Why the Home Services Industry Benefits from a Certificate of Insurance Tracking Service

COI Management | December 5, 2022

While managing certificates of insurance (COIs) are time-consuming and complex, it is also critical to reduce risk, protect organizations, and uphold reputations. For this reason, many companies, including those in the home services industry choose to outsource certificate of insurance tracking service to experts in the field.

A variety of crucial benefits come with choosing a certificate of insurance tracking service. Save yourself the headache of doing it yourself and partner with a professional team like PlusOne Solutions to streamline the COI management process for you.

What Are The Benefits Of A Certificate of Insurance Tracking Service?

Reduced Exposure To Underinsured Or Uninsured Contractors and Vendors To Lower Your Risks

The first benefit a COI tracking service provides is protection for your business and reduced risk. A strong COI management program will proactively work to decrease your risk of working with vendors or contractors that could harm your business, whether by not carrying insurance at all or holding an insufficient policy for the work they are accomplishing. Insufficient may include not enough coverage or an inappropriate type of coverage.

A Streamlined COI Management Process With A Centralized System

When managing COIs, you need to rely on a user-friendly system. Benefits to our system include:

• 24/7 access to compliance reporting through a portal
• Online document management
• Dedicated partner to help you meet compliance goals
• Hands-on team to review each COI as well as endorsements

Reduce Costs Associated With Admin, Insurance, And Claims

A third COI tracking benefit is reduced financial exposure. The time and resources you devote to taking on the task of managing your certificates of insurance in-house can increase rapidly. When you partner with PlusOne Solutions, you will see an overall program cost reduction because our dedicated team of insurance experts and automated process work together to create efficiencies. This will also decrease rejected insurance-related claims ultimately saving your organization money.

Improve Compliance Rates Across Your Network

The final benefit of having a certificate of insurance tracking service is that you will see improved compliance rates. When PlusOne solutions manages your COI process, a team of highly-experienced professionals will do the job and do the job right. This team is focused on processing COIs all day and has an understanding of the typical errors, required language, and other key criteria that define compliance. This team is also focused only on this task, unlike how most organizations would include COI management amongst other tasks, which dilutes the priority and timeliness that PlusOne can offer. 

PlusOne Solutions understands the need to efficiently, quickly, and accurately process all your compliance documentation to ensure your contractors and vendors are compliant when providing services to your customers. Minimizing the disruption in operations due to compliance is critical to your business. We use 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 solution ensures your contractor network is fully compliant with your certificate of insurance standards, freeing up valuable time and resources for your organization.

Contact us today to learn more about how our full-service tracking system and proactive approach can help you achieve higher levels of COI compliance.

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 is an industry leader in risk management and specializes in compliance programs that meet the complex challenges of working with networks of contractors, vendors, and employees. PlusOne Solutions works to protect companies from possible legal, financial, and reputational risks associated with working with contractors while also creating safer work environments. To learn more, visit https://plusonesolutio.wpengine.com.