Registered Builder's Insurance
Builders necessarily have both significant material loss/damage exposure and also public liability risk. While in charge of the site any material loss or damage will be the builder’s own financial risk, which is especially high towards the end of each project. Most losses will be of this type, although the biggest value claims tend to be the public liability ones in the form of injury to a third party. As both types of cover are essential, they are normally contained in the one insurance product.
“Contract Works” + “Public Liability” = “Construction Insurance”.
Sometimes the cover is loosely called Contract Works, even when Public Liability is included, and this can be confusing, so check that what you take out includes both.
You should take out a package that includes any of the following that are applicable to your projects. Each will be included as an option on your quote.
- Contract Works and Public Liability (this is the core insurance product essential to builders).
- Home Warranty Insurance (the required statutory warranty cover)
- Tools and Equipment (unless the equipment value is low enough to adequately self-insure, you should take up extra cover for this)
ABE Education is proud to recommend Coverforce Allrisk for insurance, due to their specialist expertise, great products and competitive pricing. ABE Education is a referrer only for insurance products, and cannot provide advice in relation to the cover you may need. This information and quote are provided by Coverforce Allrisk Pty Ltd (CAR:001244500), authorised representative of Coverforce Partners Pty Ltd (AFSL 245377)