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Public Liability Insurance for Builders

Builders Insurance

Posted: 2012 August 30

Builders in Australia are can benefit from a range of insurance types. Some are mandatory, whilst others are simply a good form of protection.

One of the most common forms of business insurance for a builder is public liability.

What Does It Cover?

Public liability insurance covers builders for property damage and personal injury that they cause to other people through negligence in their business activities.



If your business activities result in property damage or personal injury to another person, and you are deemed to be responsible, you could be liable for substantial costs.

The costs involved in a claim for a builder can range from as little as a few hundred dollars for minor property damage, through to hundreds of thousands of dollars (or even millions) for a claim involving serious personal injury or death.

By having the right builders public liability insurance in place you can help to ensure that your company is not burdened by the costs of a claim due to negligence.

Subcontractors Insurance

Most builders know that their subcontractors must have their own public liability insurance.

As a builder, your public liability insurance will cover any employees that you have on wages, but it will not cover any subcontractors that you hire.

In the event of a claim involving a subcontractor there will often be a sharing of the responsibility between the builder and the subcontractor (especially when they are operating under your instructions) but ultimately both still need to have their own separate policies.

It is important for any builder using subcontractors to ensure that they each have their own suitable public liability policies in place.

Builder or Carpenter?

Although many people call themselves builders, when it comes to insurance there is an important difference between a licensed builder and a carpenter who builds things.

Carpenters who build decks, patios and other small constructions will often call themselves a builder, even though they are not a licensed builder.

There is no problem with that of course, but it is important to let the insurance company know if you are a carpenter rather than a licensed builder, as the cost of insurance for carpenters will be less than the cost of insurance for builders.

How Much Does It Cost?

The cost of public liability insurance for builders will depend on two main factors. This includes the type of building work that you are doing, and the size of your building business in terms of annual revenue and staff numbers.

Although your public liability will not cover your subcontractors, some insurance companies will also take into account the amount you pay to subcontractors when calculating your premiums.

Getting a Quote

Getting a quote on public liability insurance for builders is relatively easy. You can obtain quotes directly from the insurance companies, or you can utilise the services of an insurance broker.

Here at Builders Insurance we have access to a network of insurance brokers and advisers who can provide quotes and advice on a range of insurance types including public liability.

To obtain a quote on your builders insurance needs please complete our online quote request or call our office.

 




 

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