Why public liability should always be part of your construction insurance policy
Whether you've just started out in the construction trade or are a seasoned professional, there's one key consideration that no-one can go without. Construction insurance. Regardless of the type of construction projects you're working on, there's always a chance that something may not go to plan. While there are many different types of insurance to consider, and many are required by law, could one part of construction insurance be slipping through the net? Have you overlooked public liability insurance? If you think that may be an expense too far, imagine a situation where a member of the public, or their property, is damaged by equipment on your site and you don't have the cash flow for a quick payout. You'll rapidly rethink your attitude!
What is public liability?
Public liability insurance can be particularly important in the construction trade, as by the very nature of the work your project will impact on the people and communities in the surrounding area. While money won't be able to solve the emotional turmoil of an accident, a rapid resolution could keep any negative publicity at bay and keep the project
Simply put, public liability insurance covers any loss of life, or damage to property, of third parties, i.e. those not employed by you or working on your site. Typical cover will be somewhere up to 5 million AUSD and construction insurance will help gear your policy to the construction project you're working on.
Typically, most policies will cover you for any damage to property, personal injury and legal costs that the third party incurs as a result of an incident. Often, you will be able to include it as a bundle with other types of insurance, which should help you to save on costs.
Who needs it?
Everyone, whether you're a construction conglomerate, or a self-employed builder, You wouldn't put your employees onto a site without adequate cover, you wouldn't leave uninsured equipment lying around, so why would you open yourself up to lawsuits from the general public?
There are many types of insurer out there who will offer this cover. Construction insurance services will help you tailor the policy to suit business requirements, and smaller businesses may get a more affordable option with an insurer geared towards their business size.
No matter what other types of insurance you have, you won't be fully covered until you have public liability insurance. Building projects are stressful enough without an added complication. Public liability insurance solves cures that headache.
