Tracking Subcontractor Insurance
In the construction industry, it is very important that subcontractors
have valid insurance policies. In Sage 50, we refer to subcontractors
as vendors. A vendor with expired insurance increases your liability and
therefore is a risk to your business. It is critical that you have a way
to determine which vendors you want to do business with. One way to do
that is to track vendor insurance expiration. In Sage 50, you can track
insurance information for 4 types of insurance: worker’s compensation,
general liability, umbrella, and automobile insurance.
For each insurance type, you can track the policy expiration date, insurance
company name, and policy number. If you need to track additional information,
you can add a note.