Challenge:
With today’s construction demands, projects are becoming larger, more complicated, and involve more people, processes, and collaboration than ever before. Which means there are more items for construction firms to manage and stay on top of during the building process to make sure they complete a successful project.
A critical component to ensuring project success is having reliable compliance management practices in place. If you have outdated subcontractor certificates of insurance or endorsement documents on file, your project could be halted while these issues are addressed, or your company could be subject to costly penalties/lawsuits.
Analysis:
Since a key part of ensuring subcontractor compliance is the documentation, it’s critical to have a system for tracking compliance in place. This means maintaining the subcontractor insurance documents in one central location to easily collect, track and ensure subs are compliant.
Unfortunately, many contractors still rely on managing compliance documents through manual processes like paper, file cabinets, etc. These manual methods can lead to stacks of certs cluttering the office, hours spent finding files, and confusion over who has the most current insurance documents.
So, implementing a certificate of insurance management software is ideal to help with compliance and let construction companies focus on what matters, which is completing a successful project.
Solution:
With a certificate of insurance tracking software, like SmartCompliance, general contractors can efficiently track subcontractor and supplier insurance requirements and more importantly ensure project compliance. Check out the benefits of implementing a software like SmartCompliance below!
- Centralized Compliance Database – Consolidate and efficiently manage subcontractor certificates and requirements, so you can knowingly transfer risk, protect your company and focus on other tasks.
- Automate COI Tracking – Automate requests for updated or missing COIs to limit time spent manually managing files, quickly identify issues and ensure compliance.
- Eliminate Manual Data Entry and Mitigate Risk – Automatically scan certificates of insurance, transcribe data and compare to requirements. Create reports to understand and address any risk exposure.
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