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Why Do You Need an Insurance Broker Who Understands Procore

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Procore is a tool (construction management software) used in large commercial construction projects. Having an insurance broker who understands Procore can help to streamline your process of quoting and binding your insurance.

You don’t have to explain Procore to them!

Insurance brokers with experience in Procore and able to quickly and easily engage with your business. Your construction management systems, processes and operating systems are understood by an experienced insurance broker saving you time and effort in explaining your operating systems.

They understand how to retrieve and input insurance data into Procore

Depending on the access levels you grant an insurance broker, they are able to retrieve and input data into your construction management software which then can flow into your business reports and dashboards. Having an insurance broker who understands Procore enables them to save you time by retrieving and inputting data on your behalf.

They can review vendor, contractor and sub-contractor insurance coverage

Your insurance broker can be a useful resource to help you access and manage the insurance records and insurance coverage associated with your vendors, contractors and sub-contractors within the Directory tool. They can also be notified by automated emails about the expiration of vendor insurance policies, giving you greater protection and coverage for your project.

Know what data is required for measuring your risk and exposure

Insurance brokers that are familiar with Procore and use Procore to more accurately determine the levels of insurance coverage you require and the size and scope of any potential loss you may experience. They can use Procore to drill down and ascertain a greater level of detail and present that detailed information in a way that is digestible to an insurer.

What is Procore?

Procore is one of the many emerging software for construction project management. Coming from the founder’s personal experience, Procore was built to help teams navigate their tasks where they can reach out to contractors, architects, project managers, and engineers in one platform.

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How Procore may benefit the insurer

Using Procore can be of benefit to an insurer as well. Here are some of the reasons an insurer benefits when a commercial construction company uses Procore:

It makes project management more efficient as it connects offline and online transactions in one platform, allowing a real-time update among the involved parties. Insurers can easily access more accurate data.
It lessens the possible risk of incidents due to better processes being followed and more rigorous onboarding and induction requirements. Thus reducing the risk of loss and the impact of claims.
It could help your insurance brokers to better manage your clients' projects and could enable you to have faster access to incident data to help quantify the loss and mitigate ongoing damage.

Why you should add insurance to Procore

Procore provides a centralised location for information related to construction projects. Adding insurance data into Procore provides great access for relevant parties to the insurance information they require.

Adding insurance to Procore provides the following benefits:

Creates a good process for checking the insurance of anyone working on your construction site.
Enables management of insurance expiration dates and verification of certificates of currency.
Makes insurance documentation easily accessible, so you don’t have to compromise safety whilst you are looking for documentation.

How to check your insurance in Procore

Adjusting to technologies may be challenging just like navigating through software. In cases where you want to double-check your data like insurance in a platform like Procore, you might want to check insurances by developing a report in Procore. Learn more by following this Procore Insurance Report builder- step-by-step process and talk with your insurance broker to ensure they know and understand Procore.

Silverback Insurance is passionate in helping builders and specialises in finding you the right insurance solution, tailored to your business needs. We work in collaboration with innovative technology such as Procore that looks to disrupt the industry for the good of all.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Silverback Insurance Pty Ltd, ABN 74 643 561 746, AFSL CBN AFSL 233750