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Workers’ Compensation Doesn’t Always Cover Owners, and That Can be a Big Problem
An employee of a subcontractor accidentally gets injured on your jobsite. The subcontractor carries workers’ compensation insurance. So, is your company in the clear or do you have reason to worry? The answer might depend on the “Workers Compensation and Employers’ Liability” box of their certificate of insurance (COI). In this article, we’ll explore the […]
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Are Insurance Terms All Starting to Blur Together? You’re Not Alone.
As a COI or compliance administrator, you have a lot on your plate. The entire COI review and collection process that you go through for every 3rd party vendor or subcontractor can be simply overwhelming. And on top of that, the terms and language used in the world of insurance can be downright confusing and […]
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You Could Be Saving 30% on Insurance Tracking Costs
If your COI or compliance administrators are manually tracking insurance certificates by using accounting software and coordinating different systems with all of the 3rd party vendors and subcontractors in the pipeline, then it’s likely they are spending a significant amount of time spinning their wheels. For each COI, they have to reach out to collect, […]
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How Much Time Do You Waste Using Different Insurance Tracking Systems?
If you’re still manually tracking Certificates of Insurance (COIs) and endorsements for every single subcontractor or 3rd party vendor, then you know better than anyone else what a task that can be, especially since the cycle never ends. With so many systems that you need to use for insurance tracking, do you ever wish the […]
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Tip# 1 – The “INSURED” Box
Where do I start? So you’ve gone through the process of obtaining Certificates of Insurance from all your subcontractors/vendors/franchisees/tenants. What’s next? You want to review them, right? You’re probably thinking ‘Where do I start’? Start at the beginning! Let’s take a look at one of the very first boxes at the top of an ACORD […]
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What Can Go Wrong if Your Organization Doesn’t Capture COIs?
In one of our latest posts entitled, “Why Bother Getting a COI For Each New Subcontractor or 3rd Party Contract?” we discuss why it’s important to secure a Certificate of Insurance (COI) for each vendor that does work for your organization. The post explains that COIs are designed to prove status of insurance including items […]
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