Certificate of insurance tracking software is one of the options available to you as a certificate of insurance management solution, but is it the best choice?
Any organization that works with contractors or a vendor network to accomplish their service tasks needs to have a system in place for certificate of insurance (COI) management. Some companies choose to turn exclusively to certificate of insurance tracking software, but the fact is that this may not be the best option to meet the needs of your business.
You have probably used enough software programs in your lifetime to know that they aren’t always the perfect solution, and the same can be said for certificate of insurance tracking software. While this software can collect, review, store, and report COI compliance details up to a certain point, the information that is included on a COI isn’t always black and white.
The software programs available to you may be too one-size-fits-all for your industry. These programs are commonly created to serve as wide a variety of organizations as possible, and the software will probably never be able to understand the industry-specific nuances that it may encounter.
Involving individuals who have extensive insurance expertise helps to ensure that the critical details are not missed when it comes to the specific coverage requirements that your organization has set into place. Additionally, working with someone who is familiar with your industry can bring invaluable knowledge and perspective that a software program cannot provide.
Simply requesting and collecting the information is only part of the COI management process. While certificate of insurance tracking software can send automated email notices to request COIs in the time leading up to the expiration date on the policy, the software is not intuitive enough to take additional steps, if necessary. For example, it is not unusual for insurance agents and insurance companies to need help understanding what is being asked of them, especially if your organization has requirements like specific endorsements.
There should also be more to your COI management program than the simple collection and storage of COIs – you should have compliance goals. Certificate of insurance tracking software is an excellent resource for reporting, but it cannot offer any plans or next steps to take to improve the effectiveness of your compliance program.
Working with a COI management service partner gives you access to someone who can work with you to understand industry best practices and address any changes to requirements and coverage, putting your organization in a proactive position, instead of a reactive position.
PlusOne Solutions’ COI management is an unmatched solution that ensures your contractor network is in compliance with your organization’s specific COI standards, while simultaneously freeing up time and resources. Our team of highly experienced professionals go above and beyond what you would get from certificate of insurance tracking software alone. To learn more about how we can help your organization, fill out our online contact form today.
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.
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. PlusOne Solutions protects companies from possible financial, legal, and reputational risks associated with contractor and vendor relationships while creating safer work environments. To learn more, visit https://www.PlusOneSolutions.net.To receive these updates directly in your email inbox, sign up for the newsletter. Questions or comments? We want to hear from you.
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