Construction Insurance is a necessity in building contracts, especially when financial institutions are funding a project. The purpose of construction insurance is to cover building works that are in progress in case of unforeseen loss or damages.
Insurance can be purchased for specific projects or can be included in an annual policy to cover all construction works within a year. Each policy reflects the individual needs of a project so using an insurance broker can take the guess work out of your coverage.
Construction Insurance Brokers
A Queensland construction insurance broker will be the expert you need when assessing your options and deciding on your plan. Considering the countless variations of business insurance, it is helpful to have a guide there to navigate you through the process and thoroughly explain your policy.
Your broker will be your support in the case of an emergency, meaning you can worry about completing the project without undue stress about your risk-management.
Construction Works – Material Damage and Liability Insurance
It is strongly recommended that you organise your contract works insurance before commencing a project. If you are affected by theft, vandalism, natural causes, and more, there will already be a process in place to get your project back up and running.
Read our post, 5 Things to Include in Your Construction Insurance to learn more.
Many builders mistakenly under-insure their project. As a helpful piece of advice, try to insure for the amount that it would cost to hire a contractor and pay for equipment so that you are never left out of pocket.