How Certificate of Insurance Tracking Benefits Your Company
COI Management |August 23, 2021
Working with an extended workforce or a vendor network can make protecting your company from liability and reputational risk complicated. A compliance management company like PlusOne Solutions is an invaluable resource for your certificate of insurance tracking needs.
When your organization is working with large groups of geographically dispersed contractors, certificate of insurance tracking is often not feasible on an internal level. PlusOne Solutionscan partner with you to manage and track contractor certificates of insurance (COIs). It might be clear to you why it’s so important that your contractor network is sufficiently insured, but why is outsourcing certificate of insurance tracking a benefit to your company? Here’s what you should know.
It Gives You Access to the Experts
Choosing to work with a partner, whose core business is tracking certificates of insurance allows your organization to tap into the industry expertise that can only be gained through years of experience and education. Your team may not be familiar with complex insurance information and the needs that are often included in a certificate of insurance tracking program, such as:
Best practices and industry awareness
Nuances of proper insurance coverage such as applicable limits, policy types, endorsements, and more.
An understanding of how to balance the risk of non-compliance and the timeliness of operations
If you are tracking COIs internally, but your team is not well-versed in insurance policies and the coverage requirementsneeded to reduce your organization’slevel of risk, they will not be able to accurately and thoroughlyreview your contractor insurance documents.
PlusOne Solutions has been meeting the demands of the extended workforce industry since 2005. We work with you on best practices, improve accuracy and renewal timeliness, and work with you to improve your workforce compliance. Our hands-on professionals review each COI as well as all endorsements, ensuring that your contractors are meeting the requirements of your organization.
It Saves You Time and Money
COI tracking is a time-consuming and detailed process, and it’s not likely that your internal team has the capacity to shoulder the task and still devote time to their primary roles.
With our unique cloud-based solution, API options, and industry professionals, our specialized certificate of insurance tracking programis an ideal option that creates efficiencies, eliminating the need for your organization to hire more staff, invest in hardware, software, and other resources to manage your contractor’s COIs.
Additionally, you will no longer be scrambling to obtain renewal COIs before their expiration date, disrupting contractor workflow and interrupting the services that your customers expect.
Improved Accessibility and Improved Results
You can utilize the most efficient processes and best resources available, but at the end of the day all that matters is reducing your organization’s risk exposure. Some companies may attempt to use spreadsheets, rely on an internal team that is not specialized, or have a decentralized system to store certificates of insurance, but these methods come with a variety of problems that are eliminated when working with PlusOne Solutions.
Our certificate of insurance tracking service gives you access to all of the data you need to track your compliance, including online document management and 24/7 access to compliance reporting through our portal. Reporting includes an overall and detailed view of your workforce and individual contractors. This puts the accurate information that you need at your fingertips.
Partnering with PlusOne Solutions: What to Expect
Our certificate of insurance tracking not only provides you with a cloud-based solution for your COI tracking needs, but our professionals also receive and enter all COI information, perform quality audits, email your organization and the insurance company at regular intervals before a policy is due to expire, verify that policies are active, and much more. Don’t wait for a compliance nightmare to happen to you, contact us 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.
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.
PlusOne Solutions protects companies from possible financial, legal, and reputational risks associated with contractorand vendor relationships while creating safer work environments. To learn more, visit our website.
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