From large-scale town planning projects right through to individual building applications, insurance plays a critical role across the construction industry. One of the most important types of insurance you need for your project is professional indemnity (PI) insurance. Let's take a look at some of the factors that make this type of coverage critical to your project.
The NCC (National Construction Code) covers some of the legal requirements and responsibilities that pertain to business owners in the construction field. This includes high-profile elements such as combustible cladding issues and those that are a little less well-known.
When you engage the services of a contractor, you are trusting this contractor to adhere to NCC requirements. While no reputable contractor will intentionally go against these requirements, human and systematic errors can sometimes occur. PI insurance will provide the financial coverage you need if you are found to be liable for these errors, whether through professional negligence or for another reason.
Risk management is a crucial part of any building project, and you are committed to maintaining high levels of safety and quality at every turn. However, even with methodical risk assessments and robust company policies in place, there will be aspects of your project that are beyond your control. While prosecutors and legal teams will take your rigorous preparation and risk management into account and may rule on your side, it is still worth having the extra level of protection that professional indemnity insurance provides.
You can add another layer of protection with the Visual Approvals software. The software includes risk management features such as automated compliance checks to provide additional control for builders and surveyors.
Building certification software can help ensure that your project gets approved and progresses without a hitch. To learn more about Visual Approvals Risk Management features, and how these features help building surveyors to stay protected in the invent of a PI insurance claim, reach out to our team today.