Builders Contract Works Insurance

Frequently Asked Questions

What does a Contract Works insurance policy cover?

The insurance needs for any project can vary significantly. Contract Works policies can be extended to suit different levels of coverage, helping to minimise financial loss on a project. Policies can include:

• Accidental damage to on-site materials
• Theft and vandalism
• Material damage
• Third party liability

How much will Contract Works insurance cover?

The coverage amount for Contract Works insurance typically depends on the total value of the construction project, including materials, labour, and any other associated costs. Insurance providers will offer different levels of cover based on the project’s complexity, duration, and overall risk profile. It’s crucial to accurately assess the total value of your project and discuss it with your insurer to ensure adequate coverage. The policy limit should reflect the maximum conceivable loss, ensuring that you’re fully protected in the event of a significant claim. At Tradesure, we specialise in Contract Works insurance cover and other tradie insurances. Get in touch with us today to request a quote and we’ll take it from there to get you covered for the right amount.

How do I know if I need Contract Works Insurance cover?

If you are regularly engaged in substantial construction projects, have contractual obligations or face significant project risks, it is likely you need a Contract Work policy to safeguard your financial stability. Consider the nature of your work and other factors like location, subcontractors and potential weather conditions and consult with our team at Tradesure to make an informed decision on the right insurance for your needs.

Can I customise my Contract Works insurance policy?

There is no one size fits all policy when it comes to Contract Works insurance. Every construction project has its own risks and these should be considered when seeking insurance coverage. A Contract Works policy can be structured to suit a variety of risks. Talk to the Tradesure team, we’re here to help you make an informed decision on the right insurance policy to protect your business.

What’s the difference between Contract Works insurance and a Trades Liability policy?

Contract Works policies are designed to cover the construction project itself. Liability policies protect against claims from third party injuries or damages. Contract Works policies can be tailored to cover a variety of risks but often, builders should consider multiple policies to ensure they have comprehensive cover for their business.

Is Contract Works insurance the same as Construction Works insurance?

Yes, Contract Works insurance and Construction Works insurance refer to the same type of policy. These terms Contract Works insurance and Construction Works insurance are often used interchangeably to describe insurance that provides coverage for risks associated with construction projects. Construction Work insurance is designed to protect against physical damage or loss to the construction works, materials, and equipment during the construction phase and, in some cases, for a specified period after completion.

Is Contract Works insurance the same as Contract Work insurance?

Yes, whether you call it ‘Contract Work insurance’ in singular form or ‘Contract works insurance’ in plural, both these terms refer to coverage that protects you against costs of damage to the project site, materials, and ongoing work. This insurance is crucial for managing the risks associated with construction projects, ensuring you have financial protection against unexpected events like damage or theft.

What are the benefits of Contract insurance like Contract Works insurance?

Contract Works insurance offers you several benefits, including protection against unforeseen damage or loss to the construction project, materials, and equipment. It provides you with financial security, enabling your business or sole trader operation to recover from losses without bearing the full financial burden. Contract insurance also covers third-party liability claims for property damage or bodily injury caused by the construction activities. This insurance also demonstrates to your clients and stakeholders that the project is professionally managed and financially protected, potentially leading to more business opportunities.

Do I need Contract Works insurance if I have Public Liability insurance? What about Professional Indemnity Insurance?

While Public Liability insurance is essential for protecting against third-party claims of injury or property damage, it does not cover damages to the construction project itself. Contract Works insurance fills this gap, covering the cost of repair or reconstruction due to insured events like fire, theft, or natural disasters. Professional Indemnity Insurance, on the other hand, covers legal costs and expenses related to claims of professional negligence or breach of duty. For comprehensive protection, it’s advisable to have both Public Liability and Professional Indemnity insurances in addition to Contract Works insurance, as each covers different aspects of risk in the construction industry.

How do I find the best Contract Works insurance policy?

That’s where we come in at Tradesure. We are your one-stop-shop for every kind of insurance you need for work in the building and construction industry or as a tradesperson. Whether you’re a small business operation, a larger business in the construction industry, owner builders or a sole trader tradesperson, we can help you find the insurance solutions and insurance premium and policies that work best for you while reducing or mitigating your risk. Just get in touch with us today or request a quote to get started.

How much does Contract Works insurance cost?

The cost of Contract Works insurance cover varies depending on your specific needs and risk profile. But we can provide you with a quick quote based on your exact needs and situation, and provide you with recommendations and options. Request a contract works insurance quote today. If you need other tradie insurance, we look after that too.