Contract Works And Legal Liability Insurance

It shouldn’t come as a surprise that residential, commercial, and industrial construction sites have substantial liability risks associated with them.

While there are many different contract works insurance policies available, it’s important for both owner-builders, construction companies, and contractors to have the right protections.

Our team at Aspire Insurance has seen it too often that small businesses might end up overinsured or with the wrong type of product, and large construction firms underinsured.

Both situations are not ideal and could end up costing you a lot of money by not having the right policy for your needs.

What Does Contract Works Insurance Cover?

A contract works insurance policy is designed to cover building, equipment, personal injuries, as well as product and third party liability associated with a construction project.

As you can imagine, many things often go wrong on construction sites, and below we’ll cover some common risk factors that are often overlooked.

There are four different types of contract works insurance policies that you need to carefully choose to cover your potential liability.

1 – Single Works Construction

These types of insurance products are mostly taken out by owner-builders to protect their financial interests from damage to a building under construction, damage, or theft of machinery and materials as well as injuries and public liability.

2 – Annual Works Construction

This is a more common policy for construction companies who require cover for multiple projects on an ongoing basis. The importance here is to have the right amounts covered for the types of construction you’re involved in.

3 – Contractors Plant

Contractors plant insurance is primarily for contractors who provide services using heavy machinery, vehicles, and tools. The important thing to make sure is that you have adequate protection for road risks as well as public liability.

4 – Professional Indemnity

Your works insurance policy should also cover you for professional indemnity where claims might be made against your business relating to breaches in design.

If you have any concerns about your actual requirements, then contact our team at Aspire Insurance today on 1300 886 781. We’re happy to explain the different policies in detail and walk you through the following risk factors.

What Are The Biggest Risks?

Many business owners that we work with come to us because of concerns that their existing contract work insurance products don’t cover all risks.

In a worst-case scenario, a lack of policy cover isn’t realised until a claim is encountered, which could leave you open to significant financial losses.

These are three areas that we always recommend paying close attention to.

1 – Vibration, Weakening and Removal Support

This is one part of your contract works insurance policy that you have to pay close attention to. Many types of construction work could involve ground or building vibrations from heavy vehicles, drilling, or jackhammers.

When those vibrations cause property damage to nearby buildings, claims could run into the six figures. If your policy didn’t contain the right wording and covered amounts, then your business could face serious financial losses.

2 – Delays In Project Completions

The loss of or damage to equipment and materials could quickly result in significant delays in the construction phase. For example, a machine requiring a spare part that needs to ship from abroad.

In some situations, your client could suffer a loss of revenue they were expecting from the completion of the project. And the longer the delays are, the more you could be exposed to financial risks.

Our team at Aspire Insurance reviews all contract works insurance policies for adequate cover to protect you from such losses.

3 – Professional Indemnity

This is an important but often overlooked cover that we always carefully assess on our clients’ contract works insurance. In some cases, clients or other contractors will require professional indemnity cover before you’re even let on site.

A common situation could be a claim for work completed by one of your sub-contractors who was hired on the project for some design work. Even though you’re technically not the liable party, you might become the target of the claim that could become very expensive to challenge.

To gain the right amount of cover for such situations, it’s important to have an experienced broker review your contractual agreement for a project. Your broker will then make sure that the insurance you take out covers you in the best possible way.

If you have any concerns about your existing policy or if you’re due for renewal and need some professional advice, then contact our team on 1300 886 781 today. We offer a no-obligation policy review and quote that would give you the opportunity to gain maximum risk protection.

Gain More Risk Protection With Aspire Insurance

Many of our new clients are surprised by the gaps in cover that their current contract works insurance have. But our service goes beyond that initial policy advice.

24/7 Support Services

Contract works insurance claims can become a very stressful challenge. This can become a much easier process with the help of our 24/7 client support.

Policies Tailored To Client Needs

Small, medium, and large construction companies, as well as sub contractors, would all have different requirements for what their contract works insurance needs to cover. Our team has the necessary experience to give you all the advice you need to minimise your risk exposure.

Annual Policy And Premium Review

Contract works insurance policies, and the optional extras they offer are often updated, which gives you the opportunity to regularly review your cover and premium.

You can save yourself a lot of hassle and time with Aspire Insurance on your side, as we automatically provide you with a full cover and premium review on each policy anniversary.

Face To Face Experience

You always deal with a real person when you partner with Aspire Insurance. This is an important service we provide all of our business insurance clients as it’s the best way to fully understand your business and risk exposure.

Connect With Us Today

If you have concerns about your existing contract works insurance, or if you would like us to prepare some quotes for your renewal, then contact our Aspire Insurance team on 1300 886 781 today.

We’ll provide you with a no-obligation quote for an insurance contract that would maximise your liability protection.