Looking for General Liability Insurance Information?

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

Protect Your Business From Costly Claims

Ask your CFO or Risk Manager just how much claims and lawsuits can cost your business. If you are collecting certificates just to confirm they were received, you have no guarantee that your requirements are being met. myCOI Central is built on a foundation of insurance industry logic to ensure you remain protected with the appropriate coverage.

Automate Your COI Tracking

There’s no more need to worry about stacks of certificates cluttering up your office or hours of frustrating phone calls and emails to chase down certificates. myCOI Central provides your company with a solution to automate your insurance certificate requests, collection, and compliance resolution, while also giving your team a single, centralized repository to view compliance. 

For Agents & Brokers

Win business and boost retention by providing agency branded, industry leading insurance tracking software to your insureds.  Offer software only or add on your own compliance review services.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

General Liability Insurance

When a company hires a contractor to work on a project, the contractor needs to have adequate insurance to cover the risks of the proposed job. General liability insurance protects businesses against lawsuits and claims that could be a significant financial burden. If a contractor is uninsured or underinsured, the company that hired them could be held legally and financially liable for any accidents caused by the contractor. Even if a third party was at fault, the responsibility could ultimately land with the business that hired the third party. 

That is why it is essential for companies that work with contractors, consultants, or other third parties to have a way of verifying the authenticity and scope of their certificates of insurance. A contractor should not be hired unless they can provide a certificate of insurance that guarantees adequate coverage for the work in question.

But what is liability insurance coverage? There are multiple kinds of liability insurance that could cover a variety of risks. Typically, liability insurance can protect contractors and the companies that hire them from being held responsible for injury, property damage, or other loss that occurs on the job. Different types of policies may provide various levels of coverage. Contractors should be able to provide the companies that hire them with the appropriate general liability insurance form that serves as their certificate of insurance. 

It is important for companies to ensure that any contractor they hire has the necessary certificate of insurance (COI). Risk managers who spend a lot of time and effort tracking COIs, verifying their authenticity, and determining if the coverage is of the appropriate scope could benefit from COI tracking software. 

A platform such as myCOI can make the process of verifying general liability insurance more efficient by providing a COI tracking software solution. Risk managers can use myCOI to automate the collection and verification of certificates of insurance and also as a convenient centralized repository from which COIs can be viewed for proof of compliance.

General Liability Insurance For Contractors

Businesses need to make sure that their contractors have general liability insurance coverage. General liability insurance for contractors protects the businesses that hire them in case of an accident while the contractors are performing work for the businesses. For example, general liability coverage could protect businesses in the event of property damage or bodily injury. Before entering into a business contract with a third party, companies should confirm that the third party has the appropriate general liability insurance for contractors to protect the business if an accident happens at work.

If you do not often work with contractors or other third parties, you might wonder, “What is general liability insurance for contractors?” General liability insurance for contractors covers contractors and the companies that hire them against work-related risks such as personal injury or property damage. 

Companies that hire contractors need to check that their contractors have adequate insurance coverage if they want to protect themselves against liability in the event of an accident. Even if the contractor is at fault, the company that hired the contractor could still be held legally and financially responsible for injuries or damages if the contractor is not insured.

Commercial General Liability Insurance

Commercial general liability insurance is a kind of insurance policy that offers protection to businesses against liability for injury or property damage that occurs as a result of the business’s actions or on the business’s premises. If a business hires a contractor, consultant, or third party of any kind that does not have adequate commercial general liability insurance coverage, the business could be held responsible, both legally and financially, for any accidents caused by the third party while they are at work under contract. A commercial general liability policy can protect the business and the contractor in case of an accident.

Since businesses could be held liable for injury or damages caused by their contracted workers, it is important for businesses to be certain that the third parties they hire have the appropriate general liability insurance coverage. Businesses that hire contractors should require contractors to have a commercial general liability insurance certificate before they hire them for a project. Businesses should also be able to determine the authenticity of a COI and the extent of its coverage. 

Processing COIs and verifying their coverage is a time-consuming task that can take up large amounts of risk management professionals’ days, especially if they work at a large company that hires a lot of contractors. Implementing COI tracking software like myCOI can provide a more efficient and organized means of collecting COIs and checking their coverages for compliance with requirements.

General Business Liability Insurance 

By making sure their contractors have the proper general liability insurance, business owners can protect their business against claims or lawsuits in the event of an accident in which a contractor is at fault. Another important type of business liability insurance is professional liability insurance.

Professional liability insurance can protect against claims of negligence, copyright infringement, personal injury, and more. Whereas general liability insurance for LLC protects against the risk of physical injury or damage, professional liability insurance protects against risks of other types of harm that might be caused by negligence, dishonesty, or poor quality of work. Companies can protect themselves by verifying that the contractors they hire have professional liability insurance as well as general liability business insurance.

Business liability insurance could encompass multiple types of insurance. One type of insurance that is important for businesses to verify with contractors is general liability business insurance. Professional liability insurance is also an important type of business liability insurance. Companies that hire contractors or other third-party workers should be careful only to hire contractors that are properly insured if they want to avoid being held responsible for an accident caused by a contractor.

Certificate Of Liability Insurance Sample

If a company hires a large number of contractors or consultants, they will likely have a large number of certificates of insurance to process as well. This can quickly become a tedious and time-consuming part of a risk manager’s day. By using COI tracking software like myCOI, risk managers can save themselves time and keep their COI tracking process efficient and accurate.

If a contractor has a certificate of insurance that can be confirmed to provide adequate coverage, businesses do not need to worry about being held responsible if the contractor is found at fault in a work-related accident. However, if the contractor does not have the appropriate certificate of liability insurance and an accident occurs, the business that hired them could be held responsible. This is why it is a very good idea for businesses to ask contractors to provide a certificate of liability sample before hiring them.

A certificate of insurance can provide a way for risk managers to track the details of the coverage offered by a contractor’s insurance policy. These certificates are useful for condensing coverage details into a concise and organized document that can easily be referenced. COIs can enable risk managers to assess the scope of each contractor’s insurance coverage and determine if it protects against all the possible risks associated with the job to be performed. Processing large numbers of COIs can be easier with COI management software like myCOI.

General Contractor Insurance Requirements

Tracking certificates of insurance may not be difficult if a company works with just a few contractors, but risk managers at large companies that hire a lot of contractors might face more of a challenge. It is necessary for risk managers to track certificates of insurance for each contractor and verify that each certificate meets the applicable coverage requirements. This process can take up a lot of time when there are many different certificates of insurance to track and verify.

Risk managers can save time and keep their system of processing COIs accurate and efficient by using COI tracking software.A software solution such as  myCOI is an example of COI tracking software that can help manage COI collections and check COIs for compliance with relevant general contractor insurance requirements. 

Adhering to general liability insurance requirements for contractors can help risk managers ensure that a contractor does not expose the company to additional risk. Not every contractor will have the best general liability insurance for contractors, so it is ultimately up to the business that hires them to verify that their insurance coverage is adequate.

Cheap General Liability Insurance For Contractors

When contractors buy insurance, they are most likely looking for cheap contractors insurance that will satisfy the minimum requirements. This is in their best interest because they want to avoid being overinsured and paying a higher than necessary contractor liability insurance cost. However, insurance needs often change over time, so it is important for risk managers to regularly check contractors’ certificates of insurance to make sure they cover all the risks associated with current projects and are still compliant with current requirements.

Cheap general liability insurance for contractors may provide only the very minimum required coverage, but over time, this coverage may not be sufficient. By monitoring contractors’ coverage details, risk managers can catch COIs that are out of date and have them resolved. COI tracking software like myCOI can make it easier for risk managers to monitor COI details.