The iO2 Insurance Group has put together a few simple tips and reminders for any businesses undertaking a renovation, refurbishment or construction project. Whilst renovations are an exciting time for businesses, it can also be costly and disruptive, should the unexpected happen. Here are some key points that will help your renovation to run smoothly, and protect your business against unforeseen costs and delays:

• Always use a licensed builder, with a written contract in place that covers the full  scope of the renovation.

• If you expect your renovation to be completed within a certain time period, be sure to have a timeframe built in to the written contract. This will help to minimise any disputes should the builder not finish the work on time.

• Check that you have adequate insurance protection in place specifically covering your renovation. This may be an extension under your home, landlords, business or strata insurance policy, and/or covered by your builder as a Construction policy.

• Ensure the cover limit for existing structures is high enough to replace your premises, if required.

• Ask to see written evidence from your builder that they have current and adequate insurance in place to do your job. This should include Public Liability, Construction insurance and Workers Compensation.

• Be sure that adequate insurance is in place BEFORE your renovation work begins. Most insurers will either limit or exclude any coverage for renovations if work has already begun before insurance is in place.

• If in doubt, discuss your options with your insurance broker, or contact the iO2 Insurance Group on 07 5345 5414, or email us at insure@io2.com.au.