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Contract works Insurance
When you’re working on a construction site, plenty of things can go wrong. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss.
That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.
Who should consider it?
Contract works insurance is recommended for small, medium and large commercial, industrial and domestic builders, sub-contractors and owner-builders.
Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
Did you know?
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(Safe Work Australia, Construction Industry Profile, 2015)
The construction industry had the fourth highest rate of serious claims
in 2012-13.
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(NSW Police Force, Preventing Building Site Theft, 2018)
According to the NSW Police, theft from housing construction sites accounts for 1% of the cost of a new home.
​
(ABC, ‘Regional residents urge to keep watch for building site theft’, 2014)
WA building industry’s anti-crime group, Busted, states that each year, building site theft costs the sector almost $25 million.
What can it cover?
Contract works insurance can cover the building which is under construction, whether it’s a kit home, straw bale or mud brick home, multistory apartment or commercial buildings. It can also cover the equipment used in construction, as well as public liability risk.