Contractor Risk Management Strategies You Need to Implement Today

Risk Management | September 20, 2021

There is no single solution for contractor risk management, since mitigating risks is the result of multiple solutions. PlusOne Solutions has been providing contractor compliance services through a comprehensive and complete risk management program since 2005.

In the service industry, it’s not unusual for companies to utilize a contingent workforce to support their products, conduct deliveries or complete service tasks for their customers. While this  type of workforce is an effective option, managing compliance for vendors and contractors is very different from that of traditional employees. There are risks that arise when you do not directly manage quality and safety involving your services. Because of this, it is important to partner with compliance experts when choosing the right contractor risk management  strategies for your organization.

At PlusOne Solutions, our comprehensive list of risk management solutions includes:

• Contractor screening, including criminal background checks, motor vehicle reports, drug testing, and badging.
• COI management, to ensure that your contractors are meeting your organization’s contractual insurance requirements.
• Badging and credentialing, which helps to establish credibility with electronic and physical badges.
• License monitoring, to confirm that your contractors and vendors are licensed and certified according to the requirements of your organization, as well as state and federal laws.
• TIN matching, which reduces IRS notices, fines and possible withholding taxes with a thorough verification process.

While a combination of solutions provides the most complete contractor risk management strategy, in this blog we will specifically highlight contractor screening and  COI management.

Contractor Risk Management: Background Screening Contractors

Our contractor background check programs are uniquely designed to keep work environments safe while simultaneously mitigating operational, reputational, and legal risks. Our background checks are customizable to the needs of your organization, but the most common package includes:

• A 7-year address history
• Social Security number verification
• U.S, County criminal record search
• U.S. Federal criminal court search
• U.S. National database search
• Department of Justice Sex Offender Registry search
• State motor vehicle search
• Drug testing

These comprehensive contractor background checks allow your organization to access important information from which you can  make informed decisions about the individuals who will be representing your company.

Continuous Criminal Monitoring

Some contractor risk management solution providers may rely solely on initial or periodic background checks conducted on contractors, but this strategy does not cover the time that passes between the rescreens or after the initial screening is complete. PlusOne Solutions’ answer to this is our continuous criminal monitoring solution, which provides an ongoing review of the U.S. County-level criminal records and notice within 24 hours if an incarceration or booking event occurs.

Contractor Drug Screening

When it comes to contractor drug screening, our clients often select a 9-panel drug screen that includes cocaine, marijuana, amphetamines, opiates, phencyclidine, methadone, benzodiazepines, barbiturates, and propoxyphene, but we provide other options as well to meet the specific needs of your organization.

Motor Vehicle Reports

Motor Vehicle Reports may not be the first thing you consider when it comes to contractor screening, but all it takes is one mishap or an automobile accident involving your contractor and a customer’s property to associate your company’s name with the event. Our Motor Vehicle Reports can provide a  detailed look at the license, citation history, accident history, suspension information, and more.

Contractor Risk Management: COI Management

Insurance compliance is complex, making it important that the management of COIs and other insurance documents be given the proper time and expertise required to efficiently handle and process the documentation necessary to ensure that your contractors are compliant. This is important for when there is an accident or faulty work, where it is critical to ensure proper insurance coverage. If your contractor doesn’t have the coverage, then it is on your organization to cover those costs. Our specialized processors have in-depth knowledge of insurance and can focus on efficiencies specific to COI tracking, ensuring that your business operations will not be disrupted due to non-compliance issues.

When you choose PlusOne Solutions as your COI management partner, you will have 24-hour access to our online portal, allowing you to view compliance reporting and copies of insurance documentation. Your organization will be able to set specific requirements for coverage amounts, effective dates, additional insured, and more. If your requirements are not met, you will receive notifications, ensuring that your organization is not left exposed to uninsured or underinsured contractors.

PlusOne Solutions is Your Resource for Contractor Risk Management

With services that are built to meet the needs of the extended workforce industry, PlusOne Solutions is your partner in contractor risk management. Contact us today to discuss how our compliance solutions 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.

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.