4 Ways Insurance Certificate Tracking Can Improve Your Network’s Compliance Rate

COI Management | September 16, 2022

If you’ve discovered that keeping your contractor network in compliance with the insurance requirements outlined in their contracts is a bigger burden than anticipated, the insurance certificate tracking service from PlusOne Solutions is the answer. 

Our certificate of insurance (COI) tracking and management program is built around a proactive approach to compliance. We utilize specialized processors who understand COIs, as well as an automated process to ensure that certificates of insurance are received in a timely and accurate manner. Our unmatched insurance certificate tracking solution ensures your network is fully compliant with your standards, freeing up valuable time and resources for your organization.

4 Ways Insurance Certificate Tracking Can Improve Your Network’s Compliance Rate

Verification before jobs begin

Although best practice is to always collect and properly verify COIs and coverage before dispatching jobs to your contractor network, there are times the operational team dispatches companies without knowing if insurance coverage was accurate or active. 

Working with a professional COI management provider helps to avoid scenarios like this. Our system eliminates time gaps between expired policies and the reentry of an updated COI and ensures the contractor has the right coverages for the work being performed. Awareness of your contractors’ insured status prevents them from dispatching to jobs while not holding the appropriate coverage. 

A proactive approach to renewals

Getting the initial COI is only one step, and like any insurance policy, your contractors’ coverage must be renewed. Some organizations may rely on unreliable strategies to manage renewals for their contractors. Using spreadsheets, calendar reminders, or a filing system to track contractor COIs is not recommended. With something as critical to your organization’s financial and reputational well-being, you want to make sure it’s done right. 

PlusOne Solutions uses a proactive approach, including:

• Sending emails to the contractor and their insurance agent 30, 14, and 7 days prior to policy expiration.
• Emails to the contractor and their agents to request missing items for compliance or confirmation that there account is meeting the requirements.
• Verification of the active policy with the insurance agent after receipt of policy.
• Mid-policy verification with the insurance agent to confirm the policy is active.

Accessible data and reporting

If your organization is not using an organized insurance certificate tracking strategy, it can be difficult or impossible to find areas of opportunity and improvement. Our service provides 24/7 access to interactive dashboard reporting with high-level and detailed missing compliance items.

This makes the information you need highly visible and easy to understand. Your data will update in real-time and is always available to you.

Time-saving solutions

Relying on your in-house operations team for compliance can sometimes mean compliance falls to the side as your team concentrates on core business objectives. If they are able to implement an insurance certificate tracking program, it’s not unusual for it to be limited by the amount of time they have to dedicate to it. 

Outsourcing your COI management takes this load off your team’s shoulders and ensures that the various moving parts of an insurance certificate tracking program are accomplished. 

PlusOne Solutions Is Your Compliance Partner

For the past 17 years, PlusOne Solutions has been specializing in taking a fresh approach to compliance practices for contractor networks. We have a deep understanding of the needs of your business, and our services are designed to help you meet compliance goals. Contact us today to learn more. 

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.