According to Sourceable, Organisations are subject to an increasing number of building compliance obligations, which vary depending on the type of business, building, and age of construction. It is important to have general safety measures in place, e.g. fire and exit, as well as, health and safety, energy management, disability access, etc. Achieving compliance is vital to help avoid exposing their organisation to unwarranted risk in both physical consequence and potential legal ramifications.
Risks are substantial for firms that fail to proactively manage building compliance. For example, if a building caught fire and it was found that the owner was not exercising due diligence, that owner could face legal and financial repercussions, not to mention damage to their reputation.
At East West Insurance Brokers, we believe that it is paramount that contractors have the appropriate insurances, licences, and safe work methods in place before they attend site, as well as, obtaining council permissions and completion paperwork for works that require these.
In many cases, Insurers may not cover losses, particularly if it was found the owner did not exercise due diligence. That could result in massive out-of-pocket costs, lengthy litigation and a huge drain on resources.
Overall it ultimately comes back to whether the building owner and manager is doing their job effectively and proactively managing risk and compliance. This can be the difference between a safe and successful organisation, and one that goes bankrupt. East West Insurance Brokers are business specialists who are happy to assist you in protecting your business. Contact our team at East West on 1800 809 132, alternatively email firstname.lastname@example.org or visit www.ewib.com.au