An insurance firm or broker will issue a Certificate of Insurance (COI) to a contractor or customer, as proof of insurance coverage. Depending on the project’s nature, the parties involved, and the insurance requirements, a COI’s particular criteria may change. Here are some sample needs for a COI for a major North American specialized contractor:
Introduction: Workers’ compensation insurance is a vital protection for both employees and employers. It ensures that injured workers receive the necessary medical care and financial support while safeguarding businesses from potentially crippling legal and financial consequences. As part of this process, audits are conducted to determine the accuracy of premiums paid. In this article, we…
Effective payroll management is a critical aspect of any business or subcontractor’s operations. Accurate and timely reporting of employee wages and deductions is not only essential for regulatory compliance but also for maintaining a transparent and well-organized workforce. While many companies often turn to external services or accountants for certified payroll reporting, it is important…
The Davis-Bacon Act, enacted in 1931, is a federal law that requires contractors and subcontractors engaged in federally funded construction projects to pay their workers a prevailing wage. This prevailing wage is intended to ensure that workers receive fair compensation for their labor. While primarily associated with the construction industry, the Davis-Bacon Act can also…