In the concreting industry, appropriate coverage is important to protect against financial hardship if you are faced with accidents, lawsuits or misfortune that could leave you at a loss.
Personal Injury and Property Damage are among the most common risks, with common injuries including cuts, wounds and lacerations, injury while handling materials, noise damage, falls, and accidents when using equipment. Use of Plant and Equipment also commonly poses risk of damage to third party property.
It is important to take the necessary precautions to protect your business and prepare for potential claims. Comprehensive Concreters’ Insurance can provide peace of mind and ensure you and your business are able to return to your pre-loss position as soon as possible when unfortunate events occur.
When arranging insurance for your business, there are some elements to keep in mind to ensure you receive appropriate cover. Learn more about the essential considerations when purchasing this form of insurance.
The Importance Of Concreters’ Insurance
Concreting work is associated with many risks including property damage, injury to yourself, your workers or third parties, loss of tools and equipment and more that could leave you and your business vulnerable. While Concreters’ Insurance cover is not compulsory in Australia, this cover provides invaluable peace of mind that ensures you and your business are prepared against risk and able to recover from the impact of incidents.
While many Concreters and Civil Contractors generally carry a Public Liability policy, policies such as Professional Indemnity, Contract Works or Tool & Equipment policies are often contractually required. Atlantic Insurance is able to advise on the most suitable cover for protection and contractual compliance when it comes to your Concreting business.
8 Essential Insurance Considerations For Australian Concreters
1. Liability & Workers Compensation Insurance
Essential policies for Concreters include Public Liability Insurance and Workers’ Compensation Insurance along with Professional Indemnity Insurance if you are involved in Design and Construct Contracts. A Public Liability policy will protect you and your business against claims by third parties for bodily injury and property damage that you, your employees or one of your products are responsible for. A Professional Indemnity policy offers cover in the event of a claim by a third party due to negligent advice or negligence within your professional services.
If you have employees, Workers’ Compensation cover provides financial assistance for them in the event that they are injured at work, and can cover medical expenses or legal fees. Workers’ Compensation compliance laws differ from state to state. Atlantic Insurance has a strong understanding of the requirements for businesses around Australia, and can help you to coordinate this cover for compliance and financial security.
2. Tool & Equipment Insurance
For those in the trades industry, if tools are stolen or damaged this can have a great impact on business operations, and may mean you are unable to continue working until they are repaired or replaced. This policy ensures you are able to repair or replace your tools and equipment and get back to work with as little delay as possible.
3. Contract Works Insurance
This policy is a recommended form of Trade Insurance that generally includes cover for loss, damage, or destruction of the contract works during the construction period. This includes protection for materials, tools, equipment, and machinery found on the construction site.
4. Income Protection Insurance
If you are unable to work due to injury or illness, this policy offers compensation for a portion of your lost income. This ensures you are still able to pay your bills and cover other living expenses.
5. Contractual Requirements
A construction contract may require specific types of insurance coverage. It’s important to remain aware of these contractual obligations and ensure your policies meet them to ensure contractual compliance.
6. Exclusions and Limitations
When arranging insurance policies it is essential to remain aware of the exclusions and policy limits. This is important to ensure the specific risks that you may face are covered and for the dollar amount and time frame for which the cover is required.
7. Regular Review
With changing industry requirements, or as your business evolves, your insurance needs may require alteration to ensure you remain protected and compliant. Your insurance should be reviewed at least once a year, unless a change is made mid term in your business that requires new cover or changes to your existing policies.
8. Professional Advice
The concreting industry faces a range of specific risks and challenges that can be misunderstood. An Insurance Broker such as Atlantic Insurance is able to offer tailored professional advice to assist with navigating the complex insurance landscape.
Comprehensive Concreters’ Insurance with Atlantic Insurance
Atlantic Insurance Brokers is privately owned with experienced Client Managers and knowledge of the industry who are dedicated to creating tailored Insurance Plans that meet your specific requirements. With personal claim handling and a focus on educating around risk management, Atlantic is an ideal choice for your concreting business.
Contact us today to discuss your requirements and receive a quote.
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.