Insurance is an essential part of business for builders, as a valuable tool to defend against vulnerabilities that can leave you at a great financial loss. While the importance of this is understood, there are still a range of myths and misconceptions that, if not addressed, can leave your business open to exposures.
Learn more about the false information that may be placing you and your business at risk, so you can receive the appropriate Business Insurance coverage to remain protected.
1. General Liability Insurance covers everything
While this form of insurance is essential, it does not cover all risks that you may be exposed to in the building industry. What it does include cover for is incidents involving bodily injury, property damage and personal injury that arise as a result of your negligence.
Important exclusions that would still require cover include Product Liability Insurance, and omissions cover. This policy also does not cover incidents of faulty workmanship. It is important to work with a reliable insurance provider for tailored liability cover.
2. Insurance is too expensive
While premiums can be a significant expense, the consequences of going without the appropriate cover can be much more costly. If any accidents or legal claims arise, you can be liable for a significant financial loss. A lack of Tools Insurance or Property Insurance for Builders for damage to work property and assets can also lead to costly repairs and replacements, as well as loss of income due to business interruption.
You should consider a Broker with expertise as well as reasonable rates and fees to ensure you are covered without spending more than necessary on premiums.
3. Insurance is optional
For independently run small businesses that have a smaller budget, this can be a common misconception. Ultimately, cover is essential regardless of size and without coverage you may experience significant loss and financial trouble.
It is important to protect yourself, your business and your employees from the risks of the industry with the appropriate cover.
4. All policies are the same
When it comes to insurance policies, there can be great variation in terms of the extent of coverage, and the limitations or exclusions. Working with a provider that specialises in Insurance for Builders will assist in determining the right policies for your precise requirements.
A knowledgeable broker will consider industry risks, the size & scope of the business as well as your budget in order to find the most suitable coverage options.
5. Insurance is only necessary for large projects
Some believe that only larger construction projects require coverage, but small projects also require insurance as these can also lead to accidents & injuries that may have a large impact on the business. The right Contractors’ Insurance coverage is necessary no matter the project size, so it is still important to consider this with small projects.
Reliable Builders’ Insurance with Atlantic Insurance
Atlantic Insurance is a reliable Insurance Broker that can assist in tailoring an insurance program to your specific needs for a reasonable cost. Having catered for the needs of Builders and Property Developers for the past 25 years, we have a strong understanding of the industry and which policies will be best suited to your precise situation.
Contact us to receive a quote for Construction Insurance today and ensure your business and projects are protected against risk.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.