How does builders insurance work

Management Liability Insurance helps to provide comprehensive protection against a range of risks associated with managing your business. These include potential incidents relating to employees such as unfair dismissal claims, any regulatory infringements or any criminal acts such as theft by an employee.

Our HIA Insurance Services specialists are experienced in providing tailored insurance solutions for your building and construction projects. You can call us on from am - pm Monday to Friday or contact us via email at: au. Alternatively you can visit our contact page for details of our regional offices to make an appointment or to request a call back. We're here to help. Visit our Contact page to contact us, make an enquiry or request a call back. Get a quote and purchase Construction Works Insurance online using our user-friendly, online quoting system.

Breaking down the basics of insurance for the construction industry. Learn about the types of insurance to consider and why you might need them. Why use an insurance broker when purchasing your business insurance instead of buying straight from an insurer? The article explains the value that your broker can provide to you. Learn about a builder who was forced to shut down their business due to a legal claim being brought against them and how they could have managed this risk.

We've taken the most relevant content from our partners Aon and HIA, as well as HIA Insurance Services content to create a news and education library for builders and tradies. Builders Insurance for Builders HIA Insurance Services caters to all builders in the residential construction industry, no matter your size, experience, or complexity. Types of Insurance HIA Insurance Services arranges a variety of products for builders and tradies in the construction industry.

Plumbers Roofers Tilers View all. Payments and Claims Insurance for Builders HIA Insurance Services caters to all builders in the residential construction industry, no matter your size, experience, or complexity.

You should ensure you obtain and consider the Policy Wording or Product Disclosure Statement and Target Market Determination for the policy before you make any decision to buy it. Related articles. Your insurance A-Z 09 Nov Put a plug in it: How to avoid falling victim to an indoor flood 23 Sep Read further articles. Interested in QBE business insurance?

Find out more Find a broker. ACT Government Planning. Home Building Compensation Fund. Northern Territory Government. Queensland Building and Construction Commission.

Consumer and Business Services. WorkSafe Tasmania. Victorian Managed Insurance Authority. But what about homes and other buildings that are under construction? A form of property insurance exists that covers partially completed buildings and construction materials against the risk of loss. This type of real estate insurance is called builder's risk insurance.

A building covered by a builder's risk policy is protected against damage or destruction from covered perils. The policy lists these risks such as fire, theft, hail, and vandalism. If a builders risk is an "all-risk" policy, this means that every peril is covered, unless it is specifically excluded from the policy. If you have difficulty in understanding what is covered or excluded in your builder's risk policy, ask your insurance agent for a detailed explanation of the policy language.

Project owners, subcontractors and lenders may all take out builders risk insurance. The policy holder must have an insurable risk and an insurable interest in the property.

To have an insurable risk means that the building must be under construction.