Construction Insurance
Experienced Insurance Broker managing your Contract Works, Public Liability, Tools Cover, Motor Vehicles and Plant & Equipment Insurances.
Construction Insurance
Experienced Insurance Broker managing your Contract Works, Public Liability, Tools Cover, Motor Vehicles and Plant & Equipment Insurances.
Plant & Equipment
Contract Works
Public Liability
Workers Compensation
Construction Occupations that we can insure
Construction Insurance for Builders – Builders have a large insurance exposure, from large building projects, expensive machinery, exposure to hazardous worksites, and an increased risk to injury to your workers, contractors and members of the public. Builders also have a large financial risk as they can deal on credit terms from their customers which could expose them to months of outstanding invoices as a result of an insolvency.
Plumbers have numerous hazards that they need to consider mitigating by insurance to protect their business. From injury from slips, trips, falls, injury from machinery, damage to machines, burns, biological hazards such as chemical exposure, all the way to envirconmental pollution exposure. Insurance is available to assist with the unforeseen costs as a result of the above risks.
Electricians should consider quite a few insurance policies to best protect their business. Public Liability Insurance is priority on the needed covers as injury to third parties (including other contractors on site and your engaged subcontractors) is quite high due to electrocution risk, fall from heights. and working with hazardous materials and equipment that results in injury.
Other insurance such as machinery & tool cover are also an important consideration.
Concreting businesses have a large workers compensation, public liability and machine & equipment including vehicle exposure. This is due to the nature of the work being so phsyical. Heaving lifting, bending, exposure to chemicals and duts, use of heavy machinery are all large exposures to staff, and to others on site.
Bricklayers have a large exposure for public liability insurance claims and also Workers Compensation claims due to the physical injury from strain from repetitive motions and heavy lifting. This is a bricklayers largest exposure.
Carpenters can be exposed to hazardous work enviornments, risk of injury to themselves, their staff, and members of the public, risk of damage or theft of their tools and equipment. Fortunately, insurance can mitigate these risks.
Formworkers have a few key exposures being Public Liability risk which would protect your business from claims brought against you for injury as a reuslt of your work, or damage caused by your activities. Workers Compensation is also a large risk due to the nature of the work being so physical, working from heights, and the equipment that is used. Weather and rain also pose a risk to the work and therefore a contract works policy could be suggested to mitigate this.
Earthmovers and excavators, as well as machinery operators have two major exposures;
Public Liability – a risk of injury to a third party as a result of your works, or damage to property such as damage to underground services or damage to surrounding structures as a result of the use of your equipment (think structural problems due to vibration etc)
Damage to Machinery – damage to machinery is easily mititgated with a comprehensive plant and equipment policy. It can cover for theft, damage, and even breakdown cover (upon request)
Roofing is deemed to be one of the most dangerous occupations due to the increase risks of falling from roofs, ladders, and scaffolding. Items also falling from heights causes a large risk for the roofing company if a third party is injured. Public Liability and workers compensation is extremely important as injury claims and even death claims from heights are extremely costly. Roofers also have an increased exposure to workplace fines and penalities by statutory bodies – fortunately, depending on your state, these can be insured.
As Glaziers are working with glass, this can result in an increased exposure to glass breakages which could injury workers and members of the public. Exposures to sealants and adhesives, along with machinery and tools used in cutting glass can result in injury which could lead to insurance claims.
Painters have a large exposure to falls, trips and the risk of injury when working at heights. Falls from scaffolding, ladders and roofs can be common but can be deadly and costly to your business. Damage to third party property from paint spills is also very common but with a comprehensive public liability policy, you can be properly protected.
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Protect your business with the right insurance and the best Insurance Broker
Morgan Insurance Broker are specialist Construction Insurance Brokers and can provide you with a recommendation you can trust to protect your business.
Construction sites are one of the most dangerous places to work. The risks are not only limited to the workers, but also to the people who are nearby. The potential for harm is not just limited to impact injuries which are the obvious risk, construction sites can be a source of noise, dust, and other pollutants that can also affect people’s health.
Construction workers are exposed to a lot of different hazards on a daily basis, such as heavy equipment, hazardous materials, and extreme weather conditions to name a few. Having an insurance program that can protect your business from the financial implications of such events is crucial to your success.
What is Construction Insurance?
Construction Insurance is a broad term to define tailorable insurance covers to protect your construction business. It can cover insurances such as public liability insurance, workers compensation, personal accident and illness cover, motor vehicle, plant & equipment, tool cover, and contract works policies.
Top Risks for the Construction Industry
Injury to Others
Weather Events
Accidents
Defects
Damage to Equipment
Fire
What Does Public Liability Insurance Cover?
Public Liability insurance policies can offer general protection for a business, which may include cover against:
Public Liability insurance for an individual or business in the construction industry can protect you from large injury claims that has resulted in injury to a third party such as a member of the public, clients, visitors, other contracts on site, and even your subcontractors which you have a deemed involvement with. Regardless of your contribution to liability, you could incur legal fees defending your position. Public Liability Insurance can pay for these legal fees.
Businesses that are in the construction industry could supply or install items and materials that are defective or cause harm to your clients, or to the site that you’re working on. Although it’s likely that the manufacturer will be brought into the claim, your Public Liability Insurance can protect you from the incurred costs in defending your position.
What does Contract Works Insurance cover?
Contract Works Insurance policies can offer general protection which may include cover against:
Insurance cover after Fire Damage to a construction site can cover the repair or replacement of the damaged property, including structures, machinery, equipment, and building materials.
Landslip and subsidance can cover the movement of the groun in which the structure is being built on. This movement can lead to foundation problems and structural damage which could result in damages to the site which could result in large claims against your business.
Flood insurance can protect your construction site from damage caused from rising water from creeks, lakes, dams, or other natural waterways.
Water damage could under a contract works policy will protect your site from damages from unforeseen water damage caused by by burst or leaking pipes. The insurance will usually pay for the repair from the resulting damages.
Storm damage cover can protect your construction site from damages from storm such as wind, hail, fallen trees, and lightening strikes for example. It will pay for the repair or replacement of the damaged areas or materials.
Earthquake cover will protect your site from damages as a result of the earthquake, such as repairing structural damages to walls, foundations and roofs for example.
Theft insurance can protect you from theft of your tools, equipment and materials. It’s important that the site is secured every night, and tools and equipment locked up to limit the exposure.
Malicious Damage can cover for intentional damage to your site, such as building materials, the structure itself, and also your tools and equipment which has been done with malicious intent.
Vandalism cover is standard under a contract works insurance policy and can protect your site from damage cuased by vandals such as graffiti damage. Construction Insurance can pay to repair the property to its prior condition.
Broken glass is covered under a contract works policy if it was caused by a natural peril, such as a storm, or vandalism. If it was caused by yourself or your employees by accident, then your Public Liability Insurance policy would usually respond.
Defects Cover will protect your business from claims brought against you for alleged defects that have caused structural issues to foundations or load bearing walls for examples. You may also be brought into a defects claim for the work of your electricians or plumbers.
Public Liability Insurance goes hand in hand with a construction policy and will cover you for any third party injury or property damage claims that you are liable for. It will pay the defence, legal and compensation costs.
Do I need Contract Works Insurance?
Contract works insurance policies come in two sections. The first section is referred to as “Material Damage Cover”. Material Damage cover protects your business from physical loss or damages to your property on the building site including existing buildings, materials, machinery and equipment.
The other section is Public Liability Insurance which protects you from the financial implications of claims brought against you by third parties for injury or property damage. These are the greatest exposures that construction workers will face so it’s important to be protected with the correct insurance in place.
Insurance Policies to Consider
The construction industry is the lifeblood of Australia, accounting for almost 10% of the workforce. Out of the 1.2M workers, majority are sole traders and small businesses. For the industry to keep growing, we need to ensure that the businesses, like your own are protected with adequate business Insurance in place. It’s imperative that the future of your business is protected from the unforeseen financial burdens that could happen on site. You can sleep easy knowing that having us as your preferred Construction Insurance Brokers will have you properly insured so if an acccident were to occur, there would be minimal impact or disruption to your business.
Public Liability Insurance
Public Liability Insurance is crucial for the members of the building and construction industry. Work sites are faced with daily, physical risks that could result in large property damage and injury claims to third parties. Having a policy that will respond to these claims is the first step to protecting your building business.
Contract Works Insurance
A Contract Works Insurance policy is to protect a building whilst its being built, renovated, or repaired. A Contract Works insurance protects your construction site for physical damages you can’t predict. For example, vandalism, theft, fire, and natural weather events such as storms. Having to replace materials or equipment due to unforeseen circumstances could severely impact your bottom line.
A Contract Works Insurance Policy can include Public Liability Insurance, or they can be insured separately.
Tool Cover
You need your tools to work. What would you do if your tools were stolen from your work vehicle overnight? Would you be able to afford to replace all of them at once? A tool box or trailer full of tools could be a costly loss to your business. General Property Insurance can protect your tools from items such as accidental damage, theft, being transported in a vehicle, and even flood to get you back onto the construction site quicker!
Motor Vehicles, Plant & Equipment
Whether it’s a single ute, or a fleet of vehicles and plant & equipment, we can provide a policy that will comprehensively protect you. The fleet insurance policies we can source will provide you peace of mind that your business is covered against unforeseen circumstances and the financial implications that follow.
- Comprehensive Cover
- Windscreen Cover
- Downtime Cover
- Optional Agreed Value
- Hired In, Or Hired Out Plant Cover
How Morgan Insurance Brokers can help
Obtaining Contract Works Insurance is quick and easy when you have Morgan Insurance Brokers to assist. We are able to source policies that can cover a single project, or all of your projects. We get to know you and your business so we can provide you with a tailored insurance product to protect your business and all of your future projects.
WATCH MORE TO FIND OUT HOW YOU CAN BENEFIT FROM USING MORGAN INSURANCE BROKERS AS YOUR PREFERRED CONSTRUCTION INSURANCE BROKER
Your questions answered about Contract Works Insurance
Fortunately, you have the option to insure all of your contracts in a 12 month policy period. The benefits of insuring all of your contracts is that you only have to review your insurance policy once a year. If you only require cover for a single project, this option is also available. Generally, it is more cost effective to insure for all of your contracts.
It can cover damages caused by:
- Natural disasters such as bushfires, fire, earthquakes, flood and water damage, subsidence and landslip, storm, tsunami, or wind;
- Damage to property caused by defects;
- Theft, malicious damage, or vandalism;
- Broken glass.
The second section of a Contract Works policy is Public Liability. Public Liability Insurance covers the business against any third party claims for damages or injuries which is found that your business and employees are liable for.
In order to obtain quotes from market leading insurance providers, we will need some basic information such as:
- your turnover, employees, annual subcontractor payments;
- how many projects you will commence in an annual period and the value of these combined;
- the maximum project value that you will undertake;
- the duration of construction;
- the types of work you’ll be doing (residential homes, commercial properties, new builds or renovations etc).
Standardly, a Contract Works policy will include Public Liability Insurance. However, you can insure for Contract Works and Public Liability individually on separate policies. You may find that it is more cost effective to do it this way, or it affords you more coverage having them insured with separate insurers.
Many rating factors such as turnover, and the projects you work on, will determine the policy cost. Contract Works insurance pricing can be inexpensive if you’re a small business that doesn’t require all the extra coverages that a larger business may need. There are many additional sections that you may elect to insure to add an additional layer of protection to your business. A contract works policy is highly tailorable and can be designed to suit your needs and budget.
Standardly, the main occupation that insures for Contract Works are builders. This can be owner builders, residential builders, and commercial builders. It can cater for renovation projects, or new construction of residential, commercial or industrial builders.
Other occupations that may require this cover could be concreters, formworkers, landscape construction businesses, tiling companies, electricians that are taking on large projects, plasterers, and any other occupation that may be contractually required to insure for contract works.
Fortunately, contract works insurance policies are very flexible. If you believe that your project duration is going to exceed the alloted time frame designated in your insurance policy, you can request for an extension.
Run Off cover under a contract works insurance policy covers all projects that commence during the policy period. It will cover the project from the commencement date until the project is completed, regardless if the project finishes after the expiry of the policy period.
If you have not had an existing contract works policy before, it is not likely that your insurer will take on existing/open projects. However, if the project has only just started, it may be up for negotiation.
If you already have an existing contract works policy in place, and you are looking to transfer to a cheaper insurer, you can negotiate with your new insurer to take on the open project. This needs to be approved by your new insurer before you transfer as not to jeopardise your insurance cover.
Existing Structures covers any structure, which was permanently located on a Project site before the Project work commenced. This could include items like fire, storm, earthquake, etc – regardless of your liability.
Standardly, it is not common for builders to insure for this. Noting that your work on the existing structures will be covered under your contract works automatically.
The cost of a construction policy has a few varying factors.
Your turnover, your employee numbers, if you’re insuring for just Public Liability, or if you’re insuring for contract works as well, your occupation, the scope of your works on your projects, your location, claims history, years in operation etc.
Because of the varying factors, we insure that we approach as many insurers as possible to ensure that you’re receiving the most competitive coverage.
