Construction projects carry a variety of risks that can result in significant financial losses and harm your reputation.
It’s crucial to manage these risks throughout each stage of the project and ensure that both you and your assets are protected in case something goes wrong.
Contract Works Insurance (also known as Construction Works Insurance) offers coverage for your construction project, protecting against accidental theft or damage to contract works during the build, as well as third-party liabilities and compensation claims.
What is Contract Works Insurance?
Contract Works Insurance is designed to protect construction projects from a range of risks, including accidental damage, theft, and third-party liabilities that may happen during the building process. It can help provide peace of mind for builders, contractors, and property owners by ensuring that, if an unexpected incident occurs, the financial impact is minimised.
Anyone involved in construction — whether managing a small renovation or overseeing a large-scale development — could benefit from taking out Contract Works Insurance to safeguard their project and assets.
A typical Contract Works Insurance policy can provide cover for:
- Material damage or theft of contract works
- Third party property damage
- Material damage to on-site plant and equipment and existing structures
- Third party bodily injury
- Legal liability
- Advanced loss of profits and rental
- Delay in start-up
Did you know?
The construction industry ranked in the top six industries for the highest serious claims frequency rate in 2022-23.
SafeWork Australia: Key Work Health and Safety Statistics Australia (2024)
According to the NSW Police, theft from housing construction sites accounts for 1% of the cost of a new home.
NSW Police Force: Preventing Building Site Theft (2018)
Fire and explosion claims remain the biggest cause of loss associated with construction and engineering projects.
Allianz: Engineering & Construction claims and insurance trends report (2019)
Request a Quote
At Coverforce, our expert team of insurance brokers will take the time to assess your individual requirements and exposures and deliver a comprehensive insurance solution that is tailored to your specific needs and budget.
For more information or to arrange cover, please contact us to speak to a member of our team.
Alternatively, you can simply fill out a Contract Works Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
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