Client Insurance Requirements – 4 Tips for Maintaining Compliance
ISN recently published its first insurance-specific white paper for contractors. The paper outlines four informative tips to help contractors maintain compliance with their Hiring Clients’ insurance requirements. These tips, listed below, can also aid contractors in safeguarding themselves against potential financial loss and risk:
– Understand Insurance Contractual Requirements
– Familiarization with Hiring Clients’ Requirements in ISNetworld
– Insurance Agent/Broker Registration
– Maintain Current Coverage
Hiring Clients use ISNetworld to evaluate their contractors based on client-specific and regulatory criteria, including items such as incident rates, experience modifier, insurance coverage, written safety programs, post-job evaluations and more.
Although numerous factors can affect a contractor’s status with their clients in ISNetworld, insurance is frequently classified as a “showstopper” requirement. This means that a contractor’s insurance policies must provide coverage that meets their client’s requirements, otherwise their status will drop to an unsatisfactory level. The majority of Hiring Clients follow strict guidelines and will not allow a contractor to perform work onsite unless their status in ISNetworld is at a satisfactory level.
As of August 2014, 92% of Hiring Clients that require insurance in ISNetworld include insurance compliance in the contractor’s scorecard.
To request a copy of the white paper, please visit ISN Publications.