range of policies from standard Public and Products Liability to more specialised covers such as Management Liability, Commercial Property, and Cyber Insurance and Tax Audit Insurance. We’re not only here to source your policy but to develop a business partnership with you. We will work with you as your business changes to offer alternative or additional insurance policies, or in the event of a claim, we’ll assist you until settlement.