Working on the NBN? Make sure you take care of your insurance requirements.
With the new National Broadband Network (NBN) coming to Australia, there will be tons of opportunity available for tradesmen and contractors to get involved in this exciting new infrastructure change.
As one of the most involved infrastructure projects ever done in Australia, skilled tradesmen and contractors may be able to cash in on this opportunity for the better part of a decade.
Before you do however, it's vital to get insurance. To get a quote, you can click through to our engine or speak to a broker.
What work needs to be done?
To get the National Broadband Network up and running, there will need to be an extraordinary amount of fibre optic cable run throughout the country. This means that electricians and similar contractors will be in high demand to get the project done right and on time.
What do contractors need to get started on NBN work?
Contractors and tradesmen who want to get involved in this project will need special insurance to be eligible to work on the project.
To work on the NBN, you will need to have public liability and product liability insurance. Each of these insurance policies must cover at least $20 million of liability per occurrence. These insurance policies will help to protect you and the NBN entity that you are working with should anyone be injured or any property damaged while you are on the job.
Professional indemnity insurance
Contractors and tradesmen working on the NBN will also need to have insurance to protect against breach of professional duty. This insurance must be in an amount of no less than $10 million for any one claim and in the annual aggregate.
You'll need proof that you have these insurance policies
You will need to provide proof that you have these insurance policies at the request of the NBN entity that has hired you.
The insurance policies must also begin before you start providing goods or services to the NBN entity and must remain active until after you have provided the goods or services in full.
What do these insurance policies protect you for?
With all these extra insurance policies necessary to work on the NBN, you may be wondering what these additional policies will help protect you from. Here is what each type of insurance will cover:
This type of insurance protects you if someone gets injured at the public site that you worked on. For example, if a storm causes some of the cables you laid to be exposed and it injures someone, you will be protected under your public liability policy.
Public liability insurance will protect you against unfortunate events that happen related to the goods or services you provide. If you installed some pipes in public and did not notice the fitting was faulty causing someone to get injured, this coverage would protect you.
This insurance covers instances where you may have acted recklessly or were negligent. For example, if you laid down some pipes related to the NBN and did a poor job making the sidewalk safe for pedestrians, this insurance would keep you covered from liability.
How can you get the necessary insurance?
You can find the insurance you need through a broker or online. If you are a small business and are relatively confident you can figure out what you need, getting an online quote may be your best choice. To find compatible coverage, use your profession's keywords, such as telecommunication services, in your search.
If you are a large organisation and want to be sure you get just the right coverage, working with a professional may be a better option.
Get covered and start work sooner than later
While having these insurance policies may seem like a lot more than the coverage you usually need in order to provide your goods and services, the opportunity the NBN is providing to skilled tradesmen and contractors is extraordinary. Even though these additional insurance requirements may seem difficult to navigate at first, we are here to help. With plenty of options available to make sure you find the right fit, we are eager to help you find just the right insurance coverage for you and your team so you can start working on the future of Australia!