What types of insurance do builders need? This is a common question that we get asked here at Tradies365. It’s also one of the most difficult questions to answer! The reason for this is that each project is unique and will have different needs, depending on the size, location, and type of construction project you’re working on.

To help give you an idea of what might be required by your builder’s insurance policy, we’ve outlined a few examples below:

Builders Liability Insurance

Builders’ liability insurance covers the builder if they are sued by a homeowner for faulty workmanship. This can be a very serious issue, as it could mean that you must pay out thousands of dollars in court costs and legal fees, or even face bankruptcy if there is no settlement.

Nowadays, most homeowners’ policies do not include builders risk insurance as standard, meaning that builders should consider their specific needs and shop around for the best deal possible. Builders’ liability generally has two main parts:

  • Third party liability – This covers you against claims made by third parties who were injured on site during construction work or had damage done to their property because of your construction activity (such as through water damage).
  • Employer’s liability – This protects employers against claims made by employees who were hurt while working at your construction project site; this includes workers’ compensation claims and other medical bills incurred as a result of injury at work (e.g., car accidents).

What Types Of Insurance Do Builders Need

Workers Compensation Insurance

Workers’ compensation is compulsory for any business that employs employees, and builders are no exception. Workers comp insurance covers injuries sustained at work or on a site. It also covers medical expenses for the injured worker, income replacement (if they’re unable to work) and rehabilitation costs following an injury. If an employee dies from their injury, workers comp will cover funeral expenses too.

ASIC recommends that you do your research by checking out this list of things to consider when looking into workers compensation insurance:

  • How long have they been in business? Can you trust them with your business?
  • What type of coverage should I get? And how much coverage do I need?
  • Who else does this provider offer policies through? Are there any exclusions on policies purchased through other institutions such as banks or financial institutions?

Read more or get a quote for workers compensation here: http://tradies365.com.au/workers-compensation-insurance/

Tools & Equipment Insurance

Tools and equipment can be a builder’s most important asset. When it comes to construction, the cost of replacing or repairing damaged equipment is often far higher than the value of time lost due to delays caused by damage. This is why tools and equipment insurance is an essential part of any contractor’s insurance policy.

Tool Insurance – Tools and equipment insurance covers the costs associated with repairing or replacing damaged tools and equipment. This includes things like drills, saws, and ladders as well as small vans that can be used for deliveries. It also provides protection against theft and vandalism if your vehicles are damaged while parked outside overnight.

Equipment Insurance – Equipment cover will cover damage caused by accidental loss or damage when using your vehicle on site – including breakdowns while travelling between jobsites (in some policies).

Find out more here: http://tradies365.com.au/builders-insurance/

Man with clipboard taking inventory of tools.
Evaluate your tools and equipment regularly.

Contract works insurance

Contract works insurance is designed to cover the cost of repairing or replacing damage to property caused by the work of your business, as well as the cost of rectifying defects in the workmanship. The policy will also cover your tools and equipment, which may be considered an expensive asset for many builders’ businesses.

If you’re looking for more information or a quote on contract works insurance, check out http://tradies365.com.au/contract-works/ – It’s a great resource for anyone interested in learning more about the various types of construction insurance policies available to builders.

Income Protection

Income protection insurance, also known as disability insurance, is a form of long-term disability (LTD) insurance.

It provides you with a regular income if you are unable to work due to illness or injury. Income protection is suitable for contractors who do not have access to sick leave and want to protect their livelihood if they get injured or fall ill.

If you’re looking for the best cover at an affordable rate, then Tradies365 can help you find it! They’ve been helping Australians like yourself for years, so they’re pros when it comes to knowing how much income protection will cost and what types of policies are currently available from top providers like Allianz and CommInsure – visit our website at http://tradies365.com.au/income-protection-insurance/ to find out more about income protection or get a quote today!

Income protection insurance

Building your business is tough work, but you also need to make sure it’s protected.

Building your business is tough work, but you also need to make sure it’s protected.

You can’t afford to be under-insured and leave yourself and your family vulnerable to the unexpected. You need to make sure you’re covered for all the risks you face, from natural disasters and accidents, through to crime against your business or property being ransacked by thugs. In other words, every possible scenario that could affect your income needs to be covered.

Find out more on builders’ insurance here: http://tradies365.com.au/builders-insurance/

We hope you’ve found this article helpful. If you have any questions or would like to discuss your requirements, please get in touch with us today at Tradies365. You can call us on 1300 226 268.