Contractors and those they work with face several liabilities with each job. There are many types of insurance policies that can apply to their duties, but there are only a few that offer coverage for the projects or buildings that are involved in an incident. COC insurance or course of construction is also known as the builder’s risk coverage. As the team at SB One Insurance Agency advises, contractors or owners should purchase this policy if they want to protect a construction project from risks associated with:
- Unwelcome accidents
The Purpose of a COC
A course of construction policy is able to provide developers, general contractors, or owners peace of mind with their project. In the event of an incident that destroys or damages the building or structure, there is a guarantee of funds that can be used as the project is started over. A COC can cover several different parties, and although it can be obtained by either the owner, project manager, contractor, or engineer, it’s usually the contractor or owner that secure the policy.
With a COC policy, the named insureds are protected from having to pay for any losses at the job site out of their pockets. The insurance company provides the funds to the owner or contractor, making sure that the finances are there to finish the job in spite of the setback.
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Accounting involves a lot of numbers and money already, so adding in the costs of lawsuits, repairs, medical bills and more can not only be a hassle, but a huge risk to everyone affected. Not having the right accountant insurance coverage can lead to financial disaster and possibly an end of the business. There are a few vital policies that any accountant would likely need, but other types should be considered and discussed with an accountant insurance company, as well, to ensure the best possible protection.
1. Professional Liability
Possibly the most important insurance police for accountants, Professional Liability covers the legal costs involved in claims of negligence and financial loss due to your actions. While this may be warranted or not, insurance can still handle the fees as long as no criminal or dishonest acts have been done by your accounting business.
2. Business Insurance
This type of coverage is beneficial to nearly any business. This insurance tends to include three different policies in one:
3. Cyber Liability
A great deal of information is now stored digitally. In the case of accountants, a lot of the information collected from clients is incredibly sensitive, including personal information and financial records. If there were to be a data breach or some sort of digital issue, cyber liability would be needed in order to cover the costs involved in handling the situation.
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