About construction insurance

Whether you’re a one-person operation or have hundreds of employees working for you, if you’re in the construction industry you know how important (and at times complex) construction insurance can be. Equally, it’s one of the riskiest industries in Australia, from risk of injuries to people on site, equipment damage, design defect, disruption and delays or damages to the project and loss of profits. The right cover helps give you peace of mind, with policies specially designed to protect the financial future of your business.

Common types of construction insurance

Construction insurance can also be known as builders insurance or contract works insurance, and is designed to provide cover for the construction-related activities of a project. While some insurance requirements are an actual legal obligation for those in the construction industry, the specific requirements can vary from state to state in Australia. In addition to typical business insurance covers such as workers’ compensation or business interruption, the most common types of insurances for construction are:

  • Single project policy
  • Annual projects policy
  • Contractors plant
  • Public liability insurance
  • Tools, plant and equipment insurance for tradespeople
  • Insurance for loss or damage to property in the course of construction
  • Advanced loss of profits
  • Performance bonds/surety
  • Structural defects insurance
  • Professional indemnity insurance (see more below).

Construction insurance case study

Construction as an industry is the third largest employer in Australia, which is going to be incredibly important as we fight the loss of jobs and damage to our economy caused by the global pandemic. It is also one of the most heavily regulated and riskiest industries to work for, making the right construction insurance critical. We’re pleased to be able to share this recent case study of working with construction client, VO Group Australia.


construction insurance case study

Professional indemnity insurance for construction

Acacia Insurance specialises in professional indemnity insurance for the construction industry. Professional indemnity (PI) insurance is essential for anyone who provides advice or consultancy services to their clients. It can protect your business against legal costs and damage claims arising from acts, errors or omissions occurring in the course of your business. Many design and construction contractors and subcontractors take up PI insurance to protect them from these type of risks. Click here to find out more.

We’re here to help

So whether you’re a sole-operator who wants to protect your income, or a large outfit looking to protect your business and your employees, getting the right cover is critical in making sure you both meet your legal obligations and protect your business financially. Talk to an Acacia Insurance adviser to assess your risks, and tailor a solution to meet your needs.

Contact us to discuss your situation or for a free, no obligation quotation.

Please note that this should be regarded as general advice only, and we would strongly encourage you to call us to discuss your specific situation before making any decisions about your insurance solution or risk management programme.

Contact us using the form below to get an obligation-free analysis and quote.

Get a quote from a construction insurance adviser