You should never leave your Construction Insurance to chance. Improper risk assessment can result in a poorly designed policy that in turn could lead to disastrous financial consequences for your business and personal assets.
We are proactive in our approach, so rest assured that no client of ours is just a ‘number’ to us and we pride ourselves in our transparent advisory.
Crucial Insurance is a multi-award winning Construction Insurance Specialist
Construction Insurance Melbourne: What is it?
Construction Insurance can provide you with protection from risks that may be outside of your control. For example, it can provide you with protection from applicable property damage claims; or if a third party is injured on your premises during construction; it can also provide extended protection for existing structures.
A comprehensive Construction and Builders Insurance policy should provide protection for your assets during the construction period and your business against any legal liability claims which arise as a result of the construction project.
Who needs Melbourne Construction Insurance?
This is for any Melbourne-based contractor or builder that is responsible for carrying out works on-site. They should consider a Construction Insurance policy that provides Contractors All Risk coverage. This is to ensure you are protected from any loss or damage to your assets that are on-site during the construction period.
Essentially, Construction Insurance can provide you with protection from risks that may be outside of your control. For example, it can provide you with protection from applicable property damage claims; it can protect you if a third party is injured on your premises during construction; it can provide extended protection for existing structures.
Construction Insurance: what is covered?
A Construction Insurance policy is generally provided under 2 sections.
Section one covers your assets and property during the construction period. This includes accidental damage, theft or loss of on-site materials including building materials, tools, the plant and equipment during the construction period.
Key benefits which can be included under the property section of your construction insurance policy include:
The second section will cover your legal liability for any claims which are made against you as a result of your construction activities. A comprehensive construction insurance policy will also extend to cover completed operations liability which ensures you are protected for any legal liability claims which arise once you have handed over the work.
It is important to ensure your Construction Insurance extends to include the following forms of legal liability:
Construction Insurance Melbourne what's not covered?
It is essential to know the full limits of your policy and that includes what isn’t covered. A Construction Insurance policy does not cover the following:
Why choose Crucial Insurance for your Melbourne Construction Insurance
When it comes to Construction Insurance and Builders Insurance, we treat our clients’ businesses like ours. Our track record speaks for itself, as we have a high client retention rate, as well as being recently awarded Advisor's “Top Rated by Customers” Finalist award for our client reviews.
Construction Insurance: a Melbourne snapshot
Melbourne is the capital city of the state of Victoria, and Australia’s second-largest city. It has been regularly named among the world's most liveable cities. This is due to its stability, good healthcare infrastructure, strong culture and much more. When you study in Melbourne, you have access to a thriving metropolis surrounded by amazing wineries and countryside.
According to Melbourne’s economic profile on Remplan, the city generated around $194.93 billion, representing over 20.7% of Victoria's Gross State Product (GSP). The City of Melbourne remains the centre of the state of Victoria's business, administrative, cultural and recreational activities. Around850,000 people visit the city centre every day and each year Melbourne hosts over a million international visitors.
According to economy.id, Melbourne city has:
- - A GRP of 97.082 billion
- - 458,400 local jobs
- - 15,000 local businesses
The largest industries are food and beverages and business services.
At Crucial Insurance, we value our clients’ businesses like our own and we have built our business on the mantra of ‘doing the right thing’. This has helped us become one of the leading insurance brokers in Melbourne, working for both private and publicly listed companies in the city and throughout Australia.
We are also an Australian Financial Services Licence holder. This means that we are regularly audited to ensure we provide a high level of skill with an exceptional level of integrity and service. You can place your trust in us.
As your Melbourne business insurance broker, we will find the right policy that fits your needs and work together with you to help you understand the ins and outs of your coverage. It’s crucial that you invest in the right policy to safeguard your business should the need arise.
Contact us to discuss Construction Insurance options that suit your Melbourne business.