Deciding to implement new software and technology within your construction compliance management process can feel overwhelming. From onboarding, to integrating with all your preexisting software, it seems like a daunting task.
At Billy, we completely understand that feeling. As a result, we developed a seamless and intuitive solution for those across the construction industry tasked with COI and compliance tracking. Since our inception, we’ve heard from many construction firms who felt they had a good pulse and process on COI tracking and risk management. After conversations dug deeper into operations and financial ROI, we helped uncover reasons why their existing processes were actually costing them money. Here are a few of the most common points of view that we’ve heard from partners, before they decided to onboard Billy.
“We currently handle all COI tracking in-house, and it seems to be going well.”
It’s a common belief that internal processes run smoothly using segmented tools such as spreadsheets, accounting systems, and project management systems. When our construction partners sit down with their insurance brokers, project coordinators or managers, office managers, and accountants to discuss COI tracking, they’re often left surprised. COI tracking can be a time-consuming, tedious task that burdens your construction company with financial risks you might not even realize.
Employees tracking COIs need specialized insurance knowledge, such as a CRIS certification. Not having specialized construction insurance knowledge leads to insurance omissions and errors that result in costly insurance claims. When it’s just one of many tasks on their plate, the attention dedicated to managing hundreds and thousands of certificates may not be enough to guarantee accuracy and consistency.
The average construction insurance claim can vary depending on the type of claim, but studies show that general liability claims typically range from $30,000 to $75,000. However, more serious claims, such as those involving property damage, workers’ compensation, or litigation, can easily exceed $100,000.
For example, workers’ compensation claims often average around $40,000, while construction defect claims can run into the hundreds of thousands or even millions depending on the scale of the project and the nature of the defect.
Outsourcing your construction contractor insurance management to Billy helps you offload this complex task to licensed and insured experts from insurance and construction to focus solely on your compliance. Billy simplifies COI management with automated processes that streamline tracking, sending reminders for renewals, and verifying compliance in real time.
“With Billy handling our COI compliance, we’ve reclaimed countless hours each week. Their platform streamlines the ensure process, allowing me to focus on what really matters,” said Amanda Griep, Senior Project Coordinator at Gardner Builders
“[COI tracking software] will cost too much for our budget.”
At Billy, we’ve tailored our solutions to fit a range of budgets and needs. We provide solutions for custom home builders, mid-sized general contractors, or ENR400 firms that make outsourcing COI tracking scalable and affordable with volume.
On average, our construction partners charge $1,750 per project/year for insurance and compliance monitoring. Billy’s automated construction compliance software reduces your project insurance premium and frees up the number of hours your staff spends on manual tasks such as requesting certificates of insurance, checking expiration dates, typing coverages into Procore or Autodesk Construction Cloud, and keeping the accounting and project teams up to date on hundreds of vendors across various projects.
Automation with Billy saves your team time that can be deployed to profitable project billable activities.
The benefits of outsourcing often outweigh the costs when you factor in the time saved and the avoidance of costly compliance issues. Compliance tracking software solutions like Billy are designed to be cost-effective, ensuring that you gain value while protecting your business.
“We will lose control of the process.”
One of the most common fears we hear is that outsourcing construction risk management tasks will mean losing control over compliance processes. However, with Billy, you remain in control every step of the way. You can input the specific requirements, you can set the rules, and any decisions regarding coverage exceptions or requests come from you, allowing you to fully customize the experience to ensure it adheres to your company’s look and feel.
As all-in-one construction compliance software, Billy is designed to support your compliance needs without interfering with your business decisions. Our team handles the tasks of tracking COIs, endorsements, and renewals while you can focus on revenue-generating activities and project management.
“I already get cancellation notices from insurance carriers.”
While some insurance carriers may provide notice of cancellations, the majority do not offer this service to anyone other than the First Named Insured. This means there’s a significant risk of policies lapsing without your knowledge.
With Billy, you don’t have to rely on insurance carriers for updates. We provide real-time tracking and alerts for any lapses in coverage, including an easy-to-access “Needs Attention” section of the dashboard, ensuring that your subcontractors maintain active policies and your project remains protected. Our platform also allows you to stay ahead of potential issues by automating quarterly checks and updates.
“How much time will it take, and what will we need to do?”
We understand the importance of minimizing disruption to your business. That’s why we’ve made our implementation and onboarding process a straightforward and efficient white-glove approach. On day 1, your CRIS-certified team will provide a compliance checklist, set up the system and integrations for you, train your subcontractors, and launch the platform on your behalf. Once your Compliance and COI tracking system is running, your role is simple: respond to notifications and review approvals as needed.
Billy automates the collection, tracking, and verification of COIs, common endorsements, and other compliance documents on our platform. Billy is designed to be user-friendly, allowing you to focus on your core business while we handle compliance. In addition to COIs, Billy has vendor prequalification portal and integrations with Procore, Autodesk, Sage 300, Viewpoint Vista, JD Edwards, CMiC, DocuSign, and more.
BONUS TIP: Procore users enjoy a free embedded side panel experience where project teams can view compliance information from the vendor directory, project schedule, budget, commitments, purchase orders, and more on any internet-enabled device.
Why Choose Billy for Your COI Tracking Needs?
Billy is your partner against surprises–helping you stay compliant and reducing the risks associated with insurance coverage lapses. Our automated COI and endorsement tracking system simplifies the compliance process and ensures that your business remains protected at all times. By outsourcing to Billy, you’re freeing up your team’s time to make more money for your business, saving on insurance premiums, and mitigating risk by reducing the chances of costly insurance claims ensuring that your compliance workflow runs smoothly.
Interested in learning how Billy can transform your COI tracking process? Contact us today for a free 30-day trial and personalized demo! Let’s discuss how we can streamline your compliance management.
Frequently Asked Questions
How long does it take to process a COI on a construction project?
Processing a certificate of insurance (COI) on a construction project typically takes between a few hours to a few days, depending on the complexity of the project requirements, insurance provider response times, and any additional verification needed by project stakeholders. With Billy’s automated tracking software, you can help expedite the verification process.
What is a COI Certificate Holder in Construction Insurance?
A certificate holder on an ACORD 25 certificate of insurance form is the individual or business named on the form who manages the process of obtaining the certificate. When hiring vendors or contractors, they typically request a COI to confirm sufficient insurance coverage for the project. Additionally, certificate holders are notified if there are any cancellations or changes to the insurance policy.
When should you ask for a COI?
You should request a COI before any work begins or contracts are signed with vendors, contractors, or subcontractors. This ensures they carry adequate insurance coverage, protecting your business from potential liabilities during the project.
