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Owner Builder Insurance Cost Australia

In times of accident, owner builder insurance will help cover hospitalization and other related issues. This will be available only if the person injured works at the construction project or if the accident happens within the construction site. It can also be used if the accident happens within your business site and is caused by your property. This will secure your building project or your business from those possible risks.

Generally, there are 2 major areas of cover within the insurance policy: damage to the works (ex. flood/water damage, fire, storm, landslide, earthquake) and public liability (for third-party property damage or injury). If you want to secure your properties in your construction project, you must register to obtain owner builder insurance. Owner builder insurance cost in Australia varies. If you want to get a reasonable price, call Allrisk Insurance at this number -1300 255 747 - and start getting a quotation.

Owner builder insurance is required all over Australia with ranges changing from the type of company and their local building codes. Usually, this will cover both commercial and residential building projects. Depending on the terms and policies, this will typically cover many aspects surrounding the business or the construction project – replacement, renovation, rebuilding, repair, injury and accident liability, etc. It also includes items on-site such as construction materials and equipment. These will be replaced in case of loss or damage during the building stages.

Owner builder insurance policy is available as either an annual turnover policy or a single project policy. The annual turnover policy covers public and products liability. This is more popular than single project policy. It enables you as a property owner to be legally liable to pay compensation in case of injury and property damage. The ‘product’ you use in your business operation is not covered, though. However, the damage or injury caused by that product to the third party might be covered. The annual turnover policy is mostly more cost effective than purchasing single project policies and it covers you at multiple locations for any possible liability from your business activity.

Meanwhile, specific or single project policy protects one specific job-site only. It covers your public liability arising from your business activities from one specific site that is insured. However, it does not include products liability. So in case your business has injured a person or damaged third party property, it will not be compensated by your single project insurance. It is important to learn about the difference between these two types. 

To get a hassle-free quotation for your owner builder insurance cost here in Australia, call Allrisk Insurance now.

For more information about Owner Builder Insurance Cost Australia, visit our website.
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