SlideShare a Scribd company logo
1 of 29
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
MONITOR INSURANCE
CERTIFICATES IN QUICKBOOKS
Making 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.

More Related Content

What's hot

Cyber bullying for Elementary
Cyber bullying for ElementaryCyber bullying for Elementary
Cyber bullying for Elementary
shannonmf
 
1st grade sight words 1 through 60
1st grade sight words 1 through 601st grade sight words 1 through 60
1st grade sight words 1 through 60
dyerjohn
 
Cyber bullying powerpoint
Cyber bullying powerpointCyber bullying powerpoint
Cyber bullying powerpoint
shannonmf
 

What's hot (20)

MAJOR BIOMES OF WORLD
MAJOR BIOMES OF WORLDMAJOR BIOMES OF WORLD
MAJOR BIOMES OF WORLD
 
Classifying Animals and their Group
Classifying Animals and their GroupClassifying Animals and their Group
Classifying Animals and their Group
 
Habitats. 4ºPrimaria
Habitats. 4ºPrimariaHabitats. 4ºPrimaria
Habitats. 4ºPrimaria
 
Telling time
Telling timeTelling time
Telling time
 
Temperate grassland PERIOD 3
Temperate grassland PERIOD 3Temperate grassland PERIOD 3
Temperate grassland PERIOD 3
 
Animals In Winter - How They Live?
Animals In Winter - How They Live?Animals In Winter - How They Live?
Animals In Winter - How They Live?
 
What Are Biomes
What Are BiomesWhat Are Biomes
What Are Biomes
 
Cyberbullying
CyberbullyingCyberbullying
Cyberbullying
 
Cyber bullying for Elementary
Cyber bullying for ElementaryCyber bullying for Elementary
Cyber bullying for Elementary
 
1st grade sight words 1 through 60
1st grade sight words 1 through 601st grade sight words 1 through 60
1st grade sight words 1 through 60
 
Estuaries
EstuariesEstuaries
Estuaries
 
Animals habitat and adaptations- habitat
Animals  habitat and adaptations- habitatAnimals  habitat and adaptations- habitat
Animals habitat and adaptations- habitat
 
Cyber Safety
Cyber SafetyCyber Safety
Cyber Safety
 
Types of animals
Types of animalsTypes of animals
Types of animals
 
Animal Habitat - Land, Water, and Both Land and Water
Animal Habitat - Land, Water, and Both Land and WaterAnimal Habitat - Land, Water, and Both Land and Water
Animal Habitat - Land, Water, and Both Land and Water
 
Edu 506 first day of school powerpoint
Edu 506 first day of school powerpointEdu 506 first day of school powerpoint
Edu 506 first day of school powerpoint
 
Cyber bullying powerpoint
Cyber bullying powerpointCyber bullying powerpoint
Cyber bullying powerpoint
 
Internet / Cyber Security
Internet / Cyber SecurityInternet / Cyber Security
Internet / Cyber Security
 
Cyber Awareness presentation for Parents
Cyber Awareness presentation for Parents Cyber Awareness presentation for Parents
Cyber Awareness presentation for Parents
 
Life cycle of a plant
Life cycle of a plantLife cycle of a plant
Life cycle of a plant
 

Viewers also liked (6)

Construction Client Contracts
Construction Client ContractsConstruction Client Contracts
Construction Client Contracts
 
What You Should Know About Buying A Lake House
What You Should Know About Buying A Lake HouseWhat You Should Know About Buying A Lake House
What You Should Know About Buying A Lake House
 
Great deals on life insurance for seniors over 65
Great deals on life insurance for seniors over 65Great deals on life insurance for seniors over 65
Great deals on life insurance for seniors over 65
 
Pre-Con Ed: Covering Your "Assets" - Don't get Caught with Your [Software] Pa...
Pre-Con Ed: Covering Your "Assets" - Don't get Caught with Your [Software] Pa...Pre-Con Ed: Covering Your "Assets" - Don't get Caught with Your [Software] Pa...
Pre-Con Ed: Covering Your "Assets" - Don't get Caught with Your [Software] Pa...
 
EHS Student Agenda - 2012-13
EHS Student Agenda - 2012-13EHS Student Agenda - 2012-13
EHS Student Agenda - 2012-13
 
3.3.3.4 lab using wireshark to view network traffic
3.3.3.4 lab   using wireshark to view network traffic3.3.3.4 lab   using wireshark to view network traffic
3.3.3.4 lab using wireshark to view network traffic
 

Similar to Monitor Subcontractor Insurance In Quickbooks

Qs2 um en_01a_order_to_shipment
Qs2 um en_01a_order_to_shipmentQs2 um en_01a_order_to_shipment
Qs2 um en_01a_order_to_shipment
khayer
 
The WorksCRM (Ireland)
The WorksCRM (Ireland)The WorksCRM (Ireland)
The WorksCRM (Ireland)
BrokerCRM
 
V4C - Lean Business Model Canvas Presentation 4.27.21.pdf
V4C - Lean Business Model Canvas Presentation 4.27.21.pdfV4C - Lean Business Model Canvas Presentation 4.27.21.pdf
V4C - Lean Business Model Canvas Presentation 4.27.21.pdf
ScottMeyers35
 
ThirdPartyOversight
ThirdPartyOversightThirdPartyOversight
ThirdPartyOversight
Molly Dowdy
 

Similar to Monitor Subcontractor Insurance In Quickbooks (20)

Asia Start-Up InsurTech Award 2017 - RiskAdvisor
Asia Start-Up InsurTech Award 2017 - RiskAdvisorAsia Start-Up InsurTech Award 2017 - RiskAdvisor
Asia Start-Up InsurTech Award 2017 - RiskAdvisor
 
CreditPoint Software Product Overview
CreditPoint Software Product Overview CreditPoint Software Product Overview
CreditPoint Software Product Overview
 
Quickbooks Simple Start Best Prices Online In The USA.pptx
Quickbooks Simple Start Best Prices Online In The USA.pptxQuickbooks Simple Start Best Prices Online In The USA.pptx
Quickbooks Simple Start Best Prices Online In The USA.pptx
 
Procurement-Contract_Management_v2
Procurement-Contract_Management_v2Procurement-Contract_Management_v2
Procurement-Contract_Management_v2
 
Agreement Express developing a strategic roadmap to automated underwriting
Agreement Express developing a strategic roadmap to automated underwritingAgreement Express developing a strategic roadmap to automated underwriting
Agreement Express developing a strategic roadmap to automated underwriting
 
Insurance Issues for IAQA Members – What You Really Need To Know To Protect Y...
Insurance Issues for IAQA Members – What You Really Need To Know To Protect Y...Insurance Issues for IAQA Members – What You Really Need To Know To Protect Y...
Insurance Issues for IAQA Members – What You Really Need To Know To Protect Y...
 
McGladrey/AICPA presentation at September 2014 Global Manufacturing Conference
McGladrey/AICPA presentation at September 2014 Global Manufacturing ConferenceMcGladrey/AICPA presentation at September 2014 Global Manufacturing Conference
McGladrey/AICPA presentation at September 2014 Global Manufacturing Conference
 
IAQA Presentation 2012
IAQA Presentation 2012 IAQA Presentation 2012
IAQA Presentation 2012
 
Intro to TDD & BDD
Intro to TDD & BDDIntro to TDD & BDD
Intro to TDD & BDD
 
ITB2015 - Behavior Driven Development, Automation and Continuous Integration
ITB2015 - Behavior Driven Development, Automation and Continuous IntegrationITB2015 - Behavior Driven Development, Automation and Continuous Integration
ITB2015 - Behavior Driven Development, Automation and Continuous Integration
 
2015 in tothebox-introtddbdd
2015 in tothebox-introtddbdd2015 in tothebox-introtddbdd
2015 in tothebox-introtddbdd
 
Procurement Training- Getting ready with Contract Management
Procurement Training- Getting ready with Contract ManagementProcurement Training- Getting ready with Contract Management
Procurement Training- Getting ready with Contract Management
 
Qs2 um en_01a_order_to_shipment
Qs2 um en_01a_order_to_shipmentQs2 um en_01a_order_to_shipment
Qs2 um en_01a_order_to_shipment
 
The WorksCRM (Ireland)
The WorksCRM (Ireland)The WorksCRM (Ireland)
The WorksCRM (Ireland)
 
Quickbooks Simple Start Best Prices Online In The USA.pdf
Quickbooks Simple Start Best Prices Online In The USA.pdfQuickbooks Simple Start Best Prices Online In The USA.pdf
Quickbooks Simple Start Best Prices Online In The USA.pdf
 
Day in the life of a contractor
Day in the life of a contractorDay in the life of a contractor
Day in the life of a contractor
 
V4C - Lean Business Model Canvas Presentation 4.27.21.pdf
V4C - Lean Business Model Canvas Presentation 4.27.21.pdfV4C - Lean Business Model Canvas Presentation 4.27.21.pdf
V4C - Lean Business Model Canvas Presentation 4.27.21.pdf
 
Digital Transformation for Insurance and Underwriting Processes - Caroly Mart...
Digital Transformation for Insurance and Underwriting Processes - Caroly Mart...Digital Transformation for Insurance and Underwriting Processes - Caroly Mart...
Digital Transformation for Insurance and Underwriting Processes - Caroly Mart...
 
Winning tenders / securing tenderers in a competitive construction market - N...
Winning tenders / securing tenderers in a competitive construction market - N...Winning tenders / securing tenderers in a competitive construction market - N...
Winning tenders / securing tenderers in a competitive construction market - N...
 
ThirdPartyOversight
ThirdPartyOversightThirdPartyOversight
ThirdPartyOversight
 

Recently uploaded

RATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODF
RATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODFRATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODF
RATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODF
CaitlinCummins3
 
Presentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelledPresentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelled
CaitlinCummins3
 
What is paper chromatography, principal, procedure,types, diagram, advantages...
What is paper chromatography, principal, procedure,types, diagram, advantages...What is paper chromatography, principal, procedure,types, diagram, advantages...
What is paper chromatography, principal, procedure,types, diagram, advantages...
srcw2322l101
 

Recently uploaded (20)

RATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODF
RATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODFRATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODF
RATINGS OF EACH VIDEO FOR UNI PROJECT IWDSFODF
 
stock price prediction using machine learning
stock price prediction using machine learningstock price prediction using machine learning
stock price prediction using machine learning
 
WAM Corporate Presentation May 2024_w.pdf
WAM Corporate Presentation May 2024_w.pdfWAM Corporate Presentation May 2024_w.pdf
WAM Corporate Presentation May 2024_w.pdf
 
Presentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelledPresentation4 (2) survey responses clearly labelled
Presentation4 (2) survey responses clearly labelled
 
Blinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptx
Blinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptxBlinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptx
Blinkit: Revolutionizing the On-Demand Grocery Delivery Service.pptx
 
NFS- Operations Presentation - Recurrent
NFS- Operations Presentation - RecurrentNFS- Operations Presentation - Recurrent
NFS- Operations Presentation - Recurrent
 
How to Maintain Healthy Life style.pptx
How to Maintain  Healthy Life style.pptxHow to Maintain  Healthy Life style.pptx
How to Maintain Healthy Life style.pptx
 
TriStar Gold Corporate Presentation May 2024
TriStar Gold Corporate Presentation May 2024TriStar Gold Corporate Presentation May 2024
TriStar Gold Corporate Presentation May 2024
 
What is paper chromatography, principal, procedure,types, diagram, advantages...
What is paper chromatography, principal, procedure,types, diagram, advantages...What is paper chromatography, principal, procedure,types, diagram, advantages...
What is paper chromatography, principal, procedure,types, diagram, advantages...
 
How Do Venture Capitalists Make Decisions?
How Do Venture Capitalists Make Decisions?How Do Venture Capitalists Make Decisions?
How Do Venture Capitalists Make Decisions?
 
A Brief Introduction About Jacob Badgett
A Brief Introduction About Jacob BadgettA Brief Introduction About Jacob Badgett
A Brief Introduction About Jacob Badgett
 
Exploring-Pipe-Flanges-Applications-Types-and-Benefits.pptx
Exploring-Pipe-Flanges-Applications-Types-and-Benefits.pptxExploring-Pipe-Flanges-Applications-Types-and-Benefits.pptx
Exploring-Pipe-Flanges-Applications-Types-and-Benefits.pptx
 
Sedex Members Ethical Trade Audit (SMETA) Measurement Criteria
Sedex Members Ethical Trade Audit (SMETA) Measurement CriteriaSedex Members Ethical Trade Audit (SMETA) Measurement Criteria
Sedex Members Ethical Trade Audit (SMETA) Measurement Criteria
 
Raising Seed Capital by Steve Schlafman at RRE Ventures
Raising Seed Capital by Steve Schlafman at RRE VenturesRaising Seed Capital by Steve Schlafman at RRE Ventures
Raising Seed Capital by Steve Schlafman at RRE Ventures
 
Elevate Your Online Presence with SEO Services
Elevate Your Online Presence with SEO ServicesElevate Your Online Presence with SEO Services
Elevate Your Online Presence with SEO Services
 
Special Purpose Vehicle (Purpose, Formation & examples)
Special Purpose Vehicle (Purpose, Formation & examples)Special Purpose Vehicle (Purpose, Formation & examples)
Special Purpose Vehicle (Purpose, Formation & examples)
 
Copyright: What Creators and Users of Art Need to Know
Copyright: What Creators and Users of Art Need to KnowCopyright: What Creators and Users of Art Need to Know
Copyright: What Creators and Users of Art Need to Know
 
Powers and Functions of CPCB - The Water Act 1974.pdf
Powers and Functions of CPCB - The Water Act 1974.pdfPowers and Functions of CPCB - The Water Act 1974.pdf
Powers and Functions of CPCB - The Water Act 1974.pdf
 
Creative Ideas for Interactive Team Presentations
Creative Ideas for Interactive Team PresentationsCreative Ideas for Interactive Team Presentations
Creative Ideas for Interactive Team Presentations
 
The Truth About Dinesh Bafna's Situation.pdf
The Truth About Dinesh Bafna's Situation.pdfThe Truth About Dinesh Bafna's Situation.pdf
The Truth About Dinesh Bafna's Situation.pdf
 

Monitor Subcontractor Insurance In Quickbooks

  • 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. MONITOR INSURANCE CERTIFICATES IN QUICKBOOKS Making sure your assets are covered.
  • 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. 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. Add Vendor TYPE Select “Lists” Then Select “Customer and Vendor Profiles Lists” Then Select “Vendor Type List”
  • 7. Add Vendor TYPE Add new Vendor Type, then select “OK” New Vendor Type added to Vendor Type List
  • 8. Add Vendor TYPE Add another Vendor Type Added to list
  • 13. Manage Vendor INFORMATION Add new fields here
  • 14. Manage Vendor INFORMATION Add fields and click in “Use for Vend”
  • 15. Manage Vendor INFORMATION Add these seven fields Select “OK”
  • 16. Manage Vendor INFORMATION The new fields are added to your screen Note that insurances are expired
  • 17. Manage Vendor INFORMATION When you attempt a transaction with a subcontractor whose insurance has expired, you receive this warning…
  • 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. Build a MANAGEMENT REPORT Select “Customize Report”
  • 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. Build a MANAGEMENT REPORT Select “Filters” Select “Vendor Type” Select “ Multiple Vendor Type”
  • 23. Build a MANAGEMENT REPORT Select “Manual” and then check off all Subcontractor Vendor Types Select “OK”
  • 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. Build a MANAGEMENT REPORT When given the choice, SAVE the new report.
  • 26. Build a MANAGEMENT REPORT Check to confirm that report has been saved.
  • 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. 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. 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.

Editor's Notes

  1. The Contractor edition of QuickBooks provides a module to track subcontractor insurance certificates. This session will demonstrate how to set up and use that function.
  2. Why is it important to track subcontractor insurance coverages? Because You are responsible. If your subcontractor is not carrying Worker’s Compensation insurance, and a worker is injured, that worker, or that worker’s attorney, is going to be looking to your insurance for coverage. If property is damaged on or around the site by the subcontractor, and the subcontractor has no insurance coverage, the injured party, or the injured party’s attorney, is going to be holding you, as the party responsible for bringing the subcontractor to the jobsite, accountable for the damage. Your insurance coverage requires that all subs who work on your project carry a minimal amount of General Liability and Worker’s Comp insurance. That means that if you are not requiring the insurance and monitoring the coverage, your insurance company has the option of denying coverage to you for damages caused by your subcontractors. Finally, if your are using the Builder-Resources Subcontractor Management System, the Terms and Conditions document requires in-place insurance coverage as a condition of the agreement. The T&C also requires that your company be named as and “Additional Insured” on the policy. Frankly, being named as an “Additional Insured” has become an issue lately, but at least make certain that your subcontractor has the required insurances in place.
  3. We are going to be talking about setting this process up in Quickbooks. The version I am using is Quickbooks Premier Plus Contractor Edition. All the Contractor versions should have approximately the same functionality for monitoring subcontractor insurances. If you are not using a Quickbooks Contractor version, take a look at the VENDOR section of your version, and determine if there is a way to set up an insurance monitoring program such as the one we will be discussing. Let’s get started…
  4. Let’s make sure we have the correct vendor types in the “Vendor Type List”. Select “Lists”. Select “Customer and Vendor Profile Lists”. Select “Vendor Type Lists”.
  5. We’re going to be adding Vendor Types, so select New.
  6. Add the new Vendor Type, then select OK. It appears in the vendor list immediately. One note here, …. You could simply create a vendor type called “Subcontractor”. Since we are interested in monitoring subcontractor insurance requirements, that would probably suffice. I chose to track subcontractors by phases, though, thinking that this might have additional utility down the road. For ease of entry, you could just add the type “subcontractors” now and, if you needed it later, come back in to this drop-down to add the individual contractor types (Framer, Electrician, Drywaller, etc.). Adding just “Subcontractors” will make it easier to create the report we are going to produce later in this exercise.
  7. Just in case you decide to add the individual vendor types, here is another example. Add Vendor Type Select OK Added to list.
  8. Once you have finished adding Vendor Types, click on the vendors icon to access the vendor database.
  9. Select any subcontractor
  10. And select “Additional info” to open the window we need.
  11. Note that the fields for Expiration are already available. Select “Define Fields” to add the custom fields we will need.
  12. The new fields will be added by you in the pop-up window displayed
  13. When the fields are added, be sure to click in the “Vend” column to activate that field. You can tell if the field is active by the check in the column next to the field label.
  14. The seven fields you will want to add include: Gen Liability Company Gen Liability Policy # Gen Liability Limits Worker’s Comp Company Worker’s Comp Policy # Worker’s Comp Limits T and C Renewal Date Once you have entered those seven labels, and confirmed that each is checked in the “Vend” column, select “OK”.
  15. The new fields show up now in the “Additional Info “ screen. Note that in the example shown, the insurance expiration dates are passed. We will see the effect of that in the next slide.
  16. When the insurance expiration dates are passed, every time you try to transact with the subcontractor, you will receive this warning message and a suggestion to contact the sub to update the insurance coverage information. You should not let the situation get to the point that you are seeing this warning, but if it does, immediately contact the subcontractor for the information required. Next in this session, we will be building a report you can use to stay on top of the insurance expirations proactively. You can click “OK” and continue with the transaction, but make a mental note to contact the subcontractor regarding the expired insurance.
  17. Enter the information for each subcontractor. The information regarding insurance coverages should be available on the insurance certificates currently on file. If you do not have an insurance certificate on file for a subcontractor, contact them immediately and request an update. The information for the Terms and Conditions renewal date will be available on the Terms and Conditions document, if you are using the Subcontractor Management System. Just look at the date of the last document and set the renewal date for 12 months in the future.
  18. Now that you have the information entered for your subcontractors, let’s create a report which will help us to monitor the insurance coverages. The basis for this new report is going to be the “Vendor Contact List”. To get there, select Reports > Vendors and Payables > Vendor contact list
  19. Once you have the Vendor Contact List showing, Select “Customize Report”
  20. Select “Display” Select the fields shown to have the report show the information in which you are interested. If a field is not on the list, but is checked in the default report, un-check it. You can pause the video while you go through this selection process.
  21. Next, select “Filters” to limit the vendor names displayed on the report to just subcontractors. Select “Vendor Type” as the filter for this report. Select “Multiple Vendor Types” to move to the next screen…
  22. Select “Manual” and then check off all Subcontractor vendor types. Again, you can pause the video as you go through this process. Once you have selected all the Subcontractor vendor types, including the catch-all type “Subcontractor”, click on “OK”.
  23. Here is the report that is generated from the information selected. The nice thing about this report is that it shows which information is missing. You can see which Worker’s Comp information is missing; Which General Liability expiration dates are needed; Which Terms and Conditions are needing renewal; And which Company e-mail addresses are missing. You can print this report once a month and flag any upcoming renewal dates. Then just email the subcontractor to let her know that you need an updated insurance certificate. This alerts the sub that you are tracking the information, and expect their cooperation. You can also print this report when the insurance company does their annual audit of your insurance coverages. It will show the insurance company that your are serious about meeting your insurance requirements and maintaining your coverage.
  24. Name the new report as shown. Save in the Memorized Report Group under Vendors.
  25. Check that the report is where it should be by going to Reports > Memorized Reports > Vendors > and look for “Vendor List – Insurance Monitor”
  26. 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.
  27. As the general contractor on a project, it is up to you to avoid self-insuring these risks and protect your buyer and yourself by making certain that all of the subcontractors are carrying the appropriate insurances in the appropriate amounts.
  28. 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.