If you own a construction company, you probably already insure your equipment and supplies. Once the building is done, the people who own it are responsible for insuring it. But, what happens if an accident destroys some of your work while you’re in the middle of completing a project? To prevent your company from eating the cost of having to re-complete portions of a project, many turn to the course of construction insurance.
What Is the Course of Construction Insurance?
An article by SB One Insurance defines COC insurance as a policy that covers projects or buildings while your construction company is in the process of building them. In some cases, you might also find this type of coverage under the name of the builder’s risk insurance. In addition to protecting from situations such as theft and vandalism, a COC policy protects your bottom line from floods, fires, and other types of accidents.
What Types of Costs Does a COC Policy Cover?
Although your policy will vary depending on your insurance company, many insurance companies will cover the costs of reconstructing frames, removing debris or pollution, replacing valuable papers, and so on. If you are concerned about a specific type of coverage, ask your provider before signing up for the policy to ensure it meets your needs.
Don’t start your next project without the proper COC policy. Talk to your agent today to see what you need to make your project a success.