Contract Works Insurance
Insurance Cover For Your Building Contracts, Civil Works & Construction Related Activity
If you are working on a construction site, having a building constructed, or are the Principal contractor, plenty of things can go wrong. Damage or loss to a construction site during construction could cost you time, money, liquidated damages and even your reputation. Meanwhile, an onsite injury to others can result in considerable pain, stress, legal costs and financial loss.
That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.
Whether you’re a civil contractor, an owner builder, a contractor or a construction company, you’ll need a range of insurance covers to safeguard your workers, construction site, materials and equipment, and importantly your reputation.
What Are The Key Risks In The Building & Construction Industry?
Construction projects involve multiple stakeholders and risks can be exacerbated when they are undertaken on challenging sites. Construction businesses must often manage changes to scope or orders, require variations, poorly written contract conditions and specifications, and/or complex project management issues. They may need to deal with labour and materials shortages, delays in construction, injuries to persons on site or even theft of tools and materials, which can all have a negative impact on project delivery, reputation and final costs.
Subcontractors and suppliers can provide extra stress and layers of complexity for construction firms or Principals, as can the rising number of extreme weather events. What’s more, cybercrime is an emerging threat to construction businesses, which often use insecure connections from mobile workplaces, and share files and data with stakeholders outside the business.
Who Should Consider Contract Works Insurance?
Contract Works, sometimes known as Construction Works Insurance, is recommended for all small, medium and large commercial, industrial and domestic builders, sub-contractors, owner-builders, Principals and contractors. Potentially even Project Managers and Engineers may need this cover (dependent on the contractual requirements and relationships).
Most owner builders take out contract works insurance for a specific contract, while professional builders may choose an annual policy that covers multiple contracts for ease of management.
What Can It Cover?
Contract works insurance generally covers the site which is under construction, whether it’s a multistory apartment, road, bridge, commercial buildings, or even a commercial fitout. It can also cover the equipment used in construction, materials in storage and transit, as well as public liability risk and completed operations liability.
Depending on your policy, contract works insurance can cover you against:
Get Support To Choose The Right Insurance For Your Construction Activities
At AIB our expert business insurance brokers can find the right level of insurance cover for your business. We can provide a range of options to comprehensively protect the stakeholders involved in your construction projects.
Other Insurance Options
There are a number of other business insurance options that are worth construction business owners considering, depending on the type of business that you operate. These include:
Talk to one of our team today to arrange a no-obligation quote and get the peace of mind that you have cover to protect you.