The Construction & Excavation Industry presents a diverse range of risks which are complex and very hazardous. It is important that you work with an insurance advisor that has expertise in the construction industry and will take the time to understand your specific business activities.
Protecting Your Construction and Excavation Business
The business activities within Construction & Excavation are very diverse, as are the business risks which insurance needs to protect. This means that there is not a one size fits all when it comes to buying a commercial insurance policy for your construction business. We specialise in advising various construction businesses including:
- Residential & Commercial Builders
- Civil Works
- Structural Steel
- All Trades including Concreting, Bricklaying, Plumbing, Electrical, Air Conditioning, Plastering, Carpentry, Tiling, Painting and Landscaping
- Earthmoving & Excavation
What risks are specific to the Construction Industry?
- Property / Material Damage risks which can present at the company premises and at the construction site. A prime contractor will require Contract Works insurance to cover the building under construction and goods / materials at the site. The risks which can impact a construction site include significant fire exposures from hot work and welding and other flammable items kept on site. Theft / Crime is a high exposure for the construction industry with theft of materials and equipment from construction sites a major issue. There is also theft of power tools and other equipment from motor vehicles which needs to be risk managed.
- Public & Product Liability is a major risk for the construction industry. There a multiple risk factors including unauthorised access to construction sites, excavation work, liability to sub-contractors, vicarious liability for sub-contractors and damage to third party property. Product Liability is also a major area of concern for principal contractors as they can be held responsible for a variety of problems which may arise with the completed structures including those caused by sub-contractors. Risks include non-compliant materials, not following building specifications / codes and defective work.
- Professional Liability is a risk which needs to be considered in detail. Significant exposure exists in regard to potential claims arising from an error or omission in design, consultancy services or any deemed professional advice which has been provided.
- Commercial Motor Vehicle and Mobile Plant and Equipment must be reviewed closely to ensure these vehicles and equipment are insured for their intended use. In the case of mobile plan and equipment it is important to cover for any dry hire which may occur as well as any hired in equipment.
- Management Liability is an important consideration as construction businesses are exposed to a range of regulation and employment practices which can involve significant fines if they are breached.
What types of Insurance are relevant to the Construction Industry?
- Contract Works - Single or Annual
- Property / Theft
- Public Liability
- Professional Indemnity
- Commercial Motor
- Mobile Plant & Equipment
- Machinery Breakdown
- Loss of Revenue
- Income Protection
Contact Us Today
If you would like to find out more about the benefits of working with NWC Insurance then give us a call on 1300 400 700 or email firstname.lastname@example.org.