Construction Works Insurance To Protect Your Building Business
Whether you’re a civil contractor, an owner builder, a contractor or a construction company, you’ll need a range of liability covers to safeguard your workers, construction site, materials and equipment, and importantly your reputation. Contract works insurance is a common stipulation in many building contracts but just makes good business sense, even if it’s not a contractual requirement.
Property damage to a construction site during construction could cost you time, money, liquidated damages and even your reputation. Meanwhile, an onsite injury to others can result in considerable pain, stress, legal costs and financial loss.
What Is Contract Works Insurance?
Contract Works Insurance sometimes known as Construction All Risk Insurance or Construction Works Insurance provides comprehensive coverage for construction projects from start to finish. It is designed to protect small, medium and large commercial, industrial and domestic builders, sub-contractors and owner-builders against the risks associated with construction activities including accidental risks of physical loss or damage to a project during the construction phase as well as third party liabilities.
Most owner builders take out Contract Works Insurance for a single project or specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
At AIB Insurance Brokers, we understand the complexity and risks involved in the construction industry. Your projects, whether big or small, are your lifeline, and any unforeseen event can not only delay your work but also impact your financial stability.
Who Should Consider Contract Works Insurance?
Contract Works Insurance is recommended for all small, medium and large commercial, industrial and domestic builders, sub-contractors, owner-builders, Principals and contractors. Even Project Managers and Engineers may potentially need this cover (dependent on the contractual requirements and relationships).
Insurance Cover For Your Building Contracts, Civil Works & Construction Related Activity
Contract Works Insurance can cover the building which is under construction, whether it’s a kit home, straw bale or mud brick home, multistory apartment or commercial buildings. It can also cover the equipment used in construction, as well as public liability risk. During renovations to an existing structure, it can cover damage to the structure which occurs during the construction process.
Depending on your policy, Contract Works Insurance can cover you against:
Property damage
Physical loss or destruction of tangible property, plant and equipment as well as removal of debris.
Public Liability
Sub-contractor liability, public and products liability and cross liability.
Product Liability (only available from some insurers)
Third party personal injury or property damage resulting from an occurrence caused by your products after they cease to be in your possession or control.
Legal expenses/defence costs
Legal costs and expenses you are legally liable to pay following legal proceedings brought by or against you.
Existing structures (optional cover)
Sudden and accidental physical damage to existing structures caused by natural events and the actions of the builder or contractor.
Don’t let unexpected events derail your construction projects. With AIB’s Contract Works Insurance, you can focus on what you do best, knowing that your hard work is protected. Contact us today to discuss your needs and get a customised insurance solution that safeguards your business now and in the future.
Why Choose AIB Insurance Brokers?
- Expertise in Construction Insurance: With years of experience and a deep understanding of the construction sector, AIB Insurance Brokers are your go-to experts for securing your projects against unforeseen incidents.
- Customised Coverage: We know that no two construction projects are the same. Our Contract Works Insurance is customisable to fit the unique needs of your project, ensuring that you are only paying for the coverage you need.
- Comprehensive Protection: Our policy covers a wide range of risks including material damage to the work, theft of materials, damage to machinery, and public liability, ensuring that you are protected from the ground up.
- Swift In-House Claims Process: Time is money in the construction industry. Our streamlined claims process ensures that you can get back to work as soon as possible in the event of a claim.
Contract Works Insurance Case Study
After working for other construction company owners all his working life, Craig starts his own small earthmoving firm. In the first couple of years, he borrows money and invests much of his income back into the business, buying the latest equipment and a work vehicle.
After starting work on a new construction at a new site, he leaves his tools and equipment locked in a garage on the site overnight. But that night, thieves break into the garage and steal Craig’s tools, worth $25,000.
Craig contacts his insurance broker who helps him put in a claim. He’s quickly reimbursed for his loss, so he isn’t out of pocket and can keep his business running.
Steadfast Video:
Get A Quote Today
Ready to secure your projects with AIB’s Contract Works Insurance? Reach out to our dedicated team of construction insurance specialists. We’re here to help you navigate the complexities of insurance so you can build with confidence. At AIB Insurance Brokers, we’re building peace of mind, one project at a time.
