Large general contracting firms must deal with a substantial volume of certificates of insurance because they usually hire third parties. A certificate of insurance (COI) is proof that contractors own sufficient coverage, protecting the company that hired them from being held liable in the event of personal or property damage. COIs occasionally vary in complexity, timing, and compliance. The number of them compounds the challenge of managing them.
General contractor certificate of insurance tracking software can automate the process, ensuring compliance and saving time, energy, and money.
If you own or operate a large general contracting business, then you probably invested a lot of resources to get your company where it is today. You should recognize the risk uninsured and
underinsured subcontractors bring to your business. All it takes is one lawsuit because one of the contractors you hired wasn’t adequately insured and your company can face bankruptcy. Tracking COIs with a solution like myCOI can help prevent this from happening to you.
You Invest a Lot in Your General Contracting Business
You learned how to become a contractor. You probably worked as one, learning as much as you could with each job.
You couldn’t ignore your entrepreneurial spirit so you formed a contracting business. You built it from the ground up, putting in the time and effort to see your dreams come true. You fielded a line of questions from friends and family who didn’t know anything about your company.
“What does a contractor do?”
“How much does a contractor make?”
Then came a point when you had to hire other contractors. Work was steady and the money was good. You get what you put into your business.
Are all of your subcontractors insured?
Although your company is, everyone you hire should carry their own coverage to protect everything that you’ve worked diligently to achieve.
Protecting Yourself from Uninsured Subcontractors is Key
What does a contractor do in construction if they don’t own insurance coverage?
Hopefully, they don’t work for you.
Sadly, you can’t rely on your subcontractors telling you they have coverage. People can lie. A COI is proof that’s difficult to fake. Despite this, you have to verify each COI’s authenticity. You can do this by hand, but what if you’ve hired several subcontractors? Dozens? More? Are you proficient in every aspect of insurance?
Even if you hire someone who knows the ins and outs of COIs, you might lose money. After all, you would have to pay that person. Can you trust their credentials and skills? Can you afford an oversight?
You must protect yourself from uninsured subcontractors. You should demand as much protection as you can afford. Automated COI software can give you that security.
You Deserve the Best COI Tracking Solution
You’ve invested money and energy into growing your business. You want to protect your company’s finances and reputation. Your hard work warrants the best COI tracking solution. One viable option you can employ is myCOI.
myCOI tracking software gives users one cloud-based location to view their COIs, compliance, and risk reporting. The platform can reduce your burden of processing COIs.
myCOI automates certificate renewal requests and non-compliant notices. You don’t necessarily have to track down your subcontractors or stay current with insurance rules and regulations. myCOI can also update you with email alerts if coverage lapses. You can also use the platform’s dashboard to monitor the statuses of every COI you have to track. myCOI customer service can help you deal with any software issues should they arise.
Automating your COI management can reduce:
- Labor costs: You won’t have to hire staff to manually process COIs. This should help you if you’re on a tight budget.
- Wasted time: It takes time to obtain, validate, track, and store each COI. This time could be used to improve your company in other ways such as acquiring new customers.
- Errors: We all make mistakes. Oversights regarding coverage can raise a company’s liability risk.
Consider your need to remain insurance compliant. Read myCOI reviews to make a better-informed decision. Protect your business.
You Control Your Business’s Future
What does a general contractor do when they own a business and want to reduce their liability risk?
They use general contractor certificate of insurance tracking software to protect their company from costly claims.
How much do general contractors make if the company that hired them is bankrupt because of inadequate insurance coverage?
Running a business today is challenging. Competition can be cutthroat. Add in the need for insurance and maintaining compliance can be a job in itself. You can worry less about your company’s future if you protect it today with myCOI.