Do you run a construction business?

If so, you must secure sufficient insurance coverage–as the law mandates. You should also be appropriately bonded. By taking care of these matters, you’ll protect the given property and your workers for the entirety of a given project. Over the past couple of years, a construction boom in Jamaica has led to a surge in road work, commercial developments, and new housing projects. The island, especially in the capital, has seen an influx of residential homes, apartment complexes, and shopping centers.

We’ll emphasize that it’s important not to purchase insurance as a tickbox item. Yes, clients or authorities may ask for it–but that shouldn’t be your driving factor in buying coverage. Instead, contractor insurance must be viewed as an investment that protects your company and team from many liabilities. Specifically, the proper insurance and bonding protect your business from lawsuits, equipment damage, on-the-job injuries, and much more. You’ll get the best return on your insurance investment by seeking out the coverage most suitable to your company, its scope, and its budget.

Below are some of Jamaica's top options for construction business insurance and heavy equipment insurance coverage.

JN General Insurance (JNG)

By partnering with JNG, you’ll align with an insurance company that grasps the reality of work accidents in your industry. They’ll cater to your business’s unique insurance requirements with contractors' All-Risk insurance.

Beyond onsite materials, you can get the following areas covered:

●     Owned or rented tools and equipment

●     Temporary buildings

●     Off-site or in-transit materials

●     Surveyor and architect fees

Marathon Insurance Brokers Limited 

Marathon Insurance Brokers Limited offers All-Risk coverage to contractors. It covers damage to or the loss of your and your employees’ hand tools and handheld portable power tools.

Here are some other associated coverages:

Mobilization Bond:

●     Guarantees any advanced funds given to a contractor by the employer are used for the agreed-upon purpose. And it guarantees that the repayment is made in a predetermined manner.

Tender Bond:

●     Applies to when a developer or buyer obtains tenders for a contractor and needs a security bond to protect against a successful bidder not entering into the contract.

Performance Bond:

●     A contractor provides a performance bond to a developer. It’s an undertaking by an insurance company or bank to pay a developer in the instance of an insolvent or defaulting contractor.

Spectrum Insurance 

Spectrum Insurance includes contractor All-Risk insurance as part of its commercial insurance offerings. Founded in 1982, Spectrum has established a strong reputation for working alongside its clients to develop the best possible insurance solutions to suit their business. Partnering with this reliable insurer means you’ll have a broker providing you with insightful risk management advice. You’ll then be empowered to efficiently manage the risks inherent to your construction company.

Don’t Waste Any Time. Get Insured And Bonded Today!

There is so much opportunity for your construction company to thrive and flourish. However, you must have your i’s dotted and t’s crossed to protect your business from potential legal risks and liabilities. If you don’t, all your hard work and profits can disappear at the hands of one lawsuit.