WebContractor’s digital approach to managing insurances and bonds simplifies and reduces the cost and effort for both subcontractor and contractor.
It gives the subcontractor management of their own documentation, automates reminders and notifications to reduce admin time and improves visibility of a subcontractor’s status for the quantity surveyors and project managers.
The importance of insurance and bond documentation
All contractors specify in their subcontract terms and conditions that their subcontractors MUST have all the necessary insurances and bonds in place, and that these insurances and bonds must be kept up to date and renewed as and when they expire.
In almost all cases, contractors will not make payments to subcontractors where the subcontractor’s insurance and/or bonds have expired.