3 Common COI Challenges A COI Management Provider For Roadside Assistance Can Fix
COI Management |May 9, 2023
Managing certificates of insurance for roadside assistance contractors is crucial to protecting your business and your customers. You need a COI management provider to do the heavy lifting.
Professional roadside assistance contractors typically undergo training to minimize mistakes, property damage, and injury while operating equipment. Nonetheless, every circumstance is unique and presents the potential for mishaps.
To safeguard your organization, the contractors, their vehicles, and other parties involved in the roadside assistance agreement, it is necessary to have the appropriate types and levels of insurance. Managing COIs for an extensive contractor network takes time and skill and is best left to professional COI management providers like PlusOne Solutions.
A recent study of roadside providers revealed several pain points related to COI management. Nearly 70% of survey participants reported varying requirements across tow contracts, while over 60% stated that paying for more coverage than they need is their main issue.
PlusOne Solutions understands the complexity of managing risk associated with roadside assistance contractors, and we offer customizable COI solutions to help you navigate the challenges that can arise when dealing with an extensive contractor network.
Challenge #1: Inconsistent Insurance Requirements
Insurance requirements can vary widely across the roadside assistance industry, making it difficult to compare one policy to the next. At PlusOne Solutions, we can help you standardize the requirements for your contractor network, ensuring everyone has the same level of coverage.
Streamlining your company’s COI processes can help you gain more roadside assistance contractors and maximize your business’s efficiency and compliance.
If your COI requirements are challenging to manage because of a lack of consistency, let us get you back on track and your COI management running smoothly.
Challenge #2: Ineffective Communication
PlusOne Solutions combines highly skilled team members and high-tech automation to convert COI management into a well-oiled machine. Our COI processors understand the “language” surrounding COI management.
Combined with automated processes, our solution results in clear, accurate, and compliant communication that meets your COI standards.
Our proactive methods increase on-time COI renewals, which keeps you compliant. We also work directly with the contractor’s insurance agents to improve compliance metrics. Effective communication saves time and valuable resources for your business.
Challenge #3: Limited Access to Reports
When PlusOne Solutions is your COI management provider, you will have access to our dedicated team, who can answer any questions. You will not need to worry about us dropping the ball on a contractor’s COI renewal or ensuring the proper COIs are on file.
Our clients also have access to their compliance reporting 24/7 through our online portal, online document management, and a dedicated partner to help you meet your compliance goals.
PlusOne Solutions Meets the Challenges of COI Management
There are many benefits to partnering with a COI management provider, including:
Reduced Risk – The entire purpose of COI management is to reduce your legal and financial exposure. Handing this important service over to the professionals at PlusOne Solutions takes the burden off your shoulders and allows you to concentrate on your organization’s core functions.
Reduced Cost – Trying to handle COI management in-house can be costly compared to using a COI management provider with the expertise to handle your COIs efficiently and effectively.
Improved Compliance Rates – Our team of experienced professionals is proactive in keeping your compliance rates high across your vendor network. Improved compliance equals less risk and more productivity.
Are you ready to partner with PlusOne Solutions for your COI management? Contact us today to see how we can free up time and money for your business by increasing your compliance rates for your roadside assistance contractor network.
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 Solutionshas 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.
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