We must explain to you how all seds this mistakens idea off denouncing pleasures and praising pain was born and I will give you a completed accounts off the system and expound.
The choice between annual and single project insurance isn’t just another business decision – it could significantly impact your bottom line and project success.
With construction insurance claims averaging $84,000 in 2024, choosing the right coverage approach is more crucial than ever for Australian builders.
Every construction business has unique needs, and your insurance should reflect that.
Let’s explore how each coverage type works and which might be right for your business.
Think of annual construction insurance as a comprehensive shield for your entire business operation.
Rather than insuring each project individually, you get continuous coverage for all your work throughout the year.
This approach particularly suits builders who manage multiple projects with similar risk profiles.
For example, if you’re regularly building residential homes in Southeast Queensland, an annual policy can provide consistent coverage across all your projects while simplifying your insurance management.
Learn more about comprehensive construction coverage for your business.
Single project insurance takes a more focused approach, providing tailored coverage for specific projects.
This can be particularly valuable when working on unique or high-risk developments where standard coverage might not suffice.
Let’s break down the key differences between these coverage types:
| Feature | Annual Policy | Single Project Policy |
|---|---|---|
| Initial Cost | Higher upfront investment | Lower initial outlay |
| Cost per Project | Decreases with more projects | Fixed per project |
| Administrative Load | Single annual renewal | Individual project setup |
| Coverage Flexibility | Standard across projects | Customisable per project |
| Claims Process | Consistent procedure | Project-specific process |
| Best Suited For | Multiple similar projects | Unique or specialised work |
| Business Size | Annual Projects | Typical Premium Range | Potential Savings vs Single Project |
|---|---|---|---|
| Small Builder | 3-4 projects | $8,000-$12,000/year | Up to $6,000/year |
| Medium Builder | 6-8 projects | $15,000-$25,000/year | Up to $25,000/year |
| Large Builder | 10+ projects | Custom pricing | Significant |
Your investment for single project coverage typically ranges from 0.3-0.5% of the total project value.
For example, a $1M project might require $3,000-$5,000 in insurance costs. Learn more about construction insurance costs.
Consider your project types when choosing coverage:
| Project Type | Recommended Policy | Key Considerations | Additional Coverage Needs |
|---|---|---|---|
| Standard Residential | Annual | Consistent risk profile | Public Liability |
| High-Rise Development | Single Project | Complex risk factors | Professional Indemnity |
| Mixed Commercial | Hybrid Approach | Varied risk levels | Contract Works |
| Government Projects | Single Project | Specific requirements | Multiple Coverage Types |
The construction industry continues to evolve, and your insurance needs to keep pace. Consider:
For Queensland builders, staying compliant with QBCC requirements is essential when selecting coverage.
Based on our experience, we recommend:
Annual Policies for businesses that:
Single Project Policies for businesses that:
Yes, you can switch at policy renewal time. We'll help you time the transition to avoid coverage gaps.
We can arrange specific endorsements or supplementary coverage for unique projects under your annual policy.
Both policy types can accommodate subcontractors, but notification requirements may vary. Learn more about subcontractor insurance requirements.
Yes, but you may need specific endorsements for different state requirements. We'll help ensure compliance across jurisdictions.
For more inquiries, visit our FAQ section or Contact Us directly for personalised guidance.
Don’t leave your business under protected. Here’s how to move forward:
Let’s find the right insurance solution for your construction business:
📍 Po Box 7180 Brendale Qld 4500
🌐 Get in contact with our team today
The right insurance strategy protects your business and supports your growth. Let’s build that protection together.
This article provides information rather than financial product or other advice. The content of this advert including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product. For more information please contact our office.
Have any Question? Ask us anything, we’d love to answer!
© 2025, iBuild Insurance.
All Rights Reserved
iBuild Insurance Group Pty Ltd The Trustee for iBuild Insurance T/As iBuild Insurance
ABN 32 546 778 286 | ACN 652 794 940 | CAR 1293780.
Authorised representative of Community Broker Network Pty Ltd AFSL 233750 ACN 096 916 184.
