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Trade Insurance Reviews

We’ve been helping builders with contract works insurance for over a decade.

Below we’ve put together a guide on contract works insurance, but if you’re just after a quote, call us on 1800 808 800 or click the button below.

Contract works insurance provides cover for builders and contractors in the construction industry.

It is more commonly required by builders, but in some cases a contractor will be required to have cover. If you’re unsure, it’s best to speak with one of our specialists.

Here at Trade Risk we can assist with contract works insurance for builders and tradies, and in this guide we’ll run through the cover in more detail.

If you’re ready to request a quote or speak to us, please click here or call us on 1800 808 800.

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What is Contract Works Insurance?

Contract works insurance, which is sometimes referred to as construction all risks insurance, is a form of cover which can protect a builder from a range of events.

New build destroyed

As mentioned earlier the cover is similar in some ways to public liability insurance, however there are some major additional benefits.

Whilst public liability covers you only for property damage or personal injury that has been caused due to your negligence, contract works can cover a range of other risks including those which are outside of your control.

Some of the risks covered include the following:

  • Property damage or personal injury to others
  • Loss or damage to your project due to fire, storm and a range of other risks
  • Loss or damage to materials on the work site

There are additional risks which can be covered depending on the insurer, however it is best to speak to one of our builders insurance experts for more detailed information.

Who Needs It?

The major users of this form of insurance are builders, hence why it is often referred to as builders contract works insurance.

Along with builders, the insurance should be considered by anyone in the building or construction industry who runs their own projects.

These projects could range from building new homes through to renovations and alterations.

Broadly speaking a subcontractor will not require contract works insurance unless they are running their own projects on the side.

If you are in doubt as to whether or not you could benefit from this insurance we strongly recommend that you contact Trade Risk and speak with one of our experts.

Does it Replace Public Liability?

There are some cases where the right contract works policy will replace a public liability insurance policy, meaning that you don’t need both forms of cover.

It is important that this is done properly to ensure you aren’t left exposed, and therefore it is imperative that you speak with an expert before choosing not to take out a separate public liability policy.

Types of Policies

There are two main types of contract works insurance available.

You can have an annual policy which covers all of your construction projects for the year, or you can take out a single project policy which covers a single project.

Aside from these main two forms of cover, each insurer will have their own policies which differ slightly from one another.

For example some insurers include tool cover in their contract works policies, but some only offer cover whilst on site and others offer cover both on and off site.

It’s important to run through these details with your broker or adviser to ensure you’re getting the appropriate cover for your needs.

How Much Does it Cost?

The costs of contract works insurance will depend on a number of different factors.

One of the major factors is the expected value of the contracts you will be undertaking. The insurer will most likely want to know more about each construction project as well.

The only way to get an accurate idea of the cost of your contract works insurance is to request a quote and provide the required information.

Next Steps

Quotes for contract works insurance are available by calling our office on 1800 808 800.

We are unable to provide quotes for this form on insurance via our online quote forms, however you can still make an online enquiry via our contact form.

For more information or to discuss your insurance needs with one of our trade experts please contact our office.

Tradies Love Trade Risk

In 2020 Trade Risk was awarded the Platinum Trusted Service Award for the amazing service we offer to thousands of tradies from around Australia.

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    "It is just so seamless and easy to renew insurance with them. Renewal questions are straight forward and easy to understand."
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    "Great service year in year out"
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    "I found it very easy to provide the necessary info so Trade Risk could renew my policy. My Office manager was very easy to contact & replied to my questions quickly & efficiently. I would recommend Trade Risk & will be using them in the future."
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    "good follow up service"
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    "Took weeks to get back to me. My insurance lapsed and as a result I was unlicensed for 4 days."
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