Engineering and construction are highly specialised fields with unique problems and characteristics. Because of this, it is very important that the insurance you get for your business takes this into account. Construction insurance is the perfect step in making sure that your company is covered in the right way.
Erecting a building or any other construction can be a dangerous process and carries many different risks. Because of all the different types of risks involved the insurance that you need for construction must be highly specialised. For instance, there are different types of cover available for construction. This can range from liability insurance, to builder’s risk insurance or even performance bond.
You can even get cover for contract works and liability. This type of cover ensures that all your buildings are covered, including damage to construction plant and equipment. It can also be extended to cover hiring costs and charges.
You can also cover the machinery used in your project. This means that they will be covered against loss such as theft or against breakdown and damage. And with a construction site being a dangerous place, this might be a very good idea. More good news is that the cover can even be extended to cover the loss of profit you might suffer when plant or other machinery breaks down.
With so many specific types of cover and options within these different types of cover, choosing the correct broker to provide this for your business is just as important as having the insurance. It is important that your cover is personalised and suited to your specific business needs.
At Compendium we offer a highly flexible insurance policy for all your different insurance needs including for construction insurance. Our goal is to provide specialised, innovative and affordable financial solutions that cater for all different types of insurance requirements. This includes individuals and businesses ranging from small enterprises to large corporations.
If you’d like to find out more about us, visit our webpage at www.cig.co.za, or contact one of our brokers on: 031 242 6800.