Why Insurance is vital for the Building Industry

Why Insurance is vital for the Building Industry

Did you know that 3% of construction workers sustain a work-related injury each year? – and these stats are just the ones that actually get reported?

In 2015/2016 a total of 43 workers were fatally injured in the construction sector!

You shouldn’t cut corners with any type of insurance but when it comes down to construction insurance, you really can’t afford to make mistakes.

When you have been awarded a contract, before you start on site you need ask yourself the following questions:

  • What if something happens?
  • Do you have enough money to cover for any loss or injury?
  • Will you be able to sustain your business if you have a huge outlay?

Being in the construction industry is a very risky business, it is unpredictable with regards to weather, machinery and the foundation you are working on.

Size doesn’t matter – Some people may think that only large national firms need construction insurance, but even if you are a small company, accidents do occur. Being careless with a blow torch could result in an accidental fire that causes hundreds of thousands of rands damage and you need to be covered.
Larger companies would be able to possibly absorb the loss of income but small companies more than likely need assistance.

If you do not have cover, some customers may not select you to do the work, as it is too much of a risk for them to use your company. They would rather use a company that is covered by insurance. So by being covered may give you more opportunities.

So in closing, if you are not covered for insurance, big or small, get covered!

 

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Sources:

Tradesman Saver

 

 

About Pauline Rainbird

I have been working at L2B since March 2011 and my current position is Deputy Head of Department - Africa. When I am not working I am either riding my bicycle or spending time with my dogs.

Industry Events: Africa New Energy and Mining Leaders Africa Summit

Industry Events: Africa New Energy and Mining Leaders Africa Summit

Construction Events

 

Event:

Africa New Energy

Date:

26 – 27 November 2018

Event location:

Radisson Blu Hotel Waterfront, Cape Town, Cape Town, South Africa

Event Description:

The Africa New Energy is the biggest platform for business-critical networking, learning, and commercial growth is back, featuring even more industry decision-makers, high-level representations from government and private sector.

Contact Details:

Tel: +44 (0) 207 375 7177
Email: rwatt@newenergyupdate.com

Event Details:

Website
Pre-registration

 

 

Event:

Mining Leaders Africa Summit

Date:

28 November 2018

Event location:

The Venue Summit Place – Menlyn, Pretoria, Pretoria, South Africa

Event Description:

The Mining Leaders Africa Summit provides the attendees with illustrations on the regulatory challenges in the mining industry in Africa. Africa’s most exclusive and interactive C-Level event. The summit will talk all things new and hot right now in the industry, covering key topics around Digital, Innovation, Cyber Security, HSE, Government and more.

Contact Details:

Tel: +44 (0) 7929 238 382
Email: darren.roach@energlobeltd.com

Event Details:

Website

 

 


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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

What is Contractors All Risk insurance?

posted in: General 0

What is Contractors All Risk insurance?

From the conception, construction sites face a variety of hazards that could cost the contractor and all those involved both time and money if they do not have the best resources in place.

What is Contractors All Risk Insurance?
Contractors’ all risks (CAR) Insurance (also referred to as contract works insurance) is a non-standard insurance policy that covers all risk normally associated with a construction project.
CAR insurance coverage is common for construction projects such as buildings, water tanks, sewage treatment plans, flyovers and airports.
With Contractors All Risks insurance, the insurance company will pay for the partially completed extension to be re-built, so you don’t have to. Without this level of protection, having to pay for the materials and labour costs in rebuilding the extension could cost a small fortune and may even render your company bankrupt.

What does Contractors All Risk Insurance cover?
All Risk Insurance covers all types of building and civil engineering construction including, residential housing or estates, commercial development (such as office blocks, warehouses and shopping centres, hotels, institutional developments etc.) and civil infrastructure (such as roads, dams, storm water and pipelines), protecting the insured against the dangers that may threaten these works whilst under construction. It covers the work you are currently doing on a building site and can be designed to pay for the cost of repairing or restoring anything that is damaged or destroyed, including the cost of the labour, materials and tools.

What are the types of risk in Construction Projects?
1. Property damage – damage to property can include improper construction of structures, damage that happens during a renovation and damage to temporary work erected on-site.
For example, You’ve almost completed a house extension when there’s a fire on site and the extension is partially destroyed. Your contract works insurance covers the cost of repairing the work however the client would be responsible for damage to the existing structure.
Or, you’re building a new commercial property when heavy winds and storms rip off the roof. Your contract works insurance covers the cost of replacing the roof.

2. Third-party injury or damage claims – Third parties, including subcontractors, may also become injured while working at the construction site.

➔ Who is liable to get the Insurance?
The responsibility for getting Contractor’s All Risks insurance falls on the Contractor. CAR coverage may be extended to cover the interests of manufacturers, suppliers, contractors, and subcontractors.
Taking all of the above into consideration, it is important that contractors acquire the necessary cover for their particular projects in order to ensure that they do not experience any unnecessary loss following an incident.

 

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Sources:

Investopedia
Consort
Business Dictionary
Design Buildings
Civilsure

About Candice Van Aswegen

I started working for Leads 2 Business in May 2012 as an Account Co ordinator and more recently the Deputy Head of Department for the Telesales team. I schedule appointments for the Account Executives with potential clients.

Featured Project: The Crown Grant – Building

The Crown Grant – Building

The Palms

Description
Construction of The Crown Grant holiday resort.

 

Status Region
Design Western Cape
Category Value
Building
Unknown At This Stage
Industry Timing
Hospitality & Leisure 2019 onwards
Sector Class
Private Invited / Negotiated

 

The Crown Grant - Building

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About Minnie Zondi

I am an insanely optimistic ambivert that does everything from the heart instead of the mind. Deeply interested in people and matters that pertain to mankind.

Is Insurance really necessary?

posted in: Did You Know 0

Is Insurance really necessary?

Is Insurance really necessary

The simple and straight forward answer is – Yes.
Some of you may ask why? The answer to this is also pretty simple – Life is unpredictable.

Below are a few examples of some of the basic, if not most important insurance policies you may need in your personal capacity and for construction/business.

Personal Insurance
The 5 basic insurance policies that everyone should have, although not everyone can afford all of the below, it is a good idea to have them, look at it this way – the cost of insurance is relatively cheap well at least far less than the cost of not having it if something goes wrong.

• Health Insurance
• Car Insurance
• Homeowner’s or Renter’s Insurance
• Life Insurance
• Disability Insurance (Long and short term)

Construction Insurance

Uwe Putlitz, CEO of the Joint Building Contracts Committee, says “generally five types of insurable risks generally apply to all construction projects:

Contract Works Insurance (CWI): This deals with the whole works during the construction period including plant and materials, work by specialist contractors, and additional professional fees where damage to the works occurs. Such a policy must be extended to include possible damage to existing buildings during alterations and additions and/or to include adjoining structures;
Supplementary Insurance (SI): Deals with expense or loss caused by events outside the normal control of the parties, including civil commotion, riots, strike action etc. not included in the CWI policy. SI can be obtained from the South African Special Risks Insurance Association (SASRIA) in South Africa, or the Namibian Special Risks Insurance Association (NASRIA) in Namibia. Supplementary to the CWI, SI is not available to the public and needs to be arranged by a broker;
Public Liability Insurance (PLI): Provides indemnity in the event of a death or injury to any person and or accidental loss or physical damage to tangible property;
Removal of Lateral Support Insurance (RLSI): This applies where the execution of the works may cause weakening or damage or interference with the support of land or property on site or adjacent to the site and the consequences thereof; and
Other Insurances (OI): This applies to cover risks in transit of goods imported from overseas specifically for installation in a project.”

The concept of insurance is straightforward but the actual selection of appropriate policies for specific contracts is not.
“That is why it is important to deal only with a broker experienced in construction industry insurance matters: this type of cover is not a do-it-yourself activity and, if dealt with improperly, all claims will be rejected. The insurance must be carefully considered to include and list all identified risks including the location of the works, the type of structure, the method of construction and where existing structures or other site conditions may be at risk,” he explains.

Business Insurance:

From the day anyone starts a business, you are exposed to risks. Before the first employee is hired, a business is at risk. This is why it is so important to have the right insurance policies. A lawsuit or catastrophic event could cripple a small business before it has a chance to get off the ground.
Fortunately, businesses have access to a wide range of insurance types to protect them against these possibilities. Here are some insurance types that a business should have in place as soon as possible.

Professional liability insurance:
Professional liability insurance, also known as errors and omissions (E&O) insurance, covers a business against negligence claims due to harm that results from mistakes or failure to perform.

Property insurance:
Whether a business owns or leases its space, property insurance is a must.

Workers’ compensation insurance:
Once the first employee has been hired, workers’ compensation insurance should be added to a business’s insurance policy.

Home-based businesses:
Many professionals begin their small businesses in their own homes. Unfortunately, homeowner’s policies don’t cover home-based businesses, ask your insurer for additional insurance to cover your equipment and inventory in the event of a problem.

Product liability insurance:
If your business manufactures products for sale on the general market, product liability insurance is a must.

Vehicle insurance:
If company vehicles will be used, those vehicles should be fully insured to protect businesses against liability if an accident should occur.

Business interruption insurance:
If a disaster or catastrophic event does occur, a business’s operations will likely be interrupted.

So to end, you can see how necessary having insurance actually is.
You may not want to pay the monthly instalments but you will grateful you did if something ever happens (let’s hope that nothing that requires a claim happens).

Please ensure that you have enough insurance policies in place to cover any event that could affect the running of your business or your life and make sure you or anyone affected is covered.

For Insurance cover or enquiries please contact:
Brad Hutton
brad@surelinkwealth.co.za

 

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Sources:
Mint
Entrepeneur

About Sally Nell

I joined Leads 2 Business in November 2011. I started in the Daily Tenders department and later moved to the Directory Department in May 2014.

Industry Events: International Conference on Concrete Repair, Rehabilitation and Retrofitting, Africa New Energy and Mining Leaders Africa Summit

Industry Events: International Conference on Concrete Repair, Rehabilitation and Retrofitting, Africa New Energy and Mining Leaders Africa Summit

Construction Events

Event:

International Conference on Concrete Repair, Rehabilitation and Retrofitting

Date:

19 – 21 November 2018

Event location:

UCT Graduate School of Business, Cape Town, South Africa

Event Description:

The International Conference on Concrete Repair, Rehabilitation and Retrofitting, organized by the University of Cape Town will take place from 19th November to 21st November 2018 at the UCT Graduate School of Business in Cape Town, South Africa. The conference will focus on themes like Concrete durability, Deterioration Science, Condition assessment, Materials technology, Concrete repair technology, Rehabilitation and maintenance, Retrofitting and strengthening, Performance and health monitoring, Education, research and specifications.

Contact Details:

Tel: +27 (0) 21 650 5181
Email: Hans.Beushausen@uct.ac.za

Event Details:

Website
Pre-registration

 

Event:

Africa New Energy

Date:

26 – 27 November 2018

Event location:

Radisson Blu Hotel Waterfront, Cape Town, Cape Town, South Africa

Event Description:

The Africa New Energy is the biggest platform for business-critical networking, learning, and commercial growth is back, featuring even more industry decision-makers, high-level representations from government and private sector.

Contact Details:

Tel: +44 (0) 207 375 7177
Email: rwatt@newenergyupdate.com

Event Details:

Website
Pre-registration

 

 

Event:

Mining Leaders Africa Summit

Date:

28 November 2018

Event location:

The Venue Summit Place – Menlyn, Pretoria, Pretoria, South Africa

Event Description:

The Mining Leaders Africa Summit provides the attendees with illustrations on the regulatory challenges in the mining industry in Africa. Africa’s most exclusive and interactive C-Level event. The summit will talk all things new and hot right now in the industry, covering key topics around Digital, Innovation, Cyber Security, HSE, Government and more.

Contact Details:

Tel: +44 (0) 7929 238 382
Email: darren.roach@energlobeltd.com

Event Details:

Website

 

 


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About Sasha Anderson

Millennial Mom + wife living the hash-tag life. Remember: If You Fail - Fail Forward

Insurance: Expectation vs. Reality

posted in: General 0

Insurance: Expectation vs. Reality

That Piece of Paper that helps you:

  1.  Own a home
  2.  Drive a vehicle
  3.  Help cover healthcare costs and legal expenses

The Question I think should be asked is:

Do we fully understand the contract deals, terms?
Truth be told, your broker can never explain EVERYTHING to you and who has the time to read all the fine print? Hence we then make hasty decisions based on our expectations.
Some of us get sold with a just a single telephone call without giving ourselves time to study the facts.

Expectations vs Reality

Our Expectations:

Can be based on a lot:

How well known is the insurance company?
How long has the company been around?
Who uses them?
How often and how well the company trends and advertises themselves.
Positive feedback from existing clients

An individual has the following expectations:

  • A Lump sum pay-out
  • No premium increases
  • Saving
  • Expect the Insurance company to be on your side
  • Get a pay-out even when we know that our premiums have not been constant
  • Inherited pay-outs

The Reality:

Insurance can offer you a second chance, a new beginning and a brighter future if all is correct and in order.

  • There is an insurance that suits you
  • Insurance cover is generally much cheaper when you are younger and healthier
  • You can insure just about anything these days
  • Think about the effects of missing one premium
  • Some Insurance pay-outs are TAXED
  • Insurance is a piece of mind, you rest well knowing you are protected

 

Accidents and Death are unfortunately inevitable for every home no matter the age, we will all come across unexpected issues in life that would require us to be able to take care of ourselves.

 

 

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About Michelle Ngubo

I have been working at L2B since March 2014 and my current position is Tenders Africa Deputy HOD and Classy is the best word that describes me.

Featured Project: The Palms – Building

The Palms – Building

The Palms

Description
Construction of a residential complex in the heart of Kimberley in the Northern Cape. The development will be known as The Palms.

 

Status Region
Underway Northern Cape
Category Value
Building
R 100 million+
Industry Timing
Residential 2013 onwards
Sector Class
Public Private Partnership Invited / Negotiated

 

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About Michelle Crosby

I started my journey at Leads 2 Business in the Directory Department in 2012. I was then promoted to the Private Projects Department in 2014 and was recently promoted to Projects HOD this year.

Featured Tender: Planning, Design and Project Management of Paved Streets in Rosedale

Planning, Design and Project Management of Paved Streets in Rosedale

Project Management

Contract Number:

TN095/2018 – Dawid Kruiper Municipality

Description:

Greater Tzaneen Local Municipality invites tenders for Mawa Block 12 Low Level Bridge.

Category Industry
Consultants Road
Institution
Region Site Inspection
Northern Cape 2018-11-16 10:00 AM
Closing Date Contract Period
30 November 2018 No Details

 

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About Michelle Ngubo

I have been working at L2B since March 2014 and my current position is Tenders Africa Deputy HOD and Classy is the best word that describes me.

10 Things to Remember When Buying Insurance

posted in: Did You Know 0

10 Things to Remember When Buying Insurance

There are a lot of insurers out there with different policies, and this can make it overwhelming when looking for a policy that suits you and your needs.

1. Research a Reputable Insurance Company:

Protecting you and your family’s assets and financial well-being is something that you depend on your insurance company to do without question. However, you can’t trust your family’s future to just any company without checking it out first. There are hundreds of insurance providers in the market. It’s important to choose one with a proven track records, from reputation in the market (awards and reviews) to customer service to claims history.

Therefore, gather as much information as possible on both good and bad experiences from others: Speak to friends, browse the web, read forums, you would be surprised at how much information is available if you just ask.

2. Shop and Compare:

Thankfully, insurance comparison shopping is not as difficult a task as it once was, as the internet today can be a valuable source of helpful information. You don’t need to physically go from agent to agent or even online from company to company to find the best value on an insurance policy. By using insurance comparison websites, you can obtain a few quote comparisons in order to compare and help you to make a more informed decision. There are many great insurance comparison shopping websites out there for example www.hippo.co.za and others.

3. Discount Advantages:

Insurance needs can be an expensive undertaking especially in today’s economic climate. Therefore, take advantage of possible common discounts that can help you find the best value on an insurance policy. These could include multi-policy discounts, safe driving discounts, home ownership discounts, discounts for safety devices installed, and many more. There may even be hidden discounts not readily seen on a website or that your agent tells you about, however it is worth enquiring about to save on costs and achieve maximum benefit.

4. Cheaper Is Not Always Better:

Cheaper insurance prices can unfortunately also mean lower customer service and claims, not to mention a lower degree of coverage and payout. Always bear in mind that there is sometimes truth in the saying that you often get what you pay for.

5. Ask the Agent for a Best Offer:

If you are using an insurance agent instead of buying directly from an insurance company, he may be giving you what he thinks is a good deal on an insurance policy. However, it doesn’t hurt to ask if you can get a better price or perhaps a more comprehensive coverage package plan. Independent insurance agents often represent many different companies and would have more quotes for comparison than a “captive agent.” A captive agent is one who only represents one company and will only offer you the policy options from the company he represents.

Once given a final price, if that isn’t good enough, tell the agent so. Your agent may be able to go back to the insurance company and ask if a lower rate is available.

6. Your Agent does not make the Final Decision:

Insurance agents, for the most part, give good advice about the policy and coverage options you need. After all, most insurance agents receive insurance licensing and training that makes them qualified to give sound advice. However, there are abundant resources available to you if you feel you need to research your options further. It is best to make the best choice for coverage options now than to be sorry later when you have a claim and are underinsured and do not have the right coverage. Then it is too late to get the right policy.

7. Upgrade Policy at a Later Stage:

There may be occasions when financial restraints prevent you from getting the coverage options you want and or need. Enquire as to whether, once you are more financially steady, if you can upgrade your policy to include a more comprehensive coverage package, just in case this is a viable option for you at a later stage.

8. Tell the Truth:

Did you realize that an insurance company is not legally obligated to honour your policy and pay claims if you knowingly misrepresented the truth on your application? For example, such as lying about how many speeding tickets or accidents you’ve had in the past. Getting a cheaper premium is not worth the risk of the company cancelling your policy or refusing the cover because you misrepresented the truth.

9. Coverage Is Not Always Automatic:

If you buy a new vehicle or add additional structures to your property, they may be automatically covered for a time. However, there can also be a time limit to this coverage. Normally, you have a specific time frame, perhaps 30-days (this could be more or less depending on your company) to contact the insurance company and let them know of your purchase or addition. The same goes with trading in a vehicle for another one. The coverage will transfer to your new vehicle, but only temporarily, unless you notify your insurance company, and sometimes not at all. Ensure you have investigated and understand all possibilities to avoid any unexpected surprises in the ‘fine print’ later down the line.

10. Re-evaluate Your Coverage:

Life changes come to all. When you have a significant life change, such as a major purchase, a move, getting married, getting divorced, having children, etc.; it is likely that this will affect your insurance coverage and you may need to update your coverage. Even if you’ve had no major life events, it is still a good idea to do an annual policy check-up with your insurance agent and make any necessary changes.

Finding the best coverage to protect you and your family from whatever life may throw at you doesn’t have to be a difficult or confusing process. Use all the tools and resources you can find to make finding the right coverage a smoother process.

A little homework and research will go a long way to giving you and your family the peace and security you deserve.

 

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Source:
The Balance

 

 

About Liesel Du Preez

My journey with Leads 2 Business started in August 2005 in the Africa Tender Department, where I researched and uploaded Africa Tender Notifications. Once the Africa Tender Department had grown I was then promoted to Customer Relations in the IT Department in January of 2010, assisting subscribers and staff with any problems they may encounter or with any queries they may have.

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