While standards are generally increasing on construction sites across the country and injury rates are trending downward, that does not mean that the industry, as a whole, is out of the woods. If you have a construction business then you may be only too aware of the inherent risks, but are you sure that you are adequately covered for every eventuality? What do you need to think about, so that you sleep more soundly at night?
So Many Risks
By its very nature, the construction industry is dynamic. It will always involve an element of risk, but the good news is that insurance brokers have almost every angle covered.
You shouldn't be in the habit of taking unnecessary risks in the workplace, and this duty of care should extend to your finances as well. If something were to happen and you were found to be liable, you could face a crippling fine that could put you out of business, to say nothing of a potential lawsuit.
Changing Landscape
At one time, it was sufficient to insure your work site against natural disaster or theft and not worry too much about other areas. However, these days there's a tendency to pursue litigation in almost every scenario, and you may face a problem if a tradesman or subcontractor is negligent or picks up an injury. Occupational Health & Safety risks can be handled by a site liability insurance product that can extend to all personnel on site and can extend to multiple worksites if necessary.
It's in the Detail
Do you like to read paperwork? Almost certainly, the answer will be negative here, and you may be oblivious to what's included in the latest draft of legislation that covers your industry. However, you may not be covered for every eventuality if you stick your head in the sand and this is why you should get an experienced insurance agent to have a look at your exposure. You can certainly give them the appropriate details to outline the scale of your operations, but you should also rely on them to identify potential risks and suggest products for you.
Sobering Thoughts
When you consider the downside and the overall risk to the longevity of your business, you will realise just how much of a bargain these insurance products may be. Remember, it's not just about floods, petty theft or bushfires any more, as the mere fact that you are in business in this arena makes you liable.
For more information, contact your local construction insurance company.
Share31 July 2018
I've had an interest in personal finance since my mother took me to open my first bank account when I was six. I realised then that you can decide how to use your money and make it work for you. Over the years, I've read extensively on the subject of personal finance and attended conferences and events focussed on teaching you how to use your money wisely to achieve your financial and lifestyle goals. I started this blog to share what I've learned on my personal journey with money, and I post about a variety of topics, such as the power of compound interest and when getting a credit card can be a smart decision. I hope you find my blog useful.