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 Contract Works Insurance

Discover the Essentials of Contract Works Insurance

Contract Works Insurance, also known as Construction All Risks Insurance, is designed to cover builders and tradespeople for loss or damage to building works under construction. It is essential for managing the risks associated with construction projects, from minor renovations to major new builds.

What is Covered:

  • Material Damage:
    Covers unforeseen loss or damage to the construction works, materials, and equipment during the project.

  • Theft and Vandalism:
    Provides coverage for theft of materials or damage caused by vandalism on the construction site.

  • Public Liability:
    Protects against third-party claims for injury or property damage related to the construction works.

  • Tools and Equipment:
    Covers the contractor’s tools and equipment if they are lost, stolen, or damaged.

  • Extension of Coverage:
    May include coverage for off-site storage, transit to the construction site, and debris removal following a loss.


What is Not Typically Covered:

  • Defective Design or Workmanship:
    Losses due to poor design or faulty workmanship are generally excluded, although resultant damage may be covered.

  • Wear and Tear:
    Standard wear and tear or deterioration of tools and equipment is not covered.

  • Cost Overruns:
    Additional costs that exceed the original project budget are not covered unless caused by an insured event.

  • Delays:
    Financial losses due to project delays, unless caused by an insured peril, are typically not covered.

  • Contractual Penalties:
    Penalties for not completing the work on time are not covered unless due to an insured event.

  • War and Terrorism:
    Most policies exclude damage due to war, terrorism, and similar events unless specifically included.

  • What is Business Insurance?
    Business insurance is a broad term for various policies designed to protect businesses from financial losses due to unforeseen events such as property damage, liability claims, employee-related risks, and more. It's a safeguard that helps ensure the continuity and stability of your business operations
  • Why Does My Business Need Insurance
    Insurance is essential for any business as it provides financial protection against common risks that could otherwise result in significant financial hardship or even the closure of your business. It covers everything from property damage and liability to employee dishonesty and electronic equipment breakdown.
  • How Much Does Business Insurance Cost?
    The cost of business insurance varies widely based on factors such as the size of your business, the industry you're in, the types of coverage you need, and your claims history. To get an accurate quote, it's best to speak with an insurance broker who can assess your specific needs.
  • How Do I know What type of Insurance My Business Needs?
    Determining the right type of insurance for your business depends on various factors, including the nature of your business, the risks associated with your industry, and your business's specific needs. An insurance broker can help you assess your risks and recommend the appropriate coverages.
  • Can I Customise My Business Insurance Package?
    Yes, business insurance packages are highly customizable. You can choose to include or exclude specific coverages based on your business's unique risks and requirements. An insurance broker can assist you in building a tailored insurance package that fits your business.
  • What Happens if I Don't Have Business Insurance?
    Operating without business insurance exposes you to significant risks. If an unforeseen event occurs, such as a lawsuit or property damage, you would have to pay out of pocket for any losses or damages. This could have a severe impact on your business's finances and could even lead to bankruptcy.
  • How Often Should I Review my Business Insurance?
    It's recommended to review your business insurance coverage at least annually or whenever there are significant changes to your business, such as expansion, offering new products or services, or purchasing new equipment. Regular reviews ensure that your coverage remains adequate as your business evolves.
Business Insurance Contact

If you would like more information on Professional Indemnity Insurance please fill out the below contact form or call Warren direct on 0422 131 401

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