Insurance Solutions by Industry
Insurance Solutions for Construction Companies in Cyprus
Construction risk changes with every project, site and subcontractor. We help contractors in Cyprus review exposures in the way work is actually organised.
The nature of the sector
Construction sites change throughout a project. Unfinished work, materials, tools and machinery may be exposed to weather, theft or damage. Employees, subcontractors and members of the public can also be at risk around the site. A mistake, accident or delay can lead to repairs, extra costs and contract disputes. The exact risks depend on the type of work, the equipment used, transport between sites and the terms agreed with the client.
6 Insurance Areas Worth Considering
Every business is different. These are six insurance areas commonly worth considering in this industry, depending on the activities and how the business operates.
Contractors’ All Risks (CAR)
Relates to sudden and unforeseen physical loss or damage to the project during construction, including the works and materials, subject to the policy terms.
Contractors’ Plant, Machinery & Equipment
Relates to damage to plant, machinery and equipment used for construction work, depending on the cover selected and whether it is arranged through extensions or separate covers.
Public Liability
Relates to legal liability for injury to third parties or damage to neighbouring or other third-party property that may arise during construction work.
Employers’ Liability
Relates to the employer’s legal liability for workplace accidents or occupational diseases affecting employees in the construction business.
Professional Indemnity
Relates to claims arising from professional errors or omissions where the business undertakes design, plans, specifications, professional advice or other related professional services.
Commercial Motor Insurance
Relates to the business’s vehicles used for construction-related activities and day-to-day professional transport, distinct from specialised construction machinery.
Realistic examples
What could disrupt your business?
Theft of materials or equipment from the site
Tools, machinery or construction materials kept at the site are stolen.
Employee injury at the construction site
An employee is injured while carrying out construction work.
Damage to a neighbouring building during the works
Construction work accidentally damages a neighbouring building or other third-party property.
Weather damage to the project
Heavy rain, a storm or another extreme weather event damages unfinished work or materials at the site.
Construction machinery breakdown
A key machine used at the site suffers a serious breakdown and affects the progress of the work.
Fire at the construction site
A fire damages work in progress, materials or equipment at the site.
These are illustrative examples to help explain risk. They are not statements about what any policy would or would not respond to — that always depends on the wording and the circumstances.
Our approach
Insurance starts with understanding your business.
We look at the type and size of projects you take on, how labour is engaged, what plant you own or hire, where sites sit in relation to the public, and what your contracts actually commit you to. The areas worth reviewing follow from that, project by project.
This page is general information about the sector. It does not describe policy terms, conditions or exclusions, and it is not a recommendation.
- What the business does
- How it operates day to day
- Premises and equipment
- Employees and the people you rely on
- Customers, clients and visitors
- Professional responsibilities
- Operational dependencies
- Risks that could materially affect you
Vesta Needs Review
Not sure what your business needs?
Start with the Vesta Needs Review. Answer a few simple questions about your business and we will help identify the areas that may be worth reviewing.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you. No lengthy forms at this stage.
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