Modern construction sites require a sturdy risk management framework to protect your project from the unique complexities of the industry.
The truth is, when you’re a builder or contractor focused on the job at hand, it’s hard to prioritise the unforeseen. However, with Contract Works Insurance, you can rest assured that your project is in good hands should the worst happen.
Barrack Broking understands the challenges of the construction industry and works with you to understand your individual risks, so we can find you insurance cover that is tailored to you and your project’s needs.
So, when you need to focus on your contract work project without worrying about the factors you can’t control, that’s what we’re here for.
Contract works insurance (also known as construction works insurance) is a critical protection for builders and contractors against the financial consequences of accidental damage, loss, or destruction to your project during the construction stage.
This coverage extends to restoration or rebuilding costs if an incident does occur, including the materials required to bring your project to life.
This insurance can be approached in two different ways depending on your project structure:
Barrack Broking helps you manage your liability when it comes to your construction projects, ensuring your assets and your contractual obligations are protected at every stage of the process.
A typical policy includes:
The Insured Works
Protection for both permanent and temporary work sites under construction, including any alterations to existing infrastructure.
Materials and Supplies
To protect the materials on your site, as well as assets being stored or in transit elsewhere. Also includes mitigating imported materials risk that can come from supply chain factors and overseas transit.
Weather Extremes and Site Damage
Damage from fires, storm, or flash flooding that is out of your control, but can detrimentally impact your progress as well as your physical materials
Third-Party Injuries and Property Claims
Property damage or bodily injury to members of the public can occur near your construction site.
Theft and Vandalism
Coverage against malicious damage or theft of building materials from your worksite.
Subcontractor Coverage Gaps
Closes the gap in subcontractor protection to ensure your contract works is not at risk to third-party litigation or uninsured losses.
While comprehensive, contract works insurance has standard exclusions to be aware of. For complex, high-risk construction worksites, Barrack Broking can help you review and navigate specific exclusions:
Defective Work and Design Errors
Structural and design faults that may emerge during or post-construction that may result in legal claims.
Wear and Tear
Natural deterioration over time, such as rust, corrosion, or breakdown of equipment.
Unexplained Losses
All shortages require proof of an insured event, so any losses discovered from routine inventory checks are not typically covered.
To fully protect your construction project, we recommend complimenting contract works insurance with connected coverages to build a comprehensive risk framework:
Protects you against any claims of negligence, errors, or omissions relating to your advice or professional services.
Related insight: Professional Indemnity Insurance
Unlike contract works insurance, industrial special risks insurance covers any physical loss or damage to your onsite materials and structures once the your project is completed or operation, rather than protection during the active building phase.
Related insight: Industrial Special Risk Insurance
Protection for directors, officers and senior management facing governance, employment practices or regulatory exposures.
Related insight: Management Liability Insurance for Australian Organisations
Coverage against cyber attacks, including data breaches, ransomware attacks, and digital extortion.
Related insight: Cyber Insurance Broker
We understand that time is of the essence when you have a project to start, which is why we make our process easy for you to navigate.
We’ll handle everything from start to finish, so you can focus on running your construction project without worrying about what could go wrong.
Here’s what our process entails:
We’ll start by understanding your business and project details to identify your risks.
We’ll develop a tailored strategy and program that is detailed with cost and your coverage options, using our market knowledge and expertise.
We’ll head out to the market to negotiate a policy with the right insurer that covers you based on the identified risks.
We’ll be here for you all year round. Whether you need claim support, policy clarification or general advice, you can rely on Barrack Broking to support you.
We’ll handle it all, with your project’s best interest as a priority. All you need to do is reach out and get started.
Our clients rely on us for strategic advice and dependable support.
We’ve always have such a great experience with Barrack Broking. Our Account Manager, Dale is incredibly friendly, easy to deal with, and genuinely attentive to everything we need. Nothing ever
thanks again Dale and Barrack for making the insurance renewal process so smooth and timely yet again
Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He
Competitive premiums offered. Great service going over and above. I have peace of mind knowing the insurance policies are looked after by a wonderful highly experienced team. Can not be
Excellent Communication, and provide great options and competitive Premiums. Just a pleasure to deal with. Highly recommend this team to any business owner.
Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended
As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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