Unexpected challenges in construction can make or break a project. From financial uncertainties to safety hazards and environmental concerns, the risks are endless—but they don’t have to derail your success. The key? A strategic, step-by-step approach to construction risk management that keeps projects on track, budgets intact, and teams prepared for anything. Project managers can…
Managing certificates of insurance (COIs) is a time-consuming yet crucial task for subcontractors. With multiple projects, clients, and contractors to manage, ensuring proper compliance and documentation can feel overwhelming. Adopting efficient processes and innovative tools can save you time and money, allowing you to focus on what matters most: delivering quality work. Why COIs Matter…
In the construction industry, managing risk and ensuring compliance are crucial for project success. A key component of this process is effectively managing Certificates of Insurance (COIs). These documents, which provide proof of insurance coverage, play an essential role in mitigating risks and preventing costly legal disputes. However, managing COIs can be a time-consuming and…
Managing Certificates of Insurance (COIs) is critical for compliance in the construction industry. CRIS-certified experts are professionals with specialized knowledge in construction risk management and insurance. They possess a deep understanding of the nuances involved in construction contracts, insurance requirements, and regulatory compliance. Their expertise extends beyond traditional insurance practices, enabling them to provide a…
In the construction industry, risk management and compliance are vital. One key aspect of this is the tracking of Certificates of Insurance (COIs). However, manual tracking of COIs is cumbersome and fraught with challenges. It’s time-consuming and prone to human error (one hiccup in a formula and the entire sheet is errored out), leading to…
In construction, clients are required to present a Certificate of Insurance (COI) to ensure that your business has the insurance coverage necessary to complete the job as defined in the signed contract. The COI document serves as proof of insurance, typically provided on an ACORD 25 form. It summarizes coverage details about your policy, such…
Procore Groundbreak is a construction technology conference and brand that brings together industry leaders to share their visions for the future of construction.
An annual event that features keynotes, sessions, product trainings, and an expo hall. The conference also includes the Procore Groundbreaker Awards, which recognize excellence in construction in categories like sustainability, innovation, and health and safety.
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…
5 Essential Construction Compliance Documents You Should Be Tracking Construction Compliance Documents You Should Be Tracking Maintaining compliance in construction is crucial for risk mitigation and financial control. Construction document management is extremely important but can often be complex, time-consuming, and prone to errors when done manually and at scale. Automated compliance systems can streamline…
Almost all development projects around the world rely on construction loans. Navigating the construction insurance industry presents a unique set of challenges, particularly when it comes to compliance and making sure you’re covered. From safety regulations to environmental standards, construction firms must adhere to many laws and guidelines. Non-compliance not only risks hefty fines but…
Managing certificates of insurance (COIs) in construction can be complex due to the numerous regulatory standards and legal details involved. Oversight can potentially cost you thousands and land you in legal trouble. In the thick of it all, you may find yourself missing vital steps for managing certificates of insurance in construction. This guide will…
In 2024, a robust tech stack is no longer a luxury for construction firms—it’s a necessity for staying competitive and profitable. With so many tools and platforms available, building a seamless construction tech stack can feel overwhelming. We’ve broken down the process into four simple steps: By following these steps, you’ll be well on your…
According to McKinsey, construction is one of the largest industries in the world, with more than $10 trillion spent on construction goods and services. Because of fragmentation and underinvestment in digital technology in business operations such as accounting and compliance, labor productivity has averaged only 1 percent yearly compared to 2.8 percent in other industries. …
A certificate of insurance has many labels you may need to become more familiar with if you hire vendors and request COIs. In this blog, we will talk about the “certificate holder” and the best way to tackle it for COI management purposes. What is a COI Certificate Holder for Construction Insurance? A certificate holder…
Are you still tracking your vendors on an old spreadsheet made years ago? Most likely by someone else? With a ton of cells to manually update and complex formulas that may be broken, does your compliance tracking solution feel more like a problem in itself? It’s time to eliminate the headaches and errors of outdated…
General contractors can no longer avoid the maze of insurance requirements and compliances. Misunderstanding insurance requirements can incur costs in the tens-of-thousands to millions of dollars. On an average day, a general contractor handles projects worth millions, makes decisions that impact hundreds of workers, and signs contracts studded with legal jargon. It’s a lot to…
When General Contractors sync Procore with compliance tools like Billy, it’s like unlocking a productivity engine for construction projects. With everything in one place and automated compliance checks, managing regulations becomes a breeze, helping projects stay on track. By tapping into this seamless integration, GCs can streamline workflows, cut down on paperwork headaches, and keep…
First and foremost, let us acknowledge that risk is inherent in any construction project. Risk assessment protocols for construction firms can vary from company to company, and every project presents unique challenges; implementing comprehensive risk assessment protocols is crucial. From unforeseen weather conditions to uninsured vendors and safety hazards, construction projects are inherently risky. The…
Billy’s open Application Programming Interface (API) provides the underlying framework for developing applications and custom integrations between Billy and other software technologies. You can expand the functionality of your Billy account by leveraging existing integrations available in your Billy subscription or by developing new applications and customized connections using the Billy API. Introducing the Billy…
General Contractors are responsible for ensuring third-party vendors maintain the necessary insurance coverage by requesting a certificate of insurance and the appropriate endorsements. Often this process takes a lot of time and effort to do correctly. It’s not unusual for project teams to spend time communicating the requirements to a vendor, who in turn has…
In the fast-paced world of construction, efficiency is paramount. Every delay, error, or inefficiency in your compliance process can lead to significant costs and disruptions.
In this blog post, we’ll delve into the often-overlooked aspects of compliance management, shedding light on ten hidden costs and inefficiencies that might be slowing down your projects.
In the fast-paced world of construction, efficiency is paramount. Every delay, error, or inefficiency in your compliance process can lead to significant costs and disruptions.
In this blog post, we’ll delve into the often-overlooked aspects of compliance management, shedding light on ten hidden costs and inefficiencies that might be slowing down your projects.
General Contractor CFOs are seen as the financial architects behind the scenes in construction. A less discussed subject is how CFOs help General Contractors navigate the intricate risk landscape. Risk in Construction In the construction world, risks can come in many forms, like projects running late, over budget, accidents, or unexpected events. People in charge,…
Introduction General Contractors (GCs) play a pivotal role in construction projects, overseeing everything from planning and execution to ensuring compliance with legal and safety requirements. One crucial aspect of their responsibilities is risk management, particularly the risk transfer to subcontractors. In this blog post, we’ll delve into the “Risk Transfer” concept and why GCs must…
