Specialised insurance for tradies
Public and products liability insurance provides protection for amounts you may become legally liable to pay for compensation in respect of third party personal injury or property damage, as a result of an occurrence in connection with your business activities.
Master Builders has developed Master Builder Platinum Protection™ for Tradies public and products liability insurance to offer you high quality insurance protection against these claims and also any approved legal costs incurred in defence or settlement of them.
Why you need it
Subcontractors who operate their own business should also take out their own public liability insurance, as unless there is a specific provision in a builder's insurance policy, you are not covered.
On any building site, there can be a multitude of businesses in operation at any given time. Each business, including you as a subcontractor, should carry their own public liability insurance to cover claims against them, which may arise from the performance of their works.
We've got you covered
If you injure another person or damage their property in performance of your works and are negligent in any way, you can and probably will be held legally liable for damages. You can also be sued for third party personal injury or property damage that may arise from your completed works.
When you have a current Master Builders Platinum Protection for Tradies policy, you are protected against this and you will also be covered anywhere in Australia for:
- Your liability, whether caused by you, your employees or your subbies actions
- Your principal’s liability (in most cases, the builder or home owner) whilst you are performing your trade works
- Legal costs incurred in defence of a public or products liability claim against you.
The Master Builders difference
Master Builders have been looking after the best interests of the industry since we first formed in 1882, so you can have peace of mind knowing you're getting expert advice and quality cover you can trust. You'll benefit from:
- Expert advice
- Extensive policy cover
- Competitive prices
- Monthly repayments (minimum premium amounts apply)
- Quick and easy process.
Which one do I need?
Public liability insurance in respect of a building site provides cover for occurrences that happen while your works are being performed. For example, for an accident that might occur during construction.
Public liability is not only a common contractual requirement, having it just makes good business practice and sense.
The purpose of public liability insurance is to indemnify insured parties for legal liability to third parties for personal injury or property damage arising from an occurrence in connection with the insured business.
Like most types of insurance, there is no such thing as a standard policy and policies vary significantly in the extent of coverage that is offered by different insurance companies. It is very important that you ensure the policy you buy suits the needs of your business.
Our Master Builders Insurance team can offer expert insurance advice tailored specifically to the building and construction industry. We're here to listen to your needs, and help you find the right insurance policy to suit you.
Products liability insurance provides cover for occurrences that happen after the works have been completed and handed over. For example, if a problem or defect in a building causes third party injury some months or years later.
The period of exposure to these kinds of claims has no time limit, as they can arise from occurrences that could happen at any time in the future. However, there may be restrictions regarding the amount of time an injured person has to submit a claim after an injury occurs.
Products liability should not be confused with statutory warranties applicable under building regulations, as these generally relate to the rectification costs of faulty building works.
More questions on product liability? Email our team today to discuss your insurance needs.
Need more advice?
The reality is that if you only hold public liability insurance, you are probably only insured for half of what you need. The most effective method of managing the different risks and policy response is to arrange both public and products liability insurance under a combined annual policy that encompasses all of your works. To adequately cover both your public liability and products liability exposures, it will be necessary to have insurance in place at the time the occurrence causing the claim against you actually happens.
Master Builders has public and products liability insurance products that are suitable for both builder and trade contractor needs.
Master Builders Platinum Protection for Tradies offers a comprehensive choice of policies built to suit tradies individual requirements. It is available to an extensive range of trade occupations, so request a quote today!