Public Liability insurance for builders Australia-wide that do both residential and commercial building activities. We specialise in providing competitive prices and comprehensive coverage options.
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Not all insurance for builders is the same, so speaking with other tradies to find out what insurance should a builder have is a bad idea. It’s best to get your insurance advice from a team that not only understands insurance, they understand insurance for builders. Some of the main reasons why clients choose us to cover their public liability insurance for builders is:
We work with a large range of different insurers and underwriting agencies to ensure that regardless of what you do we can get a competitively priced policy.
Backed by Australia’s largest broking group our policy wordings and coverage are only available through a Steadfast broking group member ensuring that you get the best.
Our Brokers understand your industry and the cover that you need, we take pride in building a tailored package for your business, only pay for the cover that you need.
Sometimes comparing your insurance policies yourself is like comparing apples and oranges. Our core business is looking after tradies around Australia and making sure they are not only getting a competitive deal but are also covered correctly. Learn more about the risks of the wrong policy in our trades insurance blog post.
Here’s why tradies choose us to cover their builders public liability insurance.
Keep your construction company secure. Request a quote today.
Builders Public Liability Insurance is different to most industries as there are a number of different things to consider when you are looking for public liability insurance as a builder. As a builder you are responsible for coordinating multiple trade contractors to complete rectification, renovation or new building works. In most cases the builder will provide the final sign off on the building and from an insurance perspective this will usually mean that you will be the first person to be claimed against should something go wrong.
A number of insurers no longer provide public liability insurance for builders and only a select few remain that are willing to provide a suitable insurance policy and even then most insurers will apply specific exclusions and endorsements to protect themselves from paying amount significantly high claims. In most cases, when an endorsement is applied to a policy this puts a special condition in place that requires you as a policy holder to ensure is upheld and maintained. Some endorsements that can apply to a builders public liability insurance policy is:
As the market for builders public liability insurance is getting increasingly harder to get, most insurers are requesting a lot of information to be provided before they are willing to provide you with a policy. This is important because you are paying for a policy that you are wanting to be able to use should any unforeseen issues arise in the future. If the insurer isn’t totally across all of the activities that you are doing then this could lead to potential issues in the future when and if something happens.
Some of the information that is required to obtain a quote is the following:
This information is usually required by most insurers and is used as a key risk indicator from an insurers perspective. Not having this information doesn’t mean we can’t get you a policy it just means we need to make sure certain aspects of your business aren’t excluded by the insurer.
After working with many builders around Australia to obtain an effective builders insurance policy, we can assist and provide you with tailored advice on what cover you need.
The building industry is often scrutinised and policy restrictions in the construction industry usually start with builders and then make their way through to the sub-trades. As policies are constantly changing and more restrictions are often put in place it is important to have an experienced broker managing your insurance policies.
Ongoing advice and support is a core part of our service offering when builders insure their business with us. Whether you are looking for builders public liability insurance or professional indemnity insurance, we can provide you tailored advice across all policies that you require.
Some common exclusions that can be placed on builders insurance policies can be things like “removal and weakening of support exclusions”. This essentially means that if remove or weaken the support of a structure and something happens that causes damage to the home, this isn’t covered. When you consider the value of structure, this can be a huge loss to your business.
Another common requirement on a builders public liability insurance is the requirement to hold and maintain a copy of your sub-contractors insurance policies. If later found out that you haven’t complied with this then there is a good chance that an insurer will further investigate whether their recovery potential has been compromised.
With costs constantly rising and margins getting smaller yet overheads are getting bigger, our main goal is to find you a competitive premium. This is and always will be our main focus however, only to the point where we aren’t scaling back your cover to being something that isn’t worth having.
Our team works extremely hard in analysing your policies, looking for opportunities that may offer you a saving. The reality is, this isn’t always the case and is usually quite common when we are comparing policies that have reductions in cover.
Would you rather a cheaper policy on paper that doesn’t cover you in the event of something happening to your business or would you prefer paying a fair premium with good cover?
In most situations, when a claim occurs for a builder, the cost can be in the hundreds of thousands of dollars. How would your business sustain a loss like this if your insurer declines your claim?
The reality is, when you have a cheap policy, full of exclusions that you aren’t aware of this can leave you in the dark very quickly.
We understand that running a business takes a lot of work and as a business owner you’re expected to be across all of the different aspects of your business operation. We have tried to make our process as simple as possible and all of our Brokers work with each business owners to have a strong understanding of your business and whats required to be in place to ensure that there are no nasty surprises. We pride ourselves on not hiding behind the fine print.
The short answer is no, we aren’t all the same and it is worth getting a comparison through a broker who understands trades and construction insurance. The core part of our business is working with tradies and construction.
Having this experience allows us to assess, negotiate and recommend policies that other brokers may not know about.
Brokers are also part of different broking groups which means that they have access to different policies and different pricing. To put it into perspective, this could be the difference of buying from Bunnings, or a local hardware store 400kms away from a major city.
Yes, builders need public liability insurance. Most licensing requirements will require the builder to hold public liability insurance.
It should also be considered that this policies cover personal injury or property damage so it should be treated with a very high regard. For example, if someone was severely hurt the compensation for damages alone would be hundreds of thousands of dollars.
For the cost of builders public liability insurance we definitely suggest that builders do need public liability insurance.
In most cases no, builders don’t need professional indemnity insurance.
In some aspects they do require professional indemnity insurance. If you are providing design services, or advice for a fee then it is recommended to have PI insurance.
Some contractors such as NDIS require their panel builders to hold Professional Indemnity Insurance.
Public liability insurance for builders in its most simple form is cover for negligent acts that cause personal injury or property damage.
Personal injury or property damage need to occur for the policy to respond. That means that things like:
Generally doesn’t fall within the scope of what public liability insurance covers for builders.
You should get builders public liability insurance when your intention is to start operating your own business.
Essentially, once your ABN becomes active and you start engaging in activities like quoting jobs, visiting prospective clients and purchasing materials or attending trade shows is when you should have cover in place.
Some people only get builders public liability insurance when they get to a job site however, in reality anytime you are in a public place for a business purpose you have a risk of being liable for damages.
Yes, you can. We definitely recommend that depending on the work that you are doing you should consider having these options included.
For example, a builders public liability insurance policy needs personal injury or property damage to occur for a claim to be covered. What about all of the other times when neither of these two situations occur?
For example, if you installed a new load-bearing wall and then after completion you were advised that it wasn’t straight and you had to replace this to satisfy your contract requirements?
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