Public liability insurance is designed to protect you against the financial impacts when things go wrong on the worksite.

The events covered by public liability include property damage and personal injury suffered by a third party.

Sometimes these incidents can be as minor as a few hundred dollars worth of damage to a building. For most builders this won’t be a problem and is perhaps a common occurrence. But what if the damage bill was in the thousands? Or even in the millions if you work on big commercial projects?

But even more damaging can be incidents that result in injury – or even death – to another person. If you have ever been involved in one of these cases you will know how huge the sums of money involved can be, not to mention the legal fees and time away from your business.

The consequences to you, your business and your family can be devastating.

Public liability insurance takes the worry away from you and places it in the insurers hands. And with cover available from $5 million to $20 million and above, you can rest easy knowing that you and your family are safe from financial disaster.

Given the relatively small cost of builders public liability insurance, any builder without public liability insurance is being irresponsible not only to their customers, but also to their own families and staff.

Builder’s public liability cost

The cost of public liability insurance for a builder will depend on the type of work that you undertake and the responsibilities that you have.

If you are doing building work but are not the builder responsible for the whole project, then your premium will be lower than that for the licensed builder of the project.

Public liability insurance premiums can also vary greatly between the different insurance providers. It is important to use an insurance broker who understands the building and construction industry and can find the right policy for your needs as well as your budget.

To find out how inexpensive and easy to obtain builders public liability insurance can be for you, simply follow the links to obtain your online quote or be placed in contact with a qualified builders insurance broker.

Although we often refer to builders insurance as if was a single type of cover, this name actually refers to a number of different policies that help builders to manage their risks.

Builders are exposed to all sorts of risks. Some of those risks relate to property damage, whilst others relate to personal injury or death – either of members of the general public, the builder’s staff and subbies, and of course the builders themselves.

Insurance cannot stop these things from happening, but it can go a long way in protecting a builder from the financial impacts that can occur when things go wrong.

There are a million things that can happen to a builder in the course of each day’s work, and holding the right insurance can be absolutely invaluable in many of these cases.

Let’s take a look at a few examples of the risks that builders face and how insurance can help them:

My tools have been nicked…

There’s nothing worse than walking out to your ute or trailer in the morning and noticing that something doesn’t look quite right. When you get closer, you suddenly realise that some low-life has taken your tools.

Without insurance you’d have to dig into your own pocket to replace the tools, which for some builders could be worth tens of thousands of dollars. But with tool insurance, you just have to make a call to your broker and they will help you through the claim process, with the insurance company paying for new replacement tools.

I’ve stuffed up this job…

It can happen to even the best builders. You’re trying to get something finished on a Friday afternoon and you’re pushing a little harder to get the job done. Oops, suddenly you’ve stuffed something up, and it cannot be fixed easily.

These stuff ups can be expensive, and even a minor bill of $1,000 is going to ruin your weekend. With public liability insurance you can cover these little mishaps and save your hip pocket. You’ll still have to pay an insurance excess, but it will be a lot cheaper than footing the whole repair bill.

I think I’ve hurt my leg…

No matter how careful we are, accidents can and do happen on worksites all over Australia every day.

If you tripped on the job site – or even doing something completely unrelated on the weekend – and broke your leg, how long do you think you’d need off work? It could be months before you are back up to speed and able to get around the site with full use of your leg.

As a self-employed builder or subbie you don’t have any sick leave, so you’re not going to earn any money for a couple of months at least. You might not be working, but there are still plenty of bills to pay for the business as well as feeding your family and paying the mortgage.

Income protection can help you here by paying up to 75% of your income every month until you can get back to full time work. This money will allow you to keep paying your bills and looking after your family. You can also combine this cover with business expense insurance which can cover your fixed business expenses whilst you cannot work.

It can get a lot more serious for builders

The above examples are very common, but pretty minor in the scheme of things considering the other risks that builders face.

What if your work caused property damage worth hundreds of thousands? What if your work resulted in someone’s serious injury or death? These cases can cost builders millions in court awarded damages.

Thankfully public liability insurance can be had for anywhere between $5 and $20 million, and even higher in some special cases. This should be more than enough to cover even the most serious incidents.

Then we get back to your own personal situation. What if you suffered an injury or illness that was so serious you could never work as a builder every again? What if you were to die prematurely due to an injury or serious illness?

Any of these events could have a financially devastating effect on your family, and in many cases they can lead to bankruptcy for a builder or their family.

Thankfully covers including life insurance, TPD insurance, trauma insurance and income protection to age 65 can provide serious financial protection to cover you and your family in the event that anything serious happens to you.

Builders insurance helps

Whether you work on the tools or off the tools, having the right builders insurance package in place is so important if you care about yourself, your business and of course your family.

Most forms of builders insurance are reasonably priced, and many of them are fully tax deductible.

If you’d like to have a chat about your builders insurance requirements please give us a call, or simply complete our online quote request which can tell you just how inexpensive some good builders insurance could be for you.

The Qld economy has been going from strength to strength over the last decade or so, and the amount of building work required for our growing population has kept plenty of Qld builders very busy.

Here at Builders Insurance we realised how busy Qld builders were, and that’s why we set up our website and easy to use online quote system which allows builders to get quotes on their insurance online rather than having to visit a broker.

We look after builders all over Australia, but our head office and the majority of our broker and adviser network are in fact located right here in Queensland!

By dealing with an insurance broker or financial adviser (depending on your needs) that is based close to you, you can enjoy the convenience of a professional who not only knows the area you work in, but can also visit you at home or on the worksite to help with your builders insurance needs.

Of course we deal with plenty of our builder clients just using phone and email, but if you prefer to deal with someone face to face, the Queensland-based members of our network may be able to come and see you if we have someone based in your area.

Risks that Qld builders face

Builders based in Queensland face many of the same risks and have similar insurance needs to builders based in other states, but there are a few minor differences.

If your work requires that you hold an electrical contractors licence, you will find that the Qld insurance requirements are different to most other states as you will require an addition cover known as ‘consumer protection’.

Queensland also has the unenviable title of being one of the skin cancer capitals of the world. Builders spend a huge amount of time out in the sun, and that makes them highly susceptible to melanoma and skin cancer.

This makes trauma insurance vital for Qld builders, as it can protect you financially if you suffer from a serious skin cancer or other critical illness or condition.

There are other specific insurance needs for Qld builders, and we can help you with identifying exactly which cover you need to meet the requirements.

Insurance for Qld builders

If you’re based in Qld and need builders insurance, we are the logical choice to look after all of your needs. We can look after your business insurance such as public liability and tool insurance, and we can also look after your personal risk insurance such as income protection, life insurance, TPD and trauma insurance.

We specialise in builders insurance for Qld builders, and can help you to obtain the right cover at the right price. Of course we can help you wherever you are located in Australia, but being a Qld based business we are well placed to help local builders.

For more information on your builders insurance or to obtain a quote on your cover, simply complete our online quote request and one of our network of insurance experts will contact you to provide all the information and assistance you require.

There are many types of insurance that builders in Australia should consider. Some types of cover such as public liability will be mandatory for most builders, whilst other types of cover are optional.

Builder’s insurance is designed to protect builders financially from the various risks they are exposed to on a daily basis. Some risks are relatively minor in their financial impact, such as having a tool stolen, however some can be financially devastating, such as causing a death or serious injury through your work.

Here we will run through the various types of insurance for builders and how they can protect you, your business and your family from the financial risks you face.

Builders Public Liability Insurance

Public liability insurance is one of the most commonly used covers by builders. The cover is designed to protect you from any loss or damage caused by your work.

There are two parts to a public liability policy – property damage and personal injury.

Property damage covers any loss or damage caused to someone’s property. A minor claim may involve $500 worth of damage caused on a worksite, whilst a major claim may involve serious structural damage – or even complete destruction – of a building.

Personal injury claims are generally more serious, and involve and death or injury that is inflicted upon another person as a result of your work. A minor claim could result from someone tripping on a power cord and spraining an ankle, whilst major claim may involve the death or permanent disability of someone due to something you’ve done on the

worksite.

Builder’s public liability insurance is mandatory in all Australian states and territories for licensed builders. Not only is mandatory to have, but it also a great idea given the financial protection it gives to you and your family. The cover is also very affordable in most cases.

Builders Tool Insurance

A builder’s tools are one of the most important parts of their business. If your tools went missing overnight, how would you feel about coughing up thousands – if not tens of thousands – of your own hard earned money to replace them?

Tool insurance can’t stop your tools from being stolen, but it can provide the cash to replace your tools without having to dip into your own pocket.

Builder’s tool insurance policies do differ from one company to the next, but generally the insurance will cover you tools against theft from a secure location, fire and water damage, and damage caused by a motor vehicle collision or rollover.

There are some tool insurance policies that will cover your tools against accident damage and theft from a non-secure location, however these policies are generally more expensive. Despite the higher premiums, many builders choose to pay the extra amount for the extra protection it provides to them.

A basic tool insurance policy is generally very affordable, so even if you don’t take out the top-of-the-line builders insurance it is still a great idea to have some tool cover.

Builders Income Protection Insurance

Income protection insurance is a must for self-employed builders who don’t have access to sick leave or other benefits. In most cases if a builder cannot work, they cannot earn money.

Builder’s income protection insurance works by replacing up to 75% of your income in the event that you cannot work due to injury or illness. The policy will pay you a monthly benefit until you can return to work, or until your benefit period ends, whichever is sooner.

Although it is one of the most important types of builders insurance, income protection is often not properly looked at until it is too late. Income protection policies can differ greatly between the different insurance companies, and having the right policy can make the difference between having a claim paid or denied.

Some cheaper income protection policies will require that you are completely incapacitated for the full waiting period before they will pay a claim, whilst many of the better policies are much more flexible in the way that they allow you to claim.

Sickness and accident insurance is often confused with income protection insurance, however there are some important differences that all builders should be aware of. Generally speaking, sickness and accident insurance is an inferior type of cover, and it is important to do your research of speak to a financial adviser to find out how the differences in these builders insurance policies could affect you and your family.

Builders Life Insurance

Running a building business is generally a very capital intensive operation, and for that reason many builders carry a large amount of business debt.

There is nothing wrong with debt provided that you can keep up the repayments, but what would happen if you were to die? Would your family have enough money to payout your business and personal debts? Or would they have to start selling assets to make ends meet?

Life cover is one of the most important types of builders insurance for any builder with debts and a family.

Builders TPD Insurance

TPD insurance is very similar to life insurance in the way that it pays out and the ways that it helps you and your family, but instead of paying out when you due, TPD insurance pays out when you become totally and permanently disabled.

As far as a builder’s capacity to earn income goes, generally becoming totally and permanently disabled will have the same impact on their income as their death would – the income would simply stop.

A combination of TPD and income protection builders insurance can protect against the devastating financial effects of suffering an illness of injury so serious that you become permanently disabled and can no longer work at all.

Builders Trauma Insurance

Trauma insurance is probably the one type of builders insurance that is most commonly overlooked.

This type of builders insurance covers you for most medical traumas and critical illnesses such as stroke, heart attack and cancer, and will pay you a lump sum which can help to cover medical expenses and lost income.

As builders we like to think we are indestructible, but critical illnesses can occur, especially as we reach middle age and beyond. Trauma insurance can help to take the financial sting out of such events.

Builders Insurance

As we can see, there are many different types of builders insurance covers available to protect builders from the financial risks they face every day.

Some of these covers will be more important to some builders than others, and it’s important to have a builder’s insurance package that suits your needs and objectives, as well as your budget.

To get a quote on your builders insurance simply give us a call or complete our online quote request.