Transcript
The basics of certificate of insurance tracking
With the ever-changing business world, it's not enough to only collect your certificates of insurance (COIs) once and file them away. To protect your company from potential loss; you need a proactive approach that defines how exactly these compliance documents will be tracked so there are no surprises down the line when something goes wrong unexpectedly.
Insurance compliance is a challenge for many organizations. To avoid the hassle of trying to track down insurance certificates, it's important to have a standardized process in place. This COI tracking process should have measurable analytics to track overall compliance rates and if a specific contractor or vendor is compliant or not.
What makes a good certificate of insurance tracking process?
A good COI collection and tracking process should be able to quickly and easily collect COIs from all relevant parties and store them in a centralized location. This will ensure that all relevant parties have the most up-to-date information and can easily access their records if they need to make a claim. It might seem silly to point out, but not all processes make the “collection” part as simple as it can be. Still relying on snail mail and paper copies of insurance documents that have to be scanned in order to store digitally can be a BIG time commitment. Having a simple way for your vendors or contractors to upload their documents directly to you system would save both you and your vendors time!
The certificate of insurance tracking process can vary depending on the number of certificates your organization handles. In general, the collection and tracking process should include:
1. Gathering certificates from all vendors, contractors, and suppliers. This can be done electronically or via paper certificate.
2. Reviewing each certificate for expiration dates, named insureds, coverage limits, and policy effective dates, and more.
3. Identifying any gaps in coverage or deficiencies in policy limits and notifying the vendor of any changes that need to be made to their certificate.4.Provide a clear documentation trail for each certificate, including corrective actions
5. Maintaining an up-to-date database or spreadsheet of all certificate information.
6. Sending alerts or reminders for renewals as certificates approach their expiration date.
The certificate of insurance tracking process works the best when you have people with a strong understanding of insurance who can review contracts, understand the insurance language, and proficiently analyze COIs and licenses or endorsements. BCS created the best certificate of insurance tracking solutions to help businesses keep track of their vendors’, tenants’, contractors’ insurance, identify gaps in coverage, and make sure they are compliant with their contractual obligations.
Whether you only need a software to equip your internal team to track insurance themselves, or if you need a more extensive, hands-on COI tracking service, we got you covered! We will work with you to understand your specific needs and tailor our services to meet your unique goals. Our team of experts has the knowledge and experience necessary to provide you with the highest level of service possible.
Contact us today to learn more about how we can help you streamline your certificate of insurance tracking process.
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