When it comes to hiring subcontractors or 1099 employees, there’s a lot to think about. From searching for and hiring the right professional, to making sure they’re onboarded correctly, and more – it can be stressful.
But don’t think we’re going to let you forget about your subcontractors’ insurance. As business insurance experts over here at Berry Insurance, we always stress that our commercial clients consider their subcontractors’ insurance before bringing anyone on.
So in this article, we’re going to dive into workers’ compensation specifically. You’ll learn why your subcontractors should have their own workers comp, how much insurance they should have, how to get a proof of insurance, and what to look for on that proof of insurance.
While you get to determine how you hire subcontractors or 1099 employees, it is certainly in your best interest to make sure your subcontractors have insurance.
If your subcontractors don’t have their own insurance coverage, you will have to report that person’s payroll on your workers’ compensation policy . And that means increased workers’ compensation costs for you.
That’s why we always recommend anyone hiring subcontractors or 1099 employees ensure those hires have their own insurance.
But it’s not enough to just ask your subcontractors if they have insurance – you also need proof.
I would love to live in a world where you can trust anyone’s word, but because we don’t, you really need to obtain proof of coverage to cover your back.
Having proof of coverage will also come in handy when your workers’ comp audit comes up and you can show your insurance company proof that your subcontractors had insurance so that you do not in fact have to pay for them on your policy.
And the best way to get proof of insurance is through a certificate of insurance (COI).
A certificate of insurance is a slip of paper (a digital or printed document), proving you have insurance coverage.
These could be for any type of business insurance, but are most often needed for general liability or workers compensation insurance.
The COI outlines details about your insurance policy including:
Essentially, the COI serves as a proof of insurance so other businesses you work with know you have the insurance protections essential to minimize risks. It serves as a peace-of-mind before entering into a business agreement.
For more information about certificates of insurance, read this article: What is a Certificate of Insurance and Why Do I Need it?
To get a COI, there really isn’t a lot you need to do. You simply need to ask the subcontractor to get a COI from their insurance company or agent, showing that they have the types of insurance and limits you want them to (which we’ll get into more below.)
The subcontractor will then need to contact their commercial insurance agent and provide them with your name, address, and insurance requirements.
If the contractor already has the proper coverage, the agent will issue the COI for the contractor to give to you.
If their insurance coverages do not meet your requirements, they can either buy the extra coverage, or decline to take on the job for you.
You’re probably wondering what you need to do once you get the COI. How do you actually determine if your subcontractors have adequate coverage?
First of all, you’ll want to make sure your subcontractors have workers’ comp at acceptable limits. What those limits should be can vary from job to job but we typically recommend at least $500,000. If you have concerns about what limits are right for you, definitely check with your agent.
But there are a few other areas you’ll want to check to make sure the coverage is correct, active, and adequate.
For this section, we’ve included an image of what your COI may look like. Follow along by looking for the letter corresponding to each section on the image.
There are a lot of moving parts to hiring subcontractors. But one of those parts you can’t ignore is ensuring they have the right insurance.
Obtaining proof of insurance before hiring subcontractors will help make sure you don’t have any issues or surprise payments down the road.
If your company hires a lot of subcontractors, effective COI management will be crucial to a smooth audit. You’ll want to make sure you have all your certificates organized in one place so you can hand them over during the audit to make sure you aren’t paying for your subcontractors on your policy.
But hey, that’s not the only thing you should be doing to make sure your audit runs smoothly. To learn more audit survival tips, read this article: 5 Steps to Get Through Your Workers Comp Audit .