The construction industry benefits from proper risk management and planning. A major part of managing risks is having reliable insurance policies that can cover just about anything from personal injuries to damages caused by faulty products, copyright, and natural occurrences. But what else can a certificate of insurance (COI) do for your construction project?
COIs can cover personal accidents
Accidents are inevitable in any kind of industry. And it’s more common in the construction industry where disasters and risks are usually heightened. The employers of the workers involved are liable for their health and safety. Whether it’s injuries or death, employers need to be able to provide workers with the assistance they need. If the workers affected are not compensated for these incidents, a lawsuit may meet the company in time. Because of this, personal accident insurance is a must for every person involved in the project. This type of insurance will not only make sure that the injured person is provided with medical insurance but can assist them financially in case they won’t be able to work.
COIs can battle different types of risks
When determined ahead of time, risks can be outlined and managed efficiently without the need to go through lawsuits and court proceedings. Projects need proper planning to make sure any accidents that might occur will not affect the project’s next steps. There are too many risks involved in any project, but not too many that risk management cannot handle. These risks vary in nature from physical accidents to tools and material theft. So whether a project meets an unfortunate incident or the tools and machinery needed for construction are damaged or lost, insurance can help cover the costs incurred.
COIs can help cover costs brought about by claims
Financial responsibilities are crucial when it comes to claims brought about by a lack of insurance coverage. Claims vary in cause, nature, and penalties. The bigger the damage, the pricier the claims and legal fees will cost. So in general, it will be better to invest in insurance premiums rather than deal with the aftermath of each claim. Here are some of the major claims and the corresponding actions you must take for each of them:
Whether it’s a product or a service you’re marketing, if another company files a claim for a copyright dispute, it’s wise to address and settle the claims rather than ignore it.
Property damage claims can take longer to resolve depending on the damage caused on the client’s property. Without insurance, the costs involved in relocation, repairs, and other temporary services will bear down on the project’s entire cost and may even cause the company to cut down on some aspects of the project just to meet in between in order to finish it.
Workers involved in a project will sometimes meet accidents that may cause mild to major injuries and even fatality. No matter how big or small the accident is, it’s important that your company can insure the medical concerns of these people. Your company is responsible to pay the hospital or clinic fees as well as funeral costs should things turn for the worst.
- Faulty Products
When faulty products are installed in a construction product, your company should be able to insure the repair and replacement of these items. You must also take into consideration that this product might cause personal injury or malfunction on its own. To avoid disputes when this happens, make sure your COI covers it.
Satisfying the project’s need for proper planning and accurate risk management is possible with the use of a highly-dependable COI tracker that enables you to scan, read, and store your certificates effectively. Through this innovative system, you’ll never have to worry about a liability not being covered, or a COI expiring without you knowing. Book a demo with COI Tracker today and see the wonders that this system can do for you!