Cover for the build, from first peg to final sign-off.

It responds to physical loss or damage to the work you're building while it's under construction — fire, storm, flooding, vandalism or theft of materials from site are the usual culprits. Policies can often be extended to things like temporary structures, materials in transit and the cost of clearing debris before you rebuild. What's included and what's excluded differs between insurers, so read the wording with your broker rather than assuming.

It depends on how you work. A single-project policy covers one job for its build period and suits one-off or larger contracts. An annual policy covers the jobs you start during the policy year, usually up to a maximum contract value and build duration, which is often simpler for a builder running several jobs at once. Tell your broker your typical contract size and how many you have on the go, and we'll recommend which fits.

Either can, and the contract normally spells it out. On some jobs the principal — the owner or developer — insures the works and names the contractors as insured parties; on others the head contractor arranges it. Check the contract before you start and give your broker a copy. The situations that hurt are two policies overlapping, or both parties assuming the other one sorted it.

Alterations and extensions sit across two policies: contract works for the new work, and the existing building's policy for the structure you're working on. Insurers commonly want to know before renovation work starts, and some apply conditions or restrictions while a site is active. Talk to your broker — and ask the owner to talk to their insurer — well before work begins, so nobody discovers a gap after the fact.

Usually at practical completion, or when the works are handed over or put into use — whichever your policy says comes first. Many policies then offer a defects liability or maintenance period extension, which can pick up damage caused while you're back on site fixing defects. The dates and the trigger matter here, so check them with your broker rather than assuming the cover simply runs on.

Contract works looks after the job itself; it doesn't cover injury or damage you cause to other people or their property, which is what public liability is for. Plant, tools and equipment cover protects the gear you turn up with, on site and in transit, subject to the security conditions in the policy. Contractors' vehicle cover looks after the utes and trucks. And if you design as well as build, professional indemnity responds to claims arising from that advice. Your broker works out which of these your contracts and your trade actually call for.