Before the first tool comes out of the ute, there’s a lot to think about. Materials need to arrive, quotes need to be approved, the schedule has to be locked in and everyone needs to know when and where to turn up.
Most tradies have a reliable checklist for getting a job underway. But there is one important item that can easily be overlooked: insurance.
Whether you’re working on a home renovation, commercial fit-out or large construction project, every job comes with different risks. As your business grows and the projects you take on evolve, it’s worth taking a few minutes to review your Construction Trades Insurance before work begins. It could help ensure your cover still matches the work you’re doing today.
“No two construction projects are exactly the same, so it’s important that your insurance keeps pace with the work your business is doing today, not the work it was doing a few years ago,” says Mick Alexander, HIB Insurance Brokers’ Managing Director.
Here are five practical insurance checks to consider before starting your next project.
1. Check that your Public Liability cover suits the project
No two construction projects are the same. A small residential renovation carries different risks to a commercial build or a project involving several trades and subcontractors.
It’s also common for clients or principal contractors to require specific levels of Public Liability Insurance before you are allowed on site. Reviewing your cover before each project can help ensure it still aligns with the scope of work and any contractual requirements.
Public Liability Insurance should not be treated as a ‘set and forget’ policy. If the work you are taking on changes, your insurance may need to change too.
2. Review your tools and equipment cover
Your tools are more than just equipment. They are what keep your business moving.
If your tools or machinery are stolen, damaged or lost, replacing them can be expensive, not to mention the downtime while you’re waiting to get back on site.
If you’ve recently purchased new tools, upgraded equipment or invested in machinery, it’s worth checking that your Construction Trades Insurance reflects those changes. A quick review now can help avoid unnecessary disruption if something unexpected happens.
3. Consider what could interrupt the project
Even the best-planned projects can face unexpected setbacks.
Severe weather, theft, accidental damage or other unforeseen events can delay work and affect your ability to complete a project on schedule. These interruptions don’t just impact timelines, they can also place pressure on your cash flow and your business.
Taking the time to understand how your insurance may respond before work begins can provide greater confidence throughout the project and help you prepare for the unexpected.
4. Review what’s changed in your business
When was the last time you reviewed your insurance?
Many tradies arrange insurance when they first start their business and then leave it unchanged for years. But businesses rarely stay the same.
You may have:
- taken on larger contracts
- expanded your services
- hired additional staff
- invested in new vehicles or equipment
- increased your annual turnover.
Even positive business growth can influence the type or level of cover that’s appropriate for your business.
“One of the biggest mistakes businesses make is treating insurance as something they only review at renewal. Regular reviews help ensure your cover continues to reflect your people, equipment and projects as your business grows,” says Mick.
5. Make insurance reviews part of your project planning
Before every project, you check your plans, your materials and your equipment. Reviewing your insurance should become part of that routine too.
A quick insurance review doesn’t need to be time-consuming, but it can help identify gaps in cover before they become costly problems. It’s a simple habit that helps ensure your insurance continues to support the work you do today and the projects you’ll take on tomorrow.
Just as your business evolves, your insurance should evolve with it.
Build with confidence
Every construction project is different, and your insurance should reflect that. Making insurance reviews part of your project planning can help ensure your cover continues to keep pace with your business, your equipment and the work you do.
Whether you’re looking to review your Construction Trades Insurance, update your Public Liability Insurance or simply understand whether your current insurance still suits your business, the team at HIB Insurance Brokers can help you find tailored insurance solutions designed for the way you work.
Contact us today at 02 6041 1488 to discuss insurance solutions that help keep your construction or trades business moving with confidence.