While contractors are not technically employees, they can still be covered under your workers compensation policy. In some cases, contractors may be covered if they are working on your property and performing tasks that are integral to your business. It's important to keep track of all contractor information, including their hire dates, job titles, and job duties.

For businesses, having a certificate of insurance can provide valuable protection in the event of a claim or lawsuit. A certificate of insurance is a document that verifies the existence of an insurance policy and provides important information about the coverage it offers.

There are risks to hiring uninsured subcontractors, but you can legally protect your business. You may have to pay for the damages caused by an uninsured subcontractor's negligence or flaws in their work, even if it was not your fault. They may not be licensed, which means they cannot legally perform certain types of work. If they don't carry proper insurance, you could be held liable for their medical expenses.

Top 5 reasons why you need to collect Certificates of Insurance for your construction or real estate business.

COI’s or “Certificates of Insurance” are specific documents that contain necessary details for an insurance policy. The goal for the COI is to provide the policy status, show an overview of what is covered and by whom. The main importance is to protect third parties’ liabilities and litigation.

Businesses often hire subcontractors to perform specific duties for their business. In doing so there are certain things you should be collecting from these individuals or businesses to help ease the burden of tracking for 1099s, workers compensation insurance audits and even protecting you against legal ramifications.