Australia’s construction industry contributes over $350 billion to the Australian economy annually, which accounts for nearly 10 per cent of the nation’s total GDP. With a projected annual growth rate of 2.5 per cent over the next five years, it is important that businesses in the building and construction industry choose the right cover to protect their operations.
Construction projects are complex undertakings which involve multiple stakeholders and challenging working conditions. Businesses must often manage changes to scope or orders, poorly written contracts and specifications and project management issues. They may also need to deal with labour and materials shortages, or theft of tools and materials. Subcontractors and suppliers can provide extra stress for construction firms, as can the rising number of extreme weather events.
Cybercrime is an emerging and increasing threat to construction businesses, which often use insecure connections from mobile workplaces, and share files and data with stakeholders outside the business. As a result, 41 per cent of construction companies have already purchased cyber insurance, while a further 28 per cent plan to do so in the next 12 months.2
At Moody Kiddell & Partners, they understand the unique risks that arise in Australia’s building and construction industry and can tailor solutions to protect your business.
TYPES OF INSURANCE AND WHAT IT CAN COVER
Whether you’re an owner-builder, a contractor or a large construction company, you will need a range of insurance covers to safeguard your workers, building and equipment. Insurance can protect you and your employees onsite, on the way to work and in your office.
CONTRACT WORKS
Protects any buildings under construction and construction equipment. This cover may include protection against:
- Natural disasters like fire, earthquake, storm, flood, wind and water damage
- Damage to property caused by defects, theft and malicious damage or vandalism or
- Smashed glass
- Third-party personal injury and property damage.
BUSINESS PACK
Safeguards your business premises against:
- Equipment or machinery breakdown
- Employee dishonesty
- Property or glass damage
- Legal issues, with public and products liability
- Tax audit
- Theft, and theft or loss of money.
CYBER INSURANCE
Safeguards you and your business against expenses and legal costs if your website or other systems are hacked and your system cannot be used or customers’ details are stolen.
MOTOR INSURANCE
Takes care of your valuable business vehicles with cover to:
- Help if you or your staff damage another person’s vehicle
- Repair your vehicle after an accident or replace it if it’s written off
- Replace a lost or stolen vehicle
- Safeguard you against legal liability.
PROFESSIONAL INDEMNITY
Protects you against legal action from a client for breach of professional duty. This type of insurance is often required by building contracts.
PUBLIC LIABILITY
Protects you and your business from being legally liable for personal injury and property damage as a result of your negligence.
Contact Moody Kiddell & Partners for a no obligation discussion about how you can protect your construction business today. Call 1300 000 657 or visit www.mkpgroup.com.au