The construction business is active and profitable right now in Australia. While it is a great time to grow and expand your business, you need to consider an important factor before you hang out your shingle or up your advertising budget, contract works insurance.

WHY CONTRACT WORKS INSURANCE IS NEEDED

Many tradies we work with believe that other types of insurance will cover them and their job sites. However, we suggest before you trust your livelihood to what you think a policy covers, you owe it to yourself to allow us to review your current policies with you. It may save you thousands of dollars in the future, if you take the time to look at the details now.

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COVERAGE TO INCLUDE IN A CONTRACT WORKS INSURANCE POLICY

We believe it is essential to include all phases of the build in your contract works policy. There are some policies, with smaller price tags, which look good on the surface. However, when you look at the details of the policy, you may find that the insurance only covers the part of the project involving building. While the active building phase of a construction project is the time when most mishaps occur, we believe it is essential that our customers have coverage in place through all three of the stages of the build.

Tender Phase- The time prior to actual construction is subject to hazards and should definitely be included in your contract works insurance. Although this is not a particularly busy time in the construction world, do not allow yourself to be lulled into a false sense of security believing coverage for this phase is not necessary. Inclement weather and unforeseen happenings at the build site can be costly to you and your company.

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Construction Phase- Naturally, the most active phase of the build is also the most hazardous. At their best, construction sites can be a labyrinth of potential accidents. At the worst, the sites can be deadly. Even the most conscientious tradie cannot control every aspect of the day to day goings on at a construction site. Contract works insurance needs to reflect the tenuous nature of the job site. We believe you should resist the impulse to under-insure yourself merely because you have had no problems in the past.

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Post-Completion Phase- It is tempting to feel that once construction is complete, the property is no longer a concern of yours or your company. However, until the purchasing party officially accepts the finished project or another insurance policy begins, the property is still the contractor’s responsibility. Any number of things can and often do go wrong between the time you consider the work complete and when the new owner gives their approval. It is the safe and prudent thing to review all of the insurance policy information and not simply hope for the best.

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We are committed to working with our customers to make sure they have all of the coverage necessary at the best possible rates. Feel free to contact us if you would like a policy review or to discuss contract works insurance.

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