Building and construction business exists with multiple risks throughout the lifespan of the building that you construct. Being the second largest industry in Australia, there are many scopes in this business. At the same time, it is crucial to go to the depth of the risk and liabilities in this highly competitive market of construction.
A single construction site is exposed to risks that may involve your business clients or an entire community that plans to reside/work in the building. Hence, it is essential to get a risk cover to help absorb all the shocks related to your building in the future.
What are the potential risks of a construction project?
The following are the potential risks of a building project:
- Loss/ damage to the building due to natural disasters like earthquakes, storms, etc
- Theft of building and construction materials
- An unexpected loss to the building
- Injuries to the employees ranging from higher to lower severity
All the risks mentioned above can give you a financial shock that can be tough to handle. This is only a glimpse of common risks during construction. Every project has its unique set of risks that can be assessed with a risk analyzer’s help, and you can add these risks to your cover accordingly.
What does it cover?
- Single as well as annual building contract projects
- Public liability insurance
- Equipment and plant safety insurance
- Risks of a sudden interruption in business
- Environmental liability cover
- Insurance for compensating the absence/ loss of workers
- Builder’s indemnity
Does this insurance cover the cost of building renovation?
When a construction project is signed up for the building’s renovation, the normal building insurances do not cover the home’s damage due to the construction work. One of the best examples of this is removing the roof of the home for extending the floors on the building. When the roof is removed, the entire home is exposed to conditions like rain, heat, storm, etc. This causes damage to the walls and floorings of the home. To cover this risk, it is essential to get a combination of construction and liability insurance that covers the construction area and the existing building area.
Getting a quote
If you are the owner of a building and construction business, you might be exposed to many financial losses. Right from the construction site to the public liability that you own is prone to risks during the entire construction project. Hence, it is necessary to get insurance for the construction site as well as all the liabilities. As every construction project is unique and has a distinct set of risks, you can consult us at 2Bsure insurance services and get the best quote for your building and construction insurance.