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What do I need to know about Builders Insurance?

There are several types of insurance available to you as a builder. Continuously evolving regulation requires you to stay up to date with what insurance you need for your various projects. This article sets out the different insurance products available in order to help you make an informed decision when planning your building jobs.

Builders insurance products from HIAIS

Home Warranty Insurance
This insures your build against financial losses due to incidents such as incomplete building work or bankruptcy and is a legal requirement in a number of states. You can find out more in our Home Warranty insurance blogpost or from our Home Warranty page.

Construction Works & Public Liability Insurance
This covers you against accidental damage from natural events such as flooding or storm damage as well as malicious damage and theft. The public liability element protects against third party injury as a result of negligence. Get a quote online or visit this page for additional information.

Public & Product Liability Insurance
Offers financial protection against compensation claims and legal expenses as a result of injury or death during your project. This cover also accounts for damage to property or loss of property as a result of your, or your employees’ activities.

Tradies Insurance

This provides protection against the financial risk of being found liable to a third party for death or injury, loss or damage to property, during the course of your work (Public Liability) or after your work has completed (Product Liability). Get a quote online or visit this page for further information. 

General Property and Tools of Trade Insurance

This cover helps you to protect against the loss, theft or damage of your tools and equipment. After your employees, your tools and equipment are most likely your most valuable asset and it’s recommended to minimise the risk of any event in which they’re lost, damaged or stolen having a negative impact on your business. Our cover page gives more information on the types of event covered.

Commercial Vehicle Insurance
As with your tools and equipment, your mode of transport is a key asset to your business. Our range of commercial vehicle cover offers you a selection of insurance options from fully comprehensive to third party.

Workers Compensation Insurance
Like with Home Warranty, Workers Compensation insurance is mandatory in each state. Our recent post outlining Tradies National Health Month explains the importance of a proactive approach to physical and mental fitness in the workplace. This cover helps to protect you against claims resulting from illness or injury of your employees in the workplace.

Income Protection Insurance
Income protection cover helps to reduce the risk of financial losses should you suffer personal illness or injury while working. You can cover against varying amounts depending on your personal circumstances. We can put you in touch with a financial advisor if necessary to help you determine the correct sum based on your needs.

Management Liability Insurance
This cover helps to provide comprehensive protection against a range of risks associated with managing your business. These include potential incidents relating to employees such as unfair dismissal claims, any regulatory infringements or any criminal acts such as theft by an employee. Our cover page discusses in further detail what’s included and also gives claim scenarios.

Our HIAIS insurance specialists are experienced in providing tailored insurance solutions for your building and construction projects. We’re happy to guide you and assist with any questions you have when deciding what insurance solution is best for your project.

You can phone us on 1800 762 878 during the week from 8.30am-5pm

Contact us via email at: au.hiais@aon.com

Alternatively you can visit our website for details of our regional offices to make an appointment.  

1800 762 852