Certificate of Insurance for Construction
See why construction developers choose TrustLayer to protect their businesses by increasing subcontractor insurance compliance and decreasing risk with the use of automated insurance verification to mitigate liability.
Simple & intuitive insurance verification & tracking.
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Building Stronger Relationships With Your Customers is the Key to Increasing Revenue & Retention Rates
For your customers, collecting, tracking, and verifying the certificates of insurance of their business partners is an extremely time-consuming and manual task.
Also, as you know, insurance is really complex.
TrustLayer’s automated insurance verification solution empowers brokers & agents to win new business and retain existing customers.
With TrustLayer, your customers can decrease or eliminate operational & financial risk by knowing whether a business partner (i.e., subcontractor, vendor, service provider, tenant, etc…) has compliant and verified insurance documents on file before working with them.
The Importance of Certificate of Insurance (COI) for Construction
Get Visibility into Insurance Compliance Statuses of Subcontractors with Automation.
Collecting, tracking, and verifying subcontractor certificates of insurance is an extremely time-consuming and manual task.
Also, insurance can be really complex.
Small mistakes can result in increased business risk & huge financial losses for construction firms.
With TrustLayer, builders can decrease or eliminate this risk by knowing whether a subcontractor is compliant and verified insurance documents on file before being allowed on the property to do work or render services.
The construction industry is one of the most challenging and hazardous industries in the world. Construction projects require a lot of planning, preparation, and hard work to complete successfully. One of the most critical aspects of a construction project is ensuring that all parties involved are adequately protected from any potential risks.
This is where a certificate of insurance (COI) comes in handy. In this article, we will discuss the benefits of a certificate of insurance in construction.
What is a Certificate of Insurance?
A Certificate of Insurance is a document that provides evidence of insurance coverage. It is usually issued by an insurance company or broker and given to a third party. In the construction industry, a COI is issued to contractors, subcontractors, and other parties involved in a construction project.
This serves as proof that the contractor or subcontractor has the necessary insurance coverage. This coverage protects against any liability claims that may arise during the construction project.
Get the right docs from subs. Every time.
Turn insurance compliance into simple steps with AI.
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Risk Management takes a village. And the best part? Everyone gets in for free.
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Benefits of a Certificate of Insurance in Construction
1. Proof of insurance coverageHeading
2. Protection against potential risks
3. Increases confidence and trust
4. Ensures compliance with regulations
Building Stronger Relationships With Your Customers is the Key to Increasing Revenue & Retention Rates
For your customers, collecting, tracking, and verifying the certificates of insurance of their business partners is an extremely time-consuming and manual task.
Also, as you know, insurance is really complex.
TrustLayer’s automated insurance verification solution empowers brokers & agents to win new business and retain existing customers.
With TrustLayer, your customers can decrease or eliminate operational & financial risk by knowing whether a business partner (i.e., subcontractor, vendor, service provider, tenant, etc…) has compliant and verified insurance documents on file before working with them.
Conclusion
In conclusion, a Certificate of Insurance is an essential document in the construction industry. It provides proof of insurance coverage, protects against potential risks, increases confidence and trust between parties, and ensures compliance with regulations. Contractors and subcontractors should always ensure that they have a valid COI before starting any construction project. By doing so, they can protect themselves from any potential liabilities and ensure the success of the project.
Truslayer’s AI can help businesses of all sizes. It can reduce external and operational risk by improving insurance coverage. Test our AI to save time and headache.
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Our customers say it best
My company works with roofing contractors across the country. The gathering, verifying, and certificate of insurance tracking is a major undertaking. Trustlayer handles all my insurance verification now and does a fantastic job. They’ve already provided their worth several times over and I no longer worry about contractor insurance compliance or fraud. Plus, the amount of time and aggravation that they save frees may staff up to work on more profitable endeavors.
You don’t know you are in trouble until you are in trouble. You think you are collecting the right documents and that they’re current. All of the sudden you have an audit and you find out that some of your documents are for the wrong type of insurance or for expired policies; and you have an accident then find out you are not covered. With TrustLayer, homebuilders would know well in advance if there were issues with the insurance of their subcontractors.
TrustLayer is a great solution to automate insurance compliance. My clients find the user interface to be very intuitive and the whole system easy to use. Also, getting started with the platform is quick and seamless with great guidance and support from the TrustLayer Customer Success team. They have tiers that work for all business sizes, which is really helpful for offering this innovative risk management solution to small businesses and large enterprises.
Run a better risk program with TrustLayer
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Automate Your Compliance Workflows
”Chuck Shinn
President @Builder Partnerships
FAQs about COI for Construction
1. What is a Certificate of Insurance for construction projects?
2. Why is a COl important in construction projects?
3. Who typically requests a COI in construction projects?What is TrustLayer's AI Vision?
4. Are there any risks associated with relying solely on a Certificate of
Insurance?What industries does TrustLayer work in?
5. How often should I request an updated Certificate of Insurance for a
construction project?What compliance documents can TrustLayer handle?
