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Why do new builders need insurance?
If you’re relatively new to the building game, you will know that there is a lot of information to take in. The construction industry has many regulatory requirements which builders are expected to know going into any new build project, including holding the required insurance. However, there are a wide variety of additional building insurance products that are designed to protect you and your business from the risks faced by businesses in your industry.
If you turned up onsite tomorrow and the build structure collapsed, or your equipment was stolen, what would you do? Whilst you’re learning the ins and outs of the industry, it’s important to ensure you have the appropriate insurance in place to help cover you should these types of incidents occur.
What insurance do new builders need?
Minimum insurance requirements for all builders vary by state or region, however there are also several insurance options which may be relevant for you depending on your businesses’ circumstances. As your specialist broker, we can help you identify what your businesses’ risk exposures are and suggest the appropriate insurance solutions to help cover those risks.
The below options are common insurance products which new builders can purchase to help protect their business. However, not all businesses have the same circumstances so if you would like to find out which insurance products are relevant for your business, speak to a specialist. Call HIA Insurance Services on 1800 762 878.
Insurance products for New Builders
Home Warranty Insurance
Compulsory insurance protecting your client, the home owner. Requirements vary by state.
Features
Efficient 24-48 hour delivery of certificates1
Expert assistance in managing your eligibility limits
Providing specialist advice regarding regulatory changes
Contract Works Insurance
Insuring against loss or damage while undertaking a construction project.
Material Damage and Public & Products Liability cover
Two levels of cover to suit your business’ needs.
Existing structures cover
Workers’ Compensation Insurance
Protect the health and welfare of your workers with Workers’ Compensation Insurance.
Features
Mandatory Insurance required by business that have employees.
HIA Insurance Services can assist businesses in WA, SA ACT and NT.
Provides workers with a range of support to help them return to work
Cyber Insurance
Protecting your business from a range of cyber related risks as the construction industry becomes increasingly technology driven.
Features
Access to your own incident manager
Can cover loss of profits and expenses related to cyber incident
Can provide cover for cyber losses claimed by your clients
Professional Indemnity Insurance
Designed to provide cover for claims arising from your professional advice or service
Features
Helps safeguard your business from claims made against it
Cover for legal defence costs and damages for claims covered by the policy
Invaluable for any business providing professional advice or services
Why HIA Insurance Services?
HIA Insurance Services (HIAIS) combines the construction industry expertise of the Housing Industry Association (HIA) with the risk and insurance knowledge of Aon to provide products and advice that are specific to the residential construction industry.
We provide insurance products created by industry experts, for new builders that are suited to the unique risk exposures faced by builders like you. As one of the largest and most experienced building insurance providers in the country, HIA Insurance Services can tailor insurance policies to the needs of all builders, whether you’re new to the building game, a SME builder or a large-scale business as well as provide fast and hassle-free claims processes.
If you are not a HIA member, you can still apply for insurance products through HIA Insurance Services (HIAIS). HIAIS is a joint venture between HIA and Aon, however not all HIAIS clients are also HIA members. We do however encourage you to view all that the HIA have to offer by visiting their website.
There are a whole range of benefits that come with purchasing your insurance through a broker. It is important to understand that insurance brokers act as your advocate when it comes to identifying your insurance needs, finding appropriate insurance solutions and managing your insurance and claims on your behalf. We have created an article on the benefits of using an insurance broker to help you make your decision.
Our team of specialist brokers are available to take your call from 9:00am – 5:00pm Monday – Friday. You can call us on 1800 762 878 or email au.hiais@aon.com
In the event that you need to make a claim under your existing insurance policy, we are here to support you through the process. We recommend you contact your dedicated broker immediately to inform them of the claim, they will then provide you with all the necessary information. You can also visit our payments & claims page for more detailed information.
Every builder’s insurance needs are different, that’s why we work with you to find an insurance solution that is appropriate for your business’ circumstances. If you would like to discuss additional covers, you can call us on 1800 762 878.
1Provided you have an approved profile with the insurer and subject to peak periods.