Whether you’re a general contractor or a home builder, you have to deal with certificates of insurance (known as COIs). Yet, the document management and tracking process to keep all those COIs correct and up to date can be arduous at best. Typically, the workflow involves a lot of emails, phone calls, data entry, and…
Cyber insurance is an insurance policy intended to protect your business from internet-based risks, such as data breaches, malware and ransom attacks, and business account and email compromises. Cyber insurance policies will also respond to liability claims and ancillary expenses from attacks or breaches. In some cases, cyber insurance might provide access to a panel…
The commercial construction industry has seen many advances in operating safe jobsites. New technology, safer equipment and updated training methods have made working on construction sites safer than ever before. Yet, despite these efforts and safety measures, construction workers still represented 20% of all workplace deaths in the U.S. in 2019 alone. The nature of…
This is an article on Builders Risk insurance for Homeowners to protect their homes under construction
This is an articles on how to get Builders Risk insurance and a short summary on what is builders risk insurance.
This is an article to help your construction company select a COI tracking software.
There are countless sources of compliance risk in the construction industry, and many of them stem from activities that occur directly on the job site. For the builder or general contractor leading the project, adequately managing these risks is critical — but far from easy. On large construction projects, a builder might have to oversee…
When people see buildings lining a busy street, they typically notice their height or aesthetic. Grant Robbins, co-founder of Billy, would look at a building and wonder how it was built. He would think about how all the pieces came together to create a specific structure. Because of this instinct, he considered becoming an architect when…
It is alarming how many contractors and builders operate their business without a proper insurance tracking system in place. After budgeting and schedules, insurance is the next most important thing, but it doesn’t get the attention it needs. There is no need to operate with such risk anymore. A typical day on a construction site…
Never one to go looking for the easy answers, billy co-founder and CEO Nyasha Gutsa has taken a winding path to get where he is — and to understand the power that he wields by emphasizing solving problems with technology. His story began in Harare, Zimbabwe, where he grew up. It has taken the combination of his experiences to…
Much of the focus of risk management in construction projects is placed on the operational, contractual, environmental, and financial components of any given job. Safety hazards, unknown site conditions, material availability, unexpected cost increases, and simply poorly written contracts are probably some of the most obvious construction risks raising more than a little concern for…
Risk is inherent in any business. But construction risk is another story entirely, which is why the right insurance arrangement is so important. Given time, something will go wrong on-site. Everyone should be covered, but that can be tricky when subcontractors come in to complete a project. The more subcontractors on the job, the more…
Construction and risk go hand-in-hand, which is why having the proper insurance during construction projects is so critical. Even more critical, however, is understanding how that insurance is presented, verified, and tracked. That’s where certificates of insurance come into play. What Is a COI, and How Can You Track It? A certificate of insurance in…
Risk management in construction projects must account for a wide range of variables, many of which aren’t always in a general contractor’s control. Supply chain issues, labor issues, and commodity market pricing could add to the upfront costs of a project, and unforeseen changes in the work could impact both budgets and timelines. Health and…
When I owned a construction company a few years ago, we were building a custom home for a family on a tight budget. We were determined to help keep their costs down and make their dream home a reality. We tracked insurance in Excel, and when a subcontractor’s policy expired, there was no visibility for…
Every project requires insurance – we all know that. It’s how we track that insurance that is still managed in a manner that is outdated and most likely putting your company at risk. I’m talking about excel and no, conditional formatting is not an upgrade to excel nor does it do a better job of…
Before I dive into the importance of insurance tracking I feel it’s important to understand my long history in construction since; I feel it’s extremely relevant to the topic of compliance. I am a self-proclaimed construction nerd. I love construction, the construction industry and most of all, the diverse group of people and companies that…
In construction, you always hear the same two keys to success – “On Time” and “On Budget”. These mantras are great and hitting these metrics will make you successful. But all the success in the industry will disappear in a split second if you are not actively managing insurance on your projects. I would be…
Introduction Tracking certificates of insurance has its challenges. It’s not exactly the most fun task to carry out, but at the same time it is mission critical to any construction business to make sure your third parties are properly insured in order to minimize risk transfer. If you are attempting to handle the entire certificate…
