Builders Insurance Specialists
At Tradesure we understand that builders needs insurance specific to their needs. We know that a one-size fits all builders insurance policy just won’t cut it.
We don't do home and contents insurance, we're all business
Tradesure insurance advisers specialise in what we know best and that’s builders insurance for Builders, Tradies and Subbies. We don’t do home and contents insurance – we understand how builders run their businesses and most of all, we understand that Builders need the best possible insurance cover for the best possible price.
Covers damage to buildings and works under construction. Insurance can be organised in either of the following ways;
1. Annual Contract Works
This covers all the building work commenced during the period of insurance. The advantages of this is that all jobs are insured automatically from commencement to completion providing they are under the limit selected for Any One Contract. It can ( and usually includes) Public Liability cover and we do recommend including the PL on the Contract Works policy as the premium when combined is substantially reduced in comparison with doing the insurances separately. Unlike most other insurers and brokers, at Tradesure you are able to pay your Contract Works premium monthly at no additional cost. This is a saving in cash flow and also avoids financed insurance premiums which can add up to 15% to the overall cost. One of our professional Tradesure staff can explain the simple way we have devised a very easy and competitive insurance package with many automatic additional benefits for builders Contract Works insurance.
2. Single Contracts
As an option we are able to insure “One Off” contracts under Contract Works. It is important the insurance be arranged prior to the building starting and normally the cover will go for up to 12 months or until completion/handover whichever comes first. As there is no change in cost to insure the building whilst under construction between 1 month and 12 months we automatically give 12 months cover on Single Contract Works insurance as this gives added protection to builders in the event of a hold up in completion. Some builds extend beyond 12 months and if this is the case please advise our staff of the estimated time ( we do recommend allowing extra time) so we can tailor the policy to your needs. It is also important that the sum insured under the Material Damage section represents the replacement and reinstatement value of the finished building as underinsurance penalties apply if the building under construction is underinsured. Monthly premiums are not available on this product. We do have many automatic inclusions such as removal of debris, professional fees, increased construction value and these can become very important if a claim does occur.
Among Items you need to be aware of include; When doing renovations check to see if you need to insure the existing building and ask your client to advise their insurer of the work being done before commencement. If building a “Spec” home make sure you have the home is covered until sold after completion. Where you have selected a limit any one contract please notify your insurer before commencement if you obtain a contract over the amount originally selected.
Public Liability covers injury to persons and damage to property of other parties that you and /or your employees are legally liable for in the course of your building business. This is a more complex area for builders than other tradesman as often the builder can get caught up in a personal injury claim where subcontractors are involved which can also include substantial legal fees which are covered by the Public Liability policy. This is why builders should insist that all subcontractors have their own Public Liability insurance and this should be evidenced by the builder by way of Certificate of Currency prior to the subcontractor doing any work at all. Separate Public Liability ( as distinct from the Public Liability under Contract Works) is usually taken where builders have a turnover of less than say $500,00 and where the builder may not require Contract Works Insurance for some reason.
TOOLS/EQUIPMENT & STOCK
At Tradesure we recommend that builders insure their tools separately. Many are of the opinion that their tools are covered under their Contract Works insurance as cover is available under that policy but usually the cover is restricted to the Work Site which leaves no cover whilst in transit or at another situation. Our Tools cover automatically includes cover for Stock up to $2,000 (can be increased) and cover for Electronic Equipment such as laptops, iPads and Mobile Phones for Accidental Damage up to $1,000 providing the items are listed. *QBE Policies only
Items are automatically insured up to $2,000 per item on our unspecified cover and if you have items whose replacement value is greater than $2,000 they will need to be listed on your policy to be insured for the amount you require (no additional cost).
Monthly premiums are available at no additional cost with premiums starting from $14.94 for $5,000 cover.
We also can insure your work vehicles and trailers at very competitive premiums and our premiums can be paid monthly at no additional cost. As the information we require on different vehicles varies we suggest recommend you contact one of our staff who are trained to give you the correct advice and competitive premiums at no additional cost. With vehicles over 2 tonnes carrying capacity the sum insured should represent the vehicle actual value as this is the maximum most insurers will pay in the event of a total loss. It is also important with Commercial Motor Vehicle insurance that details of any drivers who have had their licence cancelled or suspended in the last 5 years are declared to prevent claims issues.
INJURY AND ILLNESS
We feel that this is one of the most important insurances a builder should have. If they do sustain an injury or have an illness preventing them from working this insurance can cover their loss of earnings during their time off. It also covers them away from the job site 24/7 within Australia so if they do get injured or sick which is not work related they are still protected. There are 2 options available – 1. Injury and Illness and 2. Injury Only.
We recommend taking option 1 for injury and illness as statistically 7 out of 10 claims are sickness related so it is important to include cover for the most likely events. Our Tradesure staff are skilled at giving you the appropriate advise and competitive monthly premiums and we recommend you speak with them on 1800 872 331. Please keep in mind that you cannot insure for more than your average weekly earnings over the past 12 months.
In you operate from a premises/office you may need to consider insuring the building (if owned by you or one of your entities), business contents and stock. Covers can include Fire & Specified Perils, Theft, Plate Glass, Machinery Breakdown (air conditioners, pumps etc). Once again we can tailor an insurance package to suit your requirements which can be paid monthly at no additional cost. We do recommend when insuring the buildings (if required) and contents they should be insured for their full replacement and reinstatement value with additional allowances for professional fees and removal of debris while any stock contained in the building should be insured for the cost price.
If you have employees then you need to have them covered by Workers Compensation (Work Cover in some States). At Tradesure we can obtain competitive Workers Compensation premiums for you with Australia’s biggest insurers who also provide an efficient and proactive claims service. We also recommend that you check with your local state authority to see that any of your subcontractors maybe classed as employees under your states Workers Compensation legislation and that you may be required by law to insure subbies under your Workers Compensation policy.
PROMPT CLAIM SERVICE
We understand it's important that tools claims be dealt with as soon as possible. If your claim details and paper work are in order, we guarantee a maximum 5 business day settlement on your tools claim. Tradesure Insurance Claims receive priority and we have a dedicated team member to support you with any claims you make, to make sure you receive your full entitlements as soon as possible.
Builders Insurance you can trust
Don't take our word for it
We don’t expect you to take our word for it. We invite you to compare your Builders Insurance cover and premium cost with other reputable insurance companies, and see for yourself that Tradesure’s Builder Insurance is what you need at a cost you can afford or, you could ask one of our more than 9000 clients. This is what Mark, a Builder from Taigum, said about us…
“I shopped around, but in the end Tradesure were better value for money and they offered pay by the month at no extra cost.”
For a builders insurance quote, please fill in an online insurance quote form.
Owner Builders need special attention
If you are renovating your own home and using various contractors for the different trades, you should consider builders insurance as well. Find out more about owner builder insurance.