Business Insurance
Contract Works Insurance
Assures that your business and workers are protected on construction sites
This is an Important cover for commercial, industrial and domestic builders, sub-contractors, and owner-builders against damage, natural disasters, injury, theft and product or public liability.
Here’s what you need to know!
Who should consider Contract Works Insurance?
Contract works insurance is a recommended insurance product 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 Contract Works Insurance 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. Along with this, 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 the following:
- 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.
- Third-party personal injury or property damage, as well as extra costs like replacing builder’s tools, escalation or removal fees.
What isn’t covered under Contract Works Insurance?
There are exclusions. There is also often a deductible or excess and limits on cover. Please contact us at JGM Insurance Brokers for more information and we will be happy to help you.