The Australian construction industry can offer huge rewards when going about work to the highest standards, which leads to further contracts and a good reputation. It is hard work concentrating on constructing the actual project, so those in charge of a contract appreciate every extra bit of assistance that they can receive.
There are, of course, pitfalls to be aware of and sometimes things can go wrong whether on-site or away. One way to provide protection for the firm undertaking the work is for the boss to take out the right owner builder insurance which will protect them and their team.
- The insurance provides peace of mind, especially if choosing a product put together by an association with a strong membership in the industry, that has listened to advice so that everyone receives the best protection if things go wrong. For instance, there are occasions when materials and equipment can be damaged, which without cover can seriously derail timescales while trying to work out if money is available to replace them.
- If the property is damaged or those working on it suffer injury, then third-party claims are protected. Maybe an object falls from a building and hurts a pedestrian. Or high winds carry an object which damages a neighbouring property. Or even a stakeholder while viewing sustains an injury. The best insurance policy will cover all of this. Maybe someone involved was thinking about choosing an Australian wedding suit for the big day.
- Sometimes insurance is required out of necessity in certain states, through local law. In such cases, it makes sense to ensure that the best cover is found rather than trying to cut corners and then later coming unstuck. As well as legal compliance, other advantages include saving costs, and improved risk management while the best providers will offer flexibility so that an ideal package can be chosen to suit requirements and budget.
- Those that understand the industry the best acknowledge all the factors that go towards providing the right cover which includes subcontractor negligence. There are times when others are needed to assist on a project, and occasionally they might fall short of the expected standards, through no fault of those who appoint them. This could lead to legal liability claims which are also protected against.
- There are occasions when the value of the contracted works increases during a project which would otherwise ruin financial projections without cover. Or maybe a showroom has been finished for potential buyers to view away from the site being worked on. Any damage to it is covered by the right policy, allowing managers to relax and enjoy visiting a local park.
- There are times when something doesn’t work after being fitted, so insurance allowing the cause of the defects and its location is useful, as is access to remove and restore such issues.
Having the right insurance cover when working on a construction project ensures that a firm remains in profit and is covered against things that can go wrong with devastating financial consequences.