How Certificate of Insurance Tracking Services Save You Time and Money
COI Management |October 22, 2021
Certificate of insurance tracking services from PlusOne Solutions can not only take the time-consuming task of COI (certificate of insurance) management off of your hands, but it can also help keep your contractors stay in compliance with your organization’s requirements, save money, mitigate risk, and more.
A COI contains detailed information about business insurance policies so that you can verify that your contractors have:
Active insurance coverage
Coverage that meets the requirements in their contract or agreement
Coverage that is adequate for the work they perform and associated risks
Requiring a COI helps to protect your organizationfrom costs associated with contractor accidents or lawsuits that could be caused by faulty products, work, or the contractor’s negligence.
Contracting out work, and using a contingent workforce can open up your organization to potential risks. Using certificates of insurance tracking services is a reliable strategy to transfer those risks.
How Outsourced COI Management Saves You Time
For organizations that work with large vendor or contractor networks, it is not feasible to expect your in-house employees to manage contractor COIs. Even if you were using a streamlined and organized system to store COIs, it takes resources to maintain and continually improve these systems to stay up on current insurance trends and best practices.
In addition, you or your employees would still be spending valuable time tracking down certificates and checking that your contractors are meeting the minimum insurance coverages required by your organization. By outsourcing, you gain efficiencies created by constant updates to both systems and processes that a COI tracking vendor can provide.
Not only that, but the insurance world is constantly evolving. It’s unlikely that your employees will have time to keep up with changes and adjustments that insurers make to forms, endorsements, and language.
When you can’t dedicate the hours needed to keep up with insurance case law, and you know that managing contractor COIsis going to be too
time-consuming and complex for your internal team – that is when turning to certificate of insurance tracking services from a compliance partner is the answer.
How Outsourced COI Management Saves You Money
The fact is, uninsured and underinsured contractors cost your organization money. You may have been lucky enough to get by on your existing COI management strategy, but if you’re not working with insurance compliance professionals, you are risking financial loss.
Investing in certificate of insurance tracking services from PlusOne Solutions means that you have a team of experts managing your COI process from beginning to end, providing you with:
A cloud-based solution
Data entry assistance
Automated communication with the contractor and insurance agent
Our specialistsunderstand insurance and maximize automated processes needed to ensure that certificates are received in a timely and accurate manner. This allows your employees to focus on the core needs of the business and allows your vendor or contractor network to focus on serving your customers.
Outsourcingyour COI management can be done at a fraction of the cost of hiring a complete in-house team, and you will not need to go through the process of vetting, training, or managing employees with this option.
You Need Certificate of Insurance Tracking Services
A recent survey found that 44%of small businesses have never had insurance. If your organization were to contract with one of these uninsured or underinsured contractors, and an accident or other event occured, your company is more likely to be stuck with the financial liability of any claims or lawsuits associated with the incident.
Let the experienced team of compliance specialistsat PlusOne Solutions step in and take the responsibility of COI management off of your hands. Contact ustodayto see how our certificate of insurance tracking services can help your organization.
Contents are provided for information purposes only and should not be construed as legal advice. Users are reminded to seek legal counsel with respect to their obligations and use of PlusOne Solutions services.
About PlusOne Solutions
PlusOne Solutions has been an industry leader in the risk management field by specializing in compliance programs that meet the complex challenges of geographically dispersed contractors, vendors, and employee networks.