At 27 the principal of a construction company he had built up since he graduated as an apprentice was a complete success. His business had grown from one employee to 26, his turnover from $250,000 a year to $10 million. Every year he simply renewed his online small business package – until his personal insurance broker offered a review of his business insurance cover.
Cyber risk is a leading concern in business as threat actors continue to attack organisations of all sizes across all industry sectors. As we increasingly depend on technology, access to data and chains, the attack surface grows larger by the day. Globally Gallagher cyber experts provide key information and insights on the growing risks and protections in the construction space.
With the Australian government taking extensive measures to mitigate the spread of the COVID-19 virus, including various stages of lockdown in major cities, construction site managers and contractors should be prepared to respond to mandated stop works orders. Given the ongoing uncertainty, here’s what you need to know in a quick guide to typical contract works insurance protection.
The New South Wales government and City of Melbourne both announced on 2 April that construction sites can operate on extended hours to support the industry through the COVID-19 pandemic. Construction, especially rebuilding in the wake of last summer’s bushfires, is one of the commercial activities deemed essential by the Federal Government.
Silicosis has become a bigger work safety concern than asbestosis. We look at the types of materials that present a risk, who it affects, how Australian regulators and the insurance sector are responding to the emerging threat and what you need to know now.
Download our jargon free guide to the 'must have' insurances to mitigate risk in the construction industry.
The just-released Gallagher Market Overview Report delivers a big picture perspective covering structural changes within the insurance market and their impact on underwriting requirements ‒ and what this means for your business.
Access the newly released Gallagher Market Overview Report with our experts’ analysis of the key trends in business insurance for the second half of the year.
he effects of the past 12 months on the insurance market mean that a climate of caution is affecting the construction industry at all levels, warns Gallagher Head of Construction - Australia and Asia Roger Irvine.
Construction risk management is in the spotlight as climate conditions change and associated risks are on the rise, delivering potential wins and losses for the building industry.
Insolvencies are on the rise in Australia. Reports published by the Australian Securities and Investments Commission (ASIC) showed that the number of companies entering external administration increased by 7.3 per cent in the 2015/16 financial year, continuing a long term trend of rising insolvencies in Australia.
The issue of non-compliant cladding continues to cast a shadow over the construction industry globally - and has professional indemnity insurance implications for construction companies, architects and other related professionals.
As hold-ups become an increasing concern for construction projects, delay in start-up insurance (DSU) provides an option for managing the risk, but the terms can be complex and tricky to negotiate. Here's how it works.
Building contractors should definitely read the small print in these make or break areas of their business insurance contracts before they sign on the dotted line. The devil is in the detail.
The decline of the mining industry signalled the beginning of the end of the recent building boom in Australia, leaving the construction industry highly exposed. The economic risk is huge, given construction accounts for almost 10 per cent of employment, according to ABC News.
Hear Gallagher's expert construction insurance broker Angela Vella speaking about the new range of risks construction companies need to be aware of in today's operating conditions.
Construction is one of the oldest industries around (it dates back to around 9000 BC) and its history is rich with astonishing triumphs and, unfortunately, devastating disasters.
Industry regulators are now reviewing construction standards frameworks with the aim of avoiding misunderstanding and misapplication of building codes relating to cladding. Stakeholders need to be abreast with these changes or run the risk of finding themselves in breach of these requirements.