Tradies Risk Management Checklist
With the recent Sky City Convention Centre fire a hot topic (ha ha) now is a good time to highlight the expectations insurers generally have around hot work claims.
There are far too many examples of trade firms being penalised for not following the right processes when dealing with an employment dispute. Regardless of the merit of the dispute, if you don’t follow the right procedures, you could be in trouble. Even with the best processes in place you may at some point have to deal with a disgruntled employee and have to face the Employment Relations Authority. At the very least you will need to engage professional legal services to help you through a dispute.
Builders can be liable for mistakes made by their subbies or consultants, whose terms of trade often limit their liability. It is wishful thinking in the extreme to assume someone else’s insurance will protect you, even if you’re only liable because of their mistake.
There are a few key triggers that must be met before your public liability insurance claim can even be considered. One of them is that a third party must have suffered a loss, typically due to physical damage you’ve done, that they are holding you responsible for.
One of the triggers to a public liability insurance claim is that the event that causes damage must be within the policy period. This can be the source of misunderstanding because there are often a few different events associated with a claim, so you need to understand which is the important one.
With thousands of construction clients Builtin has seen more than our fair share of claims from plumbers, gasfitters & drainlayers. Here are a few examples to help explain why liability insurance is so important for them.
With thousands of construction clients Builtin has seen more than our fair share of claims from tilers & waterproofers. Here are a few examples to help explain why liability insurance is so important for them.
This is probably the most common question we get at Builtin. It’s crucially important to tradies that they understand the answer, as, depending on who your policy is with, there are things public liability doesn’t cover that you need to be aware of. As an aside: Twice...
With thousands of construction-related clients Builtin has seen more than our fair share of claims from concrete contractors. Here are a few examples to help explain why liability insurance is so important for them.
MBIE are currently reviewing aspects of New Zealand’s building system. Part of this review includes how risk is allocated across the various players in the sector. One recommendation would: Require that a guarantee and insurance product is put in place for all...
Towards the end of 2014 Michael Scott and his wife met with their financial adviser and took out Partners Life cover. Just a few months later Michael noticed a slight tremor in his left hand. As scan confirmed that he had Parkinson’s Disease. At only 50 years old, it was a diagnosis that would change the course of his life.
Can You Ever Be Covered For Everything? 10 Year Builders Guarantee vs Professional Indemnity Insurance
We often hear from builders who want to make sure they're "covered for everything". Unfortunately, protecting yourself from every possible event is, like life, simply not possible. Like life, insurance is a balance between risk and cost. However, there are some risks...