As a renovation contractor, your clients trust you to deliver stellar workmanship to realise their renovation dreams. However, if your renovation work fails to achieve the results your clients want, renovation contractors can face serious litigation issues. With Provide, you can tailor a policy that protects you, your employees, your customers, and the premises/equipment you use.
Get quick, tailored, and affordable cover with Provide.
Cover | Explanation | Importance for interior design and renovation industry |
Covers negligence, errors and omissions, professional mistakes that result in faulty/defective works | Critical | |
Covers 3 main risks in one policy: –   Damage to the client’s property during renovations –   Injuries to third parties (e.g. members of the public) –   Work injury compensation for your renovation staff | Critical | |
Covers medical expenses (e.g. hospitalisation and surgery) | Compulsory for foreign workers | |
Covers any faulty/defective construction work you perform that doesn’t meet client requirements | Compulsory for certain project tender agreements | |
Covers damage/breakdowns of renovation equipment (e.g. power tools, etc.) | Good to have |
Commercial property insurance will protect your store premises, business inventory, display windows, and all other shop contents.
Public liability insurance will protect you from liability for injuries/property damage to third-parties.Â
Source
Fidelity guarantee insurance will protect you from employees stealing from your business.
Cover | Coverage amount (example) | Typical premium |
$100,000 $1 million | From $500/year From $1,000/year | |
For a single project cover: Project value: <$250,000 Project value: <$500,000 For annual cover (multiple projects): $1 million | For single project cover: From $250/year From $450/year For annual cover (multiple projects): From $900/year | |
$15,000 (minimum amount legally required by MOM) | From $65/year per worker | |
$100,000 | From $900 (one-time payment, per bond) | |
$50,000 | From $400/year |
