Ensuring your business is protected on construction sites
Important cover for commercial, industrial and domestic builders, sub-contractors, and owner-builders against damage, natural disasters, injury, theft and product or public liability.
Who should consider it?
Contract works insurance is recommended for small, medium and large commercial, industrial and domestic builders, sub-contractors, and owner-builders.
Most owner builders take out contract works insurance for a specific contract, while professional builders generally choose an annual policy that covers multiple contracts.
What can it cover?
Contract works insurance can cover the building which is under construction, whether it’s a kit home, straw bale or mud brick home, or multi-story apartment or commercial buildings. It can also cover the equipment used in construction, as well as public liability risk.
Depending on your policy, contract works insurance can cover you against:
- Natural disasters, such as bushfires, fire, earthquakes, flood and water damage, subsidence and landslip, storm, tsunami or wind
- Damage to property caused by defects, theft and malicious damage or vandalism
- Smashed glass
- Public and products liability insurance, plus extra related costs
What isn't covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.
Find a Steadfast Broker
Get the right advice at the right price and have a local Steadfast broker on your team.
Case Study
A broker can help when the going gets tough
Theft threatens small business success
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.
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