Builders and Insurance: Overcoming Challenges

Insurance is a critical component to safeguard against unforeseen risks. Builders might find this subject the most complicated to discuss. That is why having an insurance broker makes for all the difference. When there is an intermediary between builders and insurers, growth is secured in every aspect. They understand and speak the language from both sides.

Here, I share a conversation with Petara Tanuvasa, a construction insurance risk specialist and Director of Silverback Insurance Pty Ltd. With a deep understanding of the unique challenges and complexities faced by construction businesses, he strives to provide tailored insurance solutions that safeguard builders’ operations, assets, and personal liabilities. Petara helps builders understand the language of insurers and present their strengths to get the appropriate level of coverage.

Key takeaways:

• Challenges faced by builders in obtaining home warranty insurance
• Insurance brokers as an intermediary between builders and insurance companies
• Cyber protection is critical for builders, as there is a risk of fraudulent invoicing and other cyber crimes
• Builders should start early and consult with a broker to develop a long-term strategy for growth
• Education for builders on new market trends and improve their skills to manage risk
• Multiple types of insurance to protect builders and their businesses
• Working with a knowledgeable broker can increase chances of obtaining the appropriate level of insurance

All this and more, on this week’s episode of THE TOOLSHED

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Stay tuned next week when we talk about streamlining operations and achieving business success with James Brown. So, don’t forget to subscribe to the show to get that episode as soon it gets released. Until then, stay healthy.

Links:

• https://silverbackinsurance.com.au/