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Monitor Subcontractor Insurance In Quickbooks

You are responsible for everything your construction subcontractors do. Make sure you manage this risk by monitoring your subcontractor's insurance coverages.
To see more on this topic, go to http://www.builder-resources.com/QB-Monitor-Sub-Ins-Certs.html

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Monitor Subcontractor Insurance In Quickbooks

  1. 1. Track Subcontractor Insurance In Quickbooks Builder-Resources.com Builder-Academy.com A Construction Business Curriculum Designed to Help the ProBuilder Transition to a Lean and Efficient Technology-Based Environment Builder Resources
  2. 2. MONITOR INSURANCE CERTIFICATES IN QUICKBOOKS Making sure your assets are covered.
  3. 3. 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”
  4. 4. 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.
  5. 5. Add Vendor TYPE Select “Lists” Then Select “Customer and Vendor Profiles Lists” Then Select “Vendor Type List”
  6. 6. Add Vendor TYPE Select “New”
  7. 7. Add Vendor TYPE Add new Vendor Type, then select “OK” New Vendor Type added to Vendor Type List
  8. 8. Add Vendor TYPE Add another Vendor Type Added to list
  9. 9. Manage Vendor INFORMATION Select
  10. 10. Manage Vendor INFORMATION Select a subcontractor
  11. 11. Manage Vendor INFORMATION Select “Additional Info”
  12. 12. Manage Vendor INFORMATION Select “Define Fields”
  13. 13. Manage Vendor INFORMATION Add new fields here
  14. 14. Manage Vendor INFORMATION Add fields and click in “Use for Vend”
  15. 15. Manage Vendor INFORMATION Add these seven fields Select “OK”
  16. 16. Manage Vendor INFORMATION The new fields are added to your screen Note that insurances are expired
  17. 17. Manage Vendor INFORMATION When you attempt a transaction with a subcontractor whose insurance has expired, you receive this warning…
  18. 18. Manage Vendor INFORMATION Enter information for all subcontractors
  19. 19. 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”
  20. 20. Build a MANAGEMENT REPORT Select “Customize Report”
  21. 21. 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”
  22. 22. Build a MANAGEMENT REPORT Select “Filters” Select “Vendor Type” Select “ Multiple Vendor Type”
  23. 23. Build a MANAGEMENT REPORT Select “Manual” and then check off all Subcontractor Vendor Types Select “OK”
  24. 24. 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
  25. 25. Build a MANAGEMENT REPORT When given the choice, SAVE the new report.
  26. 26. Build a MANAGEMENT REPORT Check to confirm that report has been saved.
  27. 27. 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.
  28. 28. 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.
  29. 29. 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.