Yes, ideally the famous "Parents are liable for their children" sign, which is legally pretty useless. Even if it is legally defensible, can you live with children being harmed anyway?
Oh dear. We better cancel the whole project or the children should not leave their houses until we move in. You do know what a construction site looks like later, right? Do you think a shell building over several months is safer? 500 meters away is a fire pond with a waist-high fence around it, diagonally opposite is an old vineyard house at the edge of the field, next to it is a combine harvester freely accessible all year round. 500 meters in the other direction is a federal road and in between a creek. So far, everyone has survived and I don’t think our hole with a 2-meter-high construction fence in front of it changes that. We are also not building in an open field but in the middle of an established residential area, i.e. to the left, right, behind and opposite are numerous people among whom no children have fallen into the ponds so far. So we will keep our concern manageable.