Building up a business in the construction industry can be hard going. Trying to find the right jobs and putting in competitive bids to secure a contract requires plenty of skill and experience. Those at the sharp end are more than likely to have started at the bottom and worked their way up, grafting in all kinds of conditions, so that they fully appreciate what tradies and subcontractors go through each day when carrying out their work.
Once a contract is secured, the boss needs to ensure that they and all the team are protected properly against the many things that could go wrong. It’s always a smart plan to expect the unexpected and have peace of mind each day. That is why taking out owner builder insurance makes complete sense for the following 5 reasons.
- It covers everyone on the job, meaning that there is no cause for concern if one subcontractor isn’t quite up to scratch and messes up. While everyone tries to find the best in the business, there are no guarantees. The right insurance policy provides security against loss or damage to the building works for everyone involved.
- The expert in this field is an association which has been representing the industry for getting on for 80 years. They understand all the concerns involved and put together the right packages, while also representing many members. Having protection against legal liability claims when having to defend in court against things that go wrong allows bosses to relax, as does the cover for when prices go up midway through a job, which is called automatic contract value increase. Maybe it will allow bigger forms to concentrate on trying out tips for effective branding.
- Mitigation costs which can be accrued when preventing covered damage to an insured property are another welcome feature, as is the availability of single project or annual turnover policies, allowing for budgeting. Those who prefer an advanced policy can benefit by ensuring that any damage to show houses where their work is on display is also covered, even while they’re involved in works elsewhere.
- Sometimes while on a job there will be problems that raise their head. It can be a costly experience getting to the root of the concern, as many tests may have to be carried out. However, the smart businesses that have the right insurance are covered when searching and locating damage, meaning that they are not out of pocket. Such comfort may allow for a weekend visit to the zoo with the family.
- Repairs can be another costly experience, so having cover for them is another huge benefit, as is the time saved when getting a quote online, before signing up with a minimum of time-consuming paperwork. The right policy ensures any business is fully compliant with the industry regulations.
Owner builder insurance allows jobs to be completed without any worries about things beyond the control of the business going wrong, leaving everyone to concentrate on doing what they do best.