Insurance for the Building and Construction Industry
Australia’s building and construction industry contributes over $350 billion to the Australian economy annually, which accounts for nearly 10% of the nation’s total GDP. With a projected annual growth rate of 2.5% over the next 5 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. So plant and equipment insurance policies are vital to business owners and project managers.
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% of construction companies have already purchased cyber insurance, while a further 28% plan to do so in the next 12 months.
At MKP Insurance, we understand the unique risks that arise in Australia’s building and construction industry and can tailor solutions to protect your business.
Whether you’re an owner-builder, a contractor or a large construction company, you’ll 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, in addition to your plant & equipment.
Cover for material damage to plant, machinery and equipment including road liabilities arising out of the use of road registered equipment.
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.
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.
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.
Protects you against legal action from a client for breach of professional duty. This type of insurance is often required by building contracts.
Helps protect you and your business from the financial risk of being liable for negligence.
Safeguards you and your business against expenses and legal costs if your website or other systems are hacked.
Contact MKP Insurance today for a no obligation discussion about how you can protect your construction and earthmoving business today.
The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs.
Moody Kiddell & Partners (Insurance) Pty Limited ABN 48 071 572 828 AFSL 512898.
