4 Signs It’s Time To Consider Certificate of Insurance Tracking Services

COI Management | January 17, 2022

Is there a way to be certain that certificate of insurance tracking services will benefit your organization? Here are some of the common signs that our clients are experiencing when they come to us for help.

Lawsuits and claims can cost your organization a significant amount of money. Just “checking the box” and collecting certificates of insurance from vendors and contractors isn’t enough to ensure that the requirements of your organization are being met. 

Working with a reputable company like PlusOne Solutions for certificate of insurance tracking services provides the peace of mind that comes along with reduced exposure to uninsured or underinsured contractors and vendors, and a number of other invaluable benefits as well.

4 Signs It’s Time To Consider Certificate of Insurance Tracking Services

You Are Seeing A High Number Of Unpaid Claims 

If your contractors lack insurance coverage, the claims that are made will go unpaid. Contractor general liability insurance can protect contractors and vendors (and in turn, your organization) from the monetary amounts that they may need to pay due to damages or injuries that occur while they are conducting service work.

Contractors may not carry an active insurance policy, or they may carry an insufficient policy for the work that they do. This can be because they do not wish to pay for a policy or higher insurance premiums to get proper coverage. Being proactive and utilizing certificate of insurance tracking services can help you avoid contractors and vendors like this. 

Your Current COI Tracking Program Is Too Slow For Your Needs

In the fast-paced world that we live in, your organization may need contractors and vendors to begin service work right away in order to best serve your customers. If you have started to notice that your contractor network has been beginning projects before their certificates of insurance have been received or processed, you may need to rethink the program you have relied on in the past. We understand that some business needs require that a contractor work before they work but if you find that number is significant, that’s a problem. 

COI management is time-consuming and requires a level of expertise to thoroughly understand the documents involved, a strong relationship with insurance agents, and systems that can streamline the process are important. This is why working with PlusOne Solutions can help you avoid the service interruption and risk exposure that can come along with a slow COI tracking program. 

Your Team Doesn’t Have The Time Or Resources

Not only can a slow system harm your organization, if you are managing COIs in-house, it requires a significant investment from your team. Your administrative staff will often have many other duties and responsibilities that they cannot accomplish when they are being pulled away to process insurance certificates. Additionally, it is unlikely that they have specialized experience in COI management, making it difficult for them to recognize some of the nuances of the policies and certificates that come across their desks.

Certificate of insurance tracking services can give your team back this time that they need, and ensure that the job is done the right way. 

Your Competition Is Tracking COIs

If everyone else in your industry is tracking their contractor COIs but your organization isn’t, it’s time to catch up. Working with contractors who have proper insurance coverage are more reputable companies and their standards for work performance will be higher. Develop a network that will leave your company with a good reputation.

PlusOne Solutions has been a leader in the extended workforce industry since 2005. Our team has the tools it takes to meet the unique demands of your organization. Contact us today to learn more about COI management and the other risk management 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.