In the world of building construction, there are a number of innate risks that you are taking on by being a contractor. Many of these relate to covering the potential for injuries or property damage due to the actions of you or your crew while on the jobsite. This is where general liability insurance comes into play. However, it is important to understand that in most cases this will not cover the property itself or your equipment and materials that are on site. This is where a Course of Construction (COC) policy bridges that gap.
What Benefits Does COC Add?
COC insurance, also known by its alternative name Builders Risk, gives additional peace of mind in areas that liability doesn’t take care of. This includes covering losses of the structure during construction, as well as any jobsite equipment. According to SB One Insurance Agency, it can also include materials awaiting installation. These are all costly and could be detrimental to your company to have to pay out of pocket without insurance. These are some of the events that are typically covered against:
- Criminal acts
- Environment (wind, hail, lightning)
A construction project is a time consuming project filled with potential risks. Ensure your effort is safeguarded from the unexpected by understanding the various insurance policies that can protect you.