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, workers compensation and contract work 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 workers compensation, they forfeit their right to legal claims. Contracts 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. In order to best protect your business as a whole, we recommend investing in Construction Insurance. To further protect your business, we also offer Commercial Property Insurance.
Professional Liability/Management Liability Insurance
Professional liability and malpractice insurance are a more comprehensive option as it insures loss due to negligent professional duty, wrongful acts or ill advice that resulted in losses or personal injury to a third party. Product liability insurance will cover your business against potential lawsuits from faulty products that may have led to damage, illness, injury or death to a person.
Professional indemnity insurance will protect your assets in any instances that your services cause a client to suffer any type of loss and file a legal claim against you. Public and product liability insurance is a policy which will protect you and your business from any financial risk, if you are found to be liable of a third-party injury, death, loss or property damage. If your profession is in the medical field, medical malpractice insurance will protect you, your business and employees from any claim which was lodged by a patient who claim you have made an error or breach of duty. Management liability which includes crime insurance, directors and officer’s liability and employment practices liability protects the business and management from fraud committed by employees and claims made against management by employees.
Due to the type of services that are offered in industries, businesses must protect themselves should any situation of negligence, malpractice or misrepresentation claims arise. We recommend investing in not only Professional Liability Insurance but also Management Liability Insurance.