The Federation of Master Builders

5 tips to Know before buying construction insurance

Published date: 05 June 2017

As a builder you know how important it is to use the right tools for the job and construction insurance is one of those tools. But, with all the different policies, coverage amounts and premiums you may find yourself feeling overwhelmed by the process. Here are five top tips you should consider before buying construction insurance.

1. Assess your insurance needs and risks

Before shopping around for insurance, identifying the risks associated with your business and your work projects will help you clearly understand what insurance coverage you need.

2. Cover over price

Price should never be the only factor in determining which insurance provider to use, business coverage should be seen as a necessary expenditure. Before making your decision have you considered all the factors such as cover, exclusions, conditions and services.

3. Choose a construction insurance specialist

Construction insurance specialists understand the risk and challenges that you face and how to manage them with a level of cover that’s right for you. Here at FMB insurance, we can help you find the appropriate coverage at competitive rates to suit your business – not someone else’s.

4. Know your policy, down to the fine print

You don't want to file a claim only to be surprised that your policy doesn’t include the damage or liability in its coverage. By understanding the exact terms of your insurance coverage you can protect yourself from the gap or excesses in your policy.

5. Never underestimate your coverage needs

Given the frequency and magnitude of damages that can occur on construction projects, it’s critical for construction professionals to select the right type of coverage. By underestimating you are putting yourself and your client in jeopardy in the event of a claim.

In the construction industry, no two days are the same – which is why it’s important to get the right insurance. With this in mind, FMB Insurance can tailor your warranty to suit your business needs, determining the types of coverage your contract requires.

Find the right product for your business here

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