Insurances for small developer

Hi guys, small time developer here. We are almost commencing construction on our second project, a duplex. I was wondering as a part time developer like me, are there any insurances that I should be looking at getting to protect myself and my business? Or is it sufficient to just rely on my builder's insurance?

Thanks.

 

I am not licenced to provide advice, but you should speak to an insurance adviser about public liability, life, income protection at the very least

 

Think of structuring and asset protection in addition to insurance.

 

Depends who is building...Owner builder ??
The builder will normally be required to have a fenced site and they are liable for their own matters and acts.

You said "your business"...If you have a trade license nothing may change other than the workplace. Owning the land does not change anything BUT it may expose the land to a workplace claim.

Joels post hits the nail on the head well. Probably too late ?

General insurers wont touch this with a barge pole. They only offer building and contents insurance for a owner NOT construction insurances. Project construction insurance may be a option and covers may site risks incl theft, fire, malicious acts, storms etc. Few small builders carry it. If you employ people - workers comp. But if you are a sole trader etc it may exclude YOUR injury on site.

 

Thanks for the help guys. All points taken.

We don't have a trade license. We are just your typical small time developer that does developing on the side. We hire a builder as our background is not in construction. In the event of the builder's guys getting injured on site or damages the neighbor's house should have nothing to do with me hopefully? He does have public liability insurance like all builders.

 

At I pointed out above, the builder must effect the insurances in the contract. Get specific advice from the HIA's or MBA's insurance provider to clarify your position.

If they should effect additional insurances, have them included in tge contract .