Each Friday, here on the QuickBooks for Contractors blog, we will be offering a free QuickBooks related eBook, offering tips, tricks, and training – so stayed tuned, visit often or sign up to have our posts delivered daily via email.
This week’s eBook provides information and tips for setting up a system to track Subcontractors Workers Compensation and General Liability Insurance expiration dates.
When a contractor works on a construction project and he/she hires subcontractors; one of the things that he is required to keep on file is a CURRENT copy of each subcontractors Worker’s Compensation Insurance Policy and a copy of their General Liability Insurance.
Keeping track of expiration dates and making sure that you always have a copy of the current policy on hand, can be a daunting task.
NOTE: March 8, 2013 this eBook and video training series is being updated and will be available at a later date from the Learn to use QuickBooks in your construction business website.
Another reason for tracking your subcontractors workers compensation is that in some states, if they don’t have any or it expires, then they are covered under yours.
What do you think happens to your rates if they make a claim?