CONSTRUCTION
INSURANCE
Construction projects involve multiple stakeholders and are often undertaken
on challenging sites. Construction businesses must often manage changes to scope or orders, poorly written contracts and specifications and complex project management issues. They may need to deal with labour and materials shortages, or theft of tools and materials. Subcontractors and suppliers can provide extra stress for construction firms, as can the rising number of extreme weather events. What’s more, cybercrime is an emerging threat to construction businesses, which often use insecure
connections from mobile workplaces, and share files and data with stakeholders outside the business. Package your construction insurance as part of your business insurance policy.
“The construction industry generates over $350 billion in
revenue, producing around 8% of Australia’s Gross
Domestic Product, and has a projected annual growth rate
of 2.5% in the next five years.”
DEPENDING ON THE TYPE OF POLICY YOU CHOOSE, BUILDING AND CONSTRUCTION INSURANCE POLICIES CAN COVER:
â–º Single Contract Works
â–º Annual Contract Works
â–º Public Liability Insurance
â–º Motor Insurance
â–º Cyber Insurance
â–º Business Interruption
â–º Workers Compensation Insurance
â–º Builders Indemnity
12,600
12,600 – The average number of serious claims per year over the last 5 years.
6.4 WEEKS
6.4 weeks – The typical number of weeks off work for serious claims in 2011-12.
4TH
The construction industry had the 4th highest rate of serious claims in 2012-13.