As a contractor in Australia, do you need to obtain builders insurance? During previous decades, a few construction companies omitted taking this important step. Today, acquiring construction and building insurance from a reputable, licensed insurer proves vital. Consider contacting TradeRisk to select the best coverage for your firm.
About Builders Insurance
Essentially, a construction and builders insurance policy protects your company in two ways. First, it safeguards your valuable assets during the course of a building project. Second, it also protects your firm against liability claims from others arising during this period of time. Traderisk Builders Insurance provides valuable assistance to companies of every size conducting construction in Australia.
A Legal Requirement
Perhaps the most pressing reason to seek builder’s insurance seems self-evident: many jurisdictions in Australia now require construction firms to obtain this coverage as a matter of law. In order to work in this field and maintain your licensure, you absolutely require coverage in many places today. For example, New South Wales recently amended its laws to make builders insurance mandatory.
Breaking the law concerning builder’s insurance proves costly indeed. For example, The Victoria Building Authority recently fined a builder $10,000 for ignoring this requirement. Other jurisdictions also authorize sanctions against firms violating this safeguard. Communities in Australia want to ensure construction firms adhere to insurance requirements in order to protect the public.
Safeguarding Your Assets
The requirement to obtain construction and building insurance benefits companies within the construction trades. Even in communities that don’t require this insurance, most contractors demand that their subcontractors obtain adequate insurance coverage. Primary contractors want to ensure the project proceeds smoothly.
For example, this form of coverage helps protect the assets of construction firms. Mishaps sometimes occur during construction. It may prove impossible to prevent some of these disasters. For example, workers excavating a foundation may encounter unexpected conditions.
If a drill sustains significant damage through no fault of the contractor when a beam suddenly tumbles from a platform and damages the equipment, it proves reassuring to know a construction insurance policy will help cover the repair costs for this vital tool. A project manager does not need to sustain extended periods of “down time” while the company struggles to obtain replacement equipment.
Protecting Your Business When Liability Arises
Similarly, accidents at construction sites sometimes involve third parties. Workers’ compensation helps cover the claims of injured employees. Yet it also proves important to consider the needs of people unconnected to the project.
For example, what happens if a platform collapses unexpectedly due to worker negligence and debris falls onto a busy sidewalk outside the secure construction area? Badly injured members of the public may file claims against a contractor for hospital bills in this situation. It brings some peace of mind knowing insurance can help pay for these unforeseen damages. In the absence of adequate construction and building insurance coverage, paying for costs arising from a single accident at a construction site might easily destroy a business venture.
Find A Respected Australian Insurer
Smart construction contractors appreciate the excellent customer service offered by TradeRisk. As a full-time insurance firm, the company has garnered numerous awards. Its agents help business owners obtain essential insurance protections, while also tailoring policies to meet the unique needs of an individual firm. For instance, some contractors need only minimum (legally mandated) levels of insurance protection.
Others really do require coverage for additional, unforeseen circumstances. A construction firm’s business manager may recommend a higher maximum level of construction and building insurance protection.
As one of Australia’s leading insurers, the highly respected TradeRisk firm offers tailored insurance products. Its agents seek to meet the unique needs of customers. The company possesses extensive experience helping businesses engaged in many different trades.
Arrange for a Personalized Business Insurance Consultation
Construction and building insurance won’t cover every disaster. It doesn’t apply to claims arising before construction, for instance. Yet it does help contractors safeguard their businesses against potentially catastrophic liability claims and property damage. Consider requesting an in-depth consultation today.
Author Bio: Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought-after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.
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