Monitor Subcontractor Insurance In Quickbooks

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Track Subcontractor Insurance In Quickbooks

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MONITOR INSURANCE CERTIFICATES IN

QUICKBOOKSMaking sure your

assets are covered.

WHY?• Because you are responsible –– For injuries on the job– For property damage on the job

• Because your insurance policy requires it–– Your Insurance policy requires that you only contract

with subs who have a minimal amount of General Liability and Worker’s Comp insurance coverage.

• Because your Terms and Conditions require it–– Required to carry General Liability and Worker’s Comp– Required to name your company as “Additional Insured”

The Quickbooks version I am using

• Quickbooks Premier Plus Contractor Edition

• All Contractor editions should be close to the same process

• If you are not using Contractor edition, see what is offered in the VENDOR section of your version.

Add Vendor TYPE

Select “Lists”

Then Select “Customer and Vendor

Profiles Lists”

Then Select “Vendor Type

List”

Add Vendor TYPE

Select “New”

Add Vendor TYPE

Add new Vendor Type, then select

“OK”New Vendor Type added to Vendor

Type List

Add Vendor TYPE

Add another Vendor Type

Added to list

Manage Vendor INFORMATION

Select

Manage Vendor INFORMATION

Select a subcontractor

Manage Vendor INFORMATION

Select “Additional

Info”

Manage Vendor INFORMATION

Select “Define Fields”

Manage Vendor INFORMATION

Add new fields here

Manage Vendor INFORMATION

Add fields and click in “Use for Vend”

Manage Vendor INFORMATION

Add these seven fields

Select “OK”

Manage Vendor INFORMATION

The new fields are added to your screen

Note that insurances are expired

Manage Vendor INFORMATION

When you attempt a transaction with a

subcontractor whose insurance has expired, you

receive this warning…

Manage Vendor INFORMATION

Enter information for

all subcontractors

Build a MANAGEMENT REPORT

Select “Vendors and Payables”

The basis for the new report is going to be the “Vendor Contact List”

Select “Vendor Contact List”

Build a MANAGEMENT REPORT

Select “Customize Report”

Build a MANAGEMENT REPORT

For DISPLAY, Select• Left Margin• Vendor• Main Phone• Fax• Email• Primary Contact• Work Comp Expires• Gen Liability Expires• T and C Renewal Date

Select “Display”

Build a MANAGEMENT REPORT

Select “Filters”

Select “Vendor Type”

Select “ Multiple Vendor Type”

Build a MANAGEMENT REPORT

Select “Manual” and then check off

all Subcontractor Vendor Types

Select “OK”

Build a MANAGEMENT REPORT

Need Emails for all subs

Need Work Comp

Expiration dates

Need Gen Liability

Expiration dates

Need Terms and

Conditions renewal dates

Build a MANAGEMENT REPORT

When given the choice, SAVE the

new report.

Build a MANAGEMENT REPORT

Check to confirm that report has

been saved.

Build a MANAGEMENT REPORT

Risk management is part of your overall management responsibilities.

You manage this type of risk just like you manage all the other risks of being in business. You either assume the risk (self-insure) or transfer the risk.

For most of us, General Liability and Worker’s Compensation risks are too

big to self-insure.

Build a MANAGEMENT REPORT

As the general contractor on a project, it is up to you to avoid self-insuring and protect your buyer and yourself by making certain that all of the subcontractors are carrying

appropriate insurances in the

appropriate amounts.

Build a MANAGEMENT REPORT

With General Liability insurance , and most especially with Worker’s Compensation insurance, it doesn’t matter until it matters… and then it matters a lot.

QuickBooks makes it easy to monitor subcontractor insurance coverages.

It just takes a little bit of discipline on your part.