Key Insurance Considerations for Construction & Property Professionals
It is important to adequately protect your construction or property business. In addition to Professional Indemnity Insurance, Coverforce recommends you consider each of the following types of insurance:
Cyber and Crime Insurance
Cyber criminals are becoming more sophisticated and are increasingly using tactics such as identity theft to hack into systems or company processes, obtaining access to company bank accounts and trust funds. Cyber related crime can result in significant losses to your business.
Without the correct Cyber and Crime Insurance in place, many businesses will remain uninsured for this criminal activity. Cover can be arranged via a packaged Management Liability policy or can also be arranged via standalone Cyber and Crime Insurance policies.
Public Liability Insurance
If you lease or own a company office, hold events, visit clients, participate in auctions and other sales or property management activity you will have an exposure to potential third party injury and property damage claims.
Public Liability is a ‘must have’ Insurance policy for all businesses who operate in the Real Estate and Property Management sectors.
Management Liability Insurance
Managing a business comes with its risks and responsibilities. As a director or officer of a business, your personal assets as well as company assets can be exposed to those risks under a range of circumstances.
Management Liability Insurance primarily provides coverage for Directors and Officers for loss of account from wrongful acts committed or allegedly committed in the execution of the director or officer’s duties.
These policies also extend to cover
- Employment Practices Liability – full policy limit
- Statutory Liability – generally up to $1,000,000
- Crime (First Party & Third Party cover) – generally up to $1,000,000
- Tax Audit – generally up to $100,000
Business Insurance
The risk of fire, theft, malicious damage and accidental damage of company property can be protected under a Business Insurance policy. Business interruption (loss of revenue and additional costs), can also be insured together with other policy sections such as Glass, Money, General Property and Machinery/Electronic Breakdown.
An important consideration with Business Insurance is to ensure that the risk of flood is considered and that the flood extension is requested to be included if required. Flood is not a standard inclusion under Business Insurance policies.
Workers Compensation
This statutory form of insurance is compulsory in all states and territories for incorporated entities who employ staff or pay wages. Workers Compensation Insurance is also required for sole traders and ABN holders.
Contact Coverforce
To arrange a quote or to find out more about how your business can be better protected, contact your Coverforce Service Team directly.