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.
A comprehensive Construction and Builders Insurance policy provides protection for assets during the construction period and protects your business against any legal liability claims which arise as a result of the construction project.
Any contractor or builder that is responsible for carrying out works on site should consider a Construction Insurance policy that provides Contractors All Risk coverage. This is to ensure you are protected for any loss or damage to your assets that are on-site during the construction period.
A Construction Insurance policy is generally provided under 2 sections.
The first section will cover your assets and property during the construction period. This includes accidental damage, theft or loss of on-site materials including building materials, tools, 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:
Being situated on the coastline of New South Wales, Sydney has stunning views of beaches and is also home to our world-famous Harbour. Located in close proximity to the Blue Mountains, it is home to iconic parks such as Carrandah Park and Hyde Park, as well as natural reserves such as the Barangaroo Reserve. Sydney is also the centre of most commerce in Australia and is known for its fast-paced lifestyle. Sydney is also safe and a great example of Australia’s natural hospitality.
According to the City of Sydney’s economic development strategy, in 2018/19, around $140 billion was generated within Sydney city, representing over 7% of Australia's economy. Despite the growth of business districts such as North Sydney, Parramatta, Macquarie Park, Olympic Park and the growth corridor to the north-west, the City of Sydney has maintained its pre-eminent role. The number of cities in the city of Sydney grew by 4,000 between 2007 and 2017.
According to economy.id, Sydney city has:
The largest industries are professional, scientific and technical services.
Although, like the rest of the world, Sydney was affected by the COVID-19 pandemic, the New South Wales capital remains a thriving and robust city. It is famous worldwide for its iconic destinations such as the Sydney Harbour Bridge, Bondi Beach, the Sydney Opera House, the fish market, as well as its colourful fashion, sporting and arts scenes.
We value every client’s business as if they are our own. Our business is built on the mantra of ‘doing the right thing’ for our clients and now work with both private and publicly listed companies in Sydney and throughout Australia.
We are also an Australian Financial Services Licence holder. This means that as a client, you can place your trust in us, as we are regularly audited to ensure we provide a high level of skill with an exceptional level of integrity and service.
As your Sydney business insurance broker, we will find the right policy for your needs and help you understand the ins and outs of your cover. It’s crucial that you invest in the right policy to safeguard your business should the need arise.
When it comes to Sydney Construction Insurance and Builders Insurance, we treat our clients’ businesses as ours. And this isn’t just lip service: with our high client retention rate, we have received multiple awards for our dedication to client satisfaction.
To discuss Construction Insurance options that suit your needs, contact us today.