Automate and simplify your COI management with PINS! Read how this cloud software can save you time, money and more!
Compliance is critical in the Construction Industry
With PINS, you can build more and worry less. Our insurance management software can help you achieve 100% compliance, reduce risk and save you time.
In the construction industry, insurance compliance is a must! You may think that it is just another thing to check off your list, but it's a critical part of protecting your business. Whether you are a general contractor, subcontractor or vendor it is vital to understand the importance of having insurance coverage in compliance.
With increased compliance you will:
- Reduce liability costs
- Protect against lawsuits
- Minimize risk exposure
- Save money by avoiding unnecessary fines
- Increased productivity by keeping your workers safe
The construction industry is a high-risk one. You're dealing with a lot of moving parts and unpredictable variables so it is essential to have the right coverage in place. When it comes to compliance, effective communication is key to mitigating risk throughout the project.
A recent survey of construction companies found that there is a lack of transparency in policy management. In the survey, it was reported that more than 46% of construction project claims were due to gaps in subcontractor insurance coverage.
Delays can be avoided by having an efficient process in place for managing COIs which is necessary for any project. Effective communication between office staff and onsite workers is imperative to ensure that all parties have the proper insurance coverage before a project begins and throughout the duration of it. A lack of communication can lead to costly mistakes and lost time.
Manual insurance tracking can expose your business to BIG risk
With a manual insurance tracking process, many GCs are handling subcontractor certificates manually by routing requests through their office staff or risk department. This process is as follows; the admin has to call, email and fax back & forth to obtain the documentation needed. This time consuming process can result in many delays to get the project started. If the certificates received are not compliant or there is an oversight, the project can not start. Often times subcontractors and vendors are not able to provide certificates in a timely manner due to their own lack of documentation policies and procedures.
Other times general contractors outsource the process to third party service providers so that someone else follows up the insurance companies. There is no guarantee that this rep doing this knows exactly what to look for. This is risky and expensive and can result in delays and mistakes because a rep may not be an expert and know all the documentation that is required. Therefore, this is not a scalable solution.
Automated insurance tracking software is the solution
By requiring contractors to submit their certificates of insurance electronically, it becomes easier to keep track of which subcontractors are working on a project and how long they should be covered under the policy. This helps construction companies avoid potential violations and fines from not having proof of required insurance coverage on file with their contracting agencies.
By automating the COI tracking and management process, General Contractors can free up valuable internal resources. Saving contractors time, and making sure they get paid as soon as possible.
PINS takes the pressure off your shoulders and makes sure that vendors and contractors are always in compliance. PINS automates communication with vendors and contractors and streamlines big aspects of this risk management and insurance tracking process.
With PINS you have a centralized database, secure storage, email automation and templates.
Here are some of the custom email workflow services we offer:
- Email Templates- Design your own, or choose from our library of Email Templates to get started.
- Group Emailing- Automatically inform your Contractors and Vendors of approval status updates.
- Custom Scheduling- Stay on track with custom email scheduling for expiration warnings, compliance verification & renewals.
PINS also offers integrations with Sage 300, Procore and Vista by Viewpoint.
Enable your teams to easily manage insurance requirements, submissions and compliance across projects.
See how PINS can help you can achieve 100% compliance!