Business insurance is a crucial policy for your business to protect yourself financially from any unexpected events such as formal lawsuit, financial loss or any other type of loss that has occurred during operating business hours. There are a variety of insurance policies for businesses that include coverage for any property damage, legal liability and employee related risks. To have the correct selection of insurance for your business, there are factors such as the type of business you operate, the location of that business and any other necessary needs that need to be considered.
Some policy options that available to protect your company from any potential threat of theft, machinery breakdown, deterioration of stock amongst others. One of the most important covers for your business to invest in is public liability insurance, especially if your business does not have a premise and relies on you delivering your services to the customer. Public liability is an essential policy as it ensures your business is protected from any claims from a third-party who have injured themselves at your business or because of business activities. This insurance policy will also cover any costs from damages, injuries and legal fees up to a maximum limit.
Owning a business is a risky choice to make but with the correct business insurance you can prevent yourself from facing any managerial, financial and legal issues.
Construction businesses are exposed to a wide range of risks from the heavy machinery, to physical labour and the worksite. In order to protect your business and employees, it is important to consider an industry specific insurance cover. The most common types of cover include public liability, worker’s compensation and contract works insurance.
Public liability protects your worksite and premises should a third-party injure themselves, medical and hospital bills are financially compensated as well as potential legal representation. Workers compensation is legally required in Australia and provides protection to employees should they become ill, injured or die on your worksite. Medical and hospital costs are covered as well as any legal representation necessary, however, should an employee accept worker’s compensation, they forfeit their right to legal claims. Contract works insurance provides protection to one or more construction projects that a business may have against theft or damage of the construction site or the building under construction. Losses or theft are financially covered as well as any financial losses that result from the damage.
Providing your construction business protection should be a priority, not only for your income but the wellbeing of your employees, the best way to do this is to invest construction insurance.