Types of Insurance For Tradesmen and Home Builders

Types of Insurance For Tradesmen and Home Builders

  1. Public Liability Insurance – This will cover injury to 3rd party at or around the building site

  1. Mobile Plant and Equipment Insurance – this will ensure that all your mobile plants and building equipment are protected not just at the time of damage but throughout the policy term.
  1. Builder Warranty Insurance – This requires the building contractor is to obtain builder warranty insurance for every project they work on that exceeds $12,000. This is mandatory insurance so should not be overlooked.
  1. Construction insurance – or contract works insurance/construction all risk insurance offers protection for people renovating, building or extending their home. This cover protects builders from most main risks that may be encountered during the construction and building process including weather related damages, fire, issues with their workers or workmanship and more.
  1. Professional Indemnity Insurance: This insurance covers members of a particular profession that adhere to a code of practice and have minimum educational stipulations or requirements. This would typically cover any loss from the conduct of consultants or sub contractors if under the insured’s direction they would not be covered themselves.
  1. Directors and Officers Insurance: which deals with the civil liabilities that directors can incur personally? It protects people in these positions against wrongful acts during the period of capacity

Anyone deciding to owner build their own home should ensure they are correctly covered for any accidents that may occur during the process. Owner Builders need to ensure that they have the following cover:

  1. Public Liability Insurance: Again this will protect owner builders from injury to 3rd party at or around the building site
  1. Personal Accident or volunteer’s workers insurance – this covers the owner builder from any injury or damage should they choose to assist the tradesmen during construction. This cover can also extend to the owner builders family/friends (up to 10 volunteers on site for a nominal premium)

Now you have all the tools you need to go out and choose the right cover!

By  James  Clapton

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