Monday, 8 September 2014

Is Builders Insurance A Necessity?

We all think 'It will never happen to me' at some point in our lives,
but is losing your livelihood really worth the risk by not having
adequate builders' insurance cover?

In today?s environment, there are many substances and chemicals
we use in the building industry that can be dangerous or cause damage
or injury to property or workers and that is a risk that cannot be taken lightly.

More and more companies that offer builder's insurance are making it
easier to ensure you have the right level of cover for the contracts you
are to fulfil, by offering flexible payment plans so small or large businesses
can budget and be safely covered if the unforeseen happens.

New home builders are a section of the industry that are most at risk from
flooding, severe weather or even vandals starting fires on job sites.
By not having the correct cover, you place yourself at risk of going broke should a situation arise.

Tradesmen in the many service companies involved within the building industry
are another group who need to be vigilant with their policies.

Trade insurance is an emerging section in the insurance business that is growing at a rapid pace,
with more and more opting for this to cover loss of tools stolen at an alarming rate
from many job sites in 2014.

There are many different types of trade tool insurance for Tradie�  available, all have some conditions,
but the most appropriate tool insurance cover for tradesmen is a policy that covers tools and
stock (cabling, light switches, landscaping supplies etc) which may be located at home, onsite
in a locked container, in a vehicle and in transit in a private vehicle and not in a commercial carrier.
The tools insurance policy should also specify replacement of the tools at replacement cost value,
rather than on existing values.  Stock would be replaced at cost price.

When seeking a quote for builder's or trade insurance, look to a company who can
work with you to suit your circumstances by offering monthly or quarterly payment options so you
still have the cash flow to run your business successfully.