When it comes to construction, Evident is the choice that construction workers trust to safeguard their business. Our automated insurance verification system reduces liability risk and increases subcontractor insurance compliance, allowing you to mitigate potential issues.
In the construction industry, managing liability exposure is a critical aspect of ensuring the success and safety of any project. Construction projects inherently involve a multitude of risks, from accidents and injuries to property damage and contractual disputes.
To effectively manage and mitigate these risks, gaining a clear understanding of your overall risk exposure is essential.
Monitor your liability exposure in real-time and stay informed about COI cancellations and lapses. This means that you're not just reviewing historical data; you're actively tracking your risk exposure as it evolves.
Managing COIs is a critical part of ensuring your construction projects run smoothly and safely. However, it can also be a time-consuming and complex process.
Here's how prioritizing time efficiency can make a real difference:
Discover the significance of COIs in construction, offering proof of insurance coverage, protection against risks, and enhanced confidence and trust between stakeholders.
In the world of construction, the Certificate of Insurance (COI) is far more than a piece of paper. It's a document that carries immense significance, serving as a linchpin in the complex web of relationships between stakeholders in the industry. Understanding the importance of COIs is fundamental for anyone involved in construction, as it offers proof of insurance coverage, provides protection against a myriad of risks, and fosters enhanced confidence and trust among all parties involved.
At its core, a COI serves as irrefutable proof that a contractor, subcontractor, or any other party involved in a construction project possesses the necessary insurance coverage. It stands as a tangible document that assures all stakeholders that the entity in question is financially backed in the event of any unforeseen circumstances.
Construction projects are inherently fraught with risks. Accidents, injuries, property damage, or other unexpected events can occur at any time, leading to substantial financial losses and legal complications. A COI acts as a shield against these potential risks by ensuring that the parties involved have the necessary financial backing to deal with the fallout of such incidents.
COIs encourage a culture of safety and responsibility in the construction industry. Parties that know they are insured are more likely to operate with caution and adhere to safety standards, thereby reducing the number of incidents and accidents on a construction site.
Many contracts in the construction industry explicitly require all parties involved to maintain specific insurance coverage. A valid COI is not just about trust; it's a legal and contractual obligation. Meeting these obligations can protect you from legal disputes and potential breaches of contract.
See how one of the world's largest convenience store brands uses Evident to verify both franchisee and vendor COIs by automating requests, re-verifications, and decisioning to ease the burden of verifying coverage and reduce their exposure to risk.
This free calculator simulates the potential return on investment that your company could realize by using our technology-based insurance verification solution to vet and retain your vendors and other third-party partners. Simply answer a few questions and fill out a form to see how much money your company could be saving with Evident!
Construction projects are inherently complex endeavors with various types of risks associated with them. These risks can affect project timelines, costs, safety, and overall success. Some common types of risk associated with construction projects include:
Effective risk management is essential in the construction industry. This includes risk identification, assessment, mitigation, and contingency planning to minimize the impact of these various risks on construction projects.
Monitoring liability exposure in real time is crucial for businesses, especially in construction.
To achieve real-time liability exposure monitoring, consider looking for a risk management solution that:
Reducing liability risk and increasing subcontractor insurance compliance is a critical goal for businesses, especially in industries where contractor relationships are central. Here are some strategies to achieve this:
By implementing these strategies, you can proactively reduce liability risk and increase subcontractor insurance compliance. This not only protects your business but also fosters stronger, more trustworthy relationships with subcontractors, ultimately leading to more successful projects.
Evident offers a range of features to help manage liability exposure in the construction and vendor management industry. These features are designed to streamline processes, reduce risk, and provide real-time insights into liability exposure. Some of the key features of Evident include:
Evident's features are designed to streamline the management of liability exposure and ensure that contractors, subcontractors, and vendors meet insurance compliance standards. By automating many of the tasks associated with insurance management and providing real-time insights, Evident helps you proactively manage risk and reduce potential liabilities.
Evident was designed with simplicity in mind. On the dashboard, you can quickly identify:
Then underneath you have a database of subcontractors where that highlights
The verification stage gives a 1,000-foot view of where they are at. Whether they are in no response, action review, if they have replied, and completed.
When you click on the vendor you can see instantly if the vendor is compliant or non-compliant. Using technology and data we are able to drill down and see exactly where they aren’t compliant. Here you can grant an exception with a click.
To get this all set up we need to configure the decisioning criteria. You can set up an unlimited amount of groups to allow for variance in requirements across your vendor network.
Within each group, you can customize the coverage types and criteria required.
Next up, is the customized, programmatic emails where you can put your branding so it looks like it is coming from you.
Evident’s capabilities around verifying, automating, and reducing third-party risk enable enterprises to be more efficient, secure, and compliant.