Blowing the Risk Management ‘Myth’: Why Your Current Contractor Management System is a False Security
Although there are a number of outsourced contractor management solutions available on the market, most rely on outdated manual processes in an attempt to ensure contractor insurance compliance. This lends additional time and inconvenience to what should be a streamlined, hassle-free process. Many of these systems are also overpriced for what they deliver, and while they might tick some of the right boxes ultimately they provide no assurance your contractors are insured all year.
Discover the Oncover Difference
The Oncover Contractor Risk Management system is a flexible, online platform solution. Our cloud-based software provides a detailed overview of your contractors’ current insurance status, updating automatically to provide you with up-to-the-minute information at the click of a button. This makes it easy to ensure contractors are complying with their relevant legal obligations, as well as meeting other cost and scheduling requirements.
The benefits of such a system have significant real-world implications. By way of an example, let’s say one of your contractors submits their liability insurance certificate to your contractor management agency or risk manager, who correspondingly updates their account to a status of ‘Approved’ for the next 12 months. Shortly after providing their certificate of currency, however, the contractor misses their monthly insurance payment. Their insurance lapses, yet according to your risk manager they have the all-clear as there is no record of their coverage having been cancelled.
The next month, that same contractor has an accident on one of your job sites and a member of the public is permanently paralysed. A claim against the contractor and yourself as the principle is made in court, and as the contractor is without either insurance or assets your company could be exposed to the full loss!
Yes, this is a worst-case scenario, but accidents of this sort to varying degrees can and do happen every day and recent court cases have run into the millions of dollars. However, our cutting-edge contractor monitoring option ensures mistakes like this are a thing of the past, notifying you immediately of any potential risks and enabling you to take the proper mitigating steps well ahead of time. You might not realise it, but having the right contract management system in place could ensure the livelihood of your business.
This is the Oncover Difference. It’s absolutely free to trial for 12 months.