Crucial Insurance and Risk Advisors
Know your risks. Protect Your Business. Be Empowered.
The Construction & Excavation Industry presents a diverse range of risks which are complex and very hazardous. It is important that you work with an insurance advisor that has expertise in the construction industry and will take the time to understand your specific business activities.
We believe in an advisory based approach which means it's critical we get to know your business first and foremost. Understanding your business and the associated risks is our primary job as your risk advisor and insurance broker. If we don’t understand your business properly then we can’t place insurance which will properly protect your business. All we ask is that you make the time available to us so that we can do our job properly and protect your hard work.
The business activities within Construction & Excavation are very diverse, as are the business risks which insurance needs to protect. This means that there is not a one size fits all when it comes to buying a commercial insurance policy for your construction business.
We specialise in advising various construction businesses including:
Residential & Commercial Builders
All Trades including Concreting, Bricklaying, Plumbing, Electrical, Air Conditioning, Plastering, Carpentry, Tiling, Painting and Landscaping
Earthmoving & Excavation
The construction industry risk landscape is constantly changing due to off-site environments which businesses operate in on a day to day basis.
Key risks which need to be considered include:
Property / Material Damage risks which can present at the company premises and at the construction site. A prime contractor will require Contract Works insurance to cover the building under construction and goods / materials at the site. The risks which can impact a construction site include significant fire exposures from hot work and welding and other flammable items kept on site. Theft / Crime is a high exposure for the construction industry with theft of materials and equipment from construction sites a major issue. There is also theft of power tools and other equipment from motor vehicles which needs to be risk managed.
Public & Product Liability is a major risk for the construction industry. There a multiple risk factors including unauthorised access to construction sites, excavation work, liability to sub-contractors, vicarious liability for sub-contractors and damage to third party property. Product Liability is also a major area of concern for principal contractors as they can be held responsible for a variety of problems which may arise with the completed structures including those caused by sub-contractors. Risks include non-compliant materials, not following building specifications / codes and defective work.
Professional Liability is a risk which needs to be considered in detail. Significant exposure exists in regard to potential claims arising from an error or omission in design, consultancy services or any deemed professional advice which has been provided.
Commercial Motor Vehicle and Mobile Plant and Equipment must be reviewed closely to ensure these vehicles and equipment are insured for their intended use. In the case of mobile plan and equipment it is important to cover for any dry hire which may occur as well as any hired in equipment.
Management Liability is an important consideration as construction businesses are exposed to a range of regulation and employment practices which can involve significant fines if they are breached.
Contract Works - Single or Annual
Property / Theft
Mobile Plant & Equipment
Loss of Revenue
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