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.