The decision to outsource COI services should be an easy one for your organization to make. We’re going to outline a few reasons that you will want to work with an experienced COI management partner.
If your organization collects COIs (Certificates of Insurance) from the contractors and vendors you work with, you’re making one of the first critical steps towards reducing and transferring your financial risk and protecting your reputation. More and more network managers are choosing to outsource COI services, including insurance management, functions, and processes, to the experts that can capably handle these tasks for them. Here’s why you should too.
There’s no shame in admitting that the existing members of your team aren’t familiar with all the details of COIs or the best way to manage them. Insurance can be complicated and confusing, and it’s not as simple as it might seem. There are a lot of nuances around insurance coverage. Keeping your contractors’ insurance coverage compliant with the requirements of your organization and these other changes can be a full-time job.
Not only is managing certificates of insurance an involved task, but if you work with a extensive, geographically-distributed contractor network, it can add another layer of complexity. There are state-specific laws regulating insurance requirements that can have an impact on your organization. If your in-house team is not aware of these laws, it can also leave your organization vulnerable to legal, reputational, and financial risk.
The time and resources you need to devote to managing your certificates of insurance in-house can increase rapidly. Relying on an administrative team for this job can not only take up the time that they may need for other tasks, it can sometimes leave your contractor COI management program lacking.
Choosing to outsource COI services can result in a total program cost reduction due to decreased associated admin costs. It will also decrease rejected insurance-related claims, ultimately saving your organization money.
Non-compliance leaves you open to risk and, depending on your systems can cause disruption to business and operations. We know that it’s important to your organization to efficiently process all documentation with speed and accuracy to ensure that your contractors and vendors are compliant when providing services or products to your customers.
If the current system you’re relying on isn’t allowing you to focus on your core business needs and isn’t allowing your contractors to focus on theirs, you need something different. PlusOne Solutions uses a combination of specialized processors who know insurance and licensing, and automated processes to ensure that insurance and licenses are received in a timely and accurate manner.
If you are new to COI tracking and compliance, we can help. Our significant experience working with contractor networks can assist you in avoiding some common pitfalls when starting a new compliance program or making changes to your existing program.
You can rely on our team of industry experts to meet your organization’s needs. We specialize in taking a fresh approach to compliance practices for contractor networks, and we can help you create a safer, more compliant extended workforce. Contact us today to learn more about the compliance solutions we have to offer.
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 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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