For those tasked with ensuring compliance for third party workers that do business with your organization, you know firsthand how much of a pain it can be to work with contractors, vendors, and project managers. Afterall, they don’t want to worry about the paperwork and insurance documents when a job is waiting for them to get started. Working through compliance can seem like a black hole for you, but even more so for your organization’s workers who likely find the discussions to be completely foreign and often frustrating when they don’t know exactly what is needed from them.
What happens when a worker submits their certificate of insurance and endorsements that doesn’t meet your organization’s standards and is deemed non compliant? It starts a messy process of back and forth emails, calls, and sometimes even requires work directly with the insurance agent to sort out the mess and get them started on their jobs as soon as possible. The process can be long and painful for all involved—but it doesn’t have to be that way.
Ensuring Compliance Is Critical
Unfortunately, it’s unlikely that your manager or the executive team realizes what a huge task it is to collect and review certificates of insurance and endorsements for each individual that does business with your organization. Not only is it a big responsibility, but a time consuming one at that. And if the process for ensuring compliance isn’t done correctly for each individual, it can quickly become a huge liability to the organization. Needless to say, the role of compliance is extremely important to the ongoing success of an organization that does work with third parties, regardless of industry.
By automating the process and connecting all those involved, including the third party vendor as well as the insurance agent, into a single, centralized system, you can say goodbye to all the paper trails and manual work. It’s possible to take care of each and every certificate in a timely manner and have confidence that your business is also protected from unnecessary risk. Isn’t it time to automate communications and reduce time spent on chasing down third party vendors and subcontractors who are itching to get to work?
Simplify Communications With Third Parties
Simplify how you track certificates of insurance and reclaim the time you’re currently wasting on all of those manual processes that are still error prone and take away time from your other numerous responsibilities. Instead of worrying about coordinating the various systems you use for certificate tracking, from spreadsheets to an accounting system and even post-it notes, what if there was just one software system that integrated and streamlined the entire process? Imagine a system that not only eliminated data entry for tracking policy dates and certificate renewals, but also helped you actually make sure your organization is compliant and up-to-date at all times, exactly what you need from insurance tracking. This system exists and can help you simplify communications with third parties.
Insurance tracking services like myCOI exist for one reason: to help you handle the everyday tasks of managing certificates of insurance and protecting your company against underinsured claims, costly litigation and failed audits. The software is an easy-to-use, cloud-based solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the certificate of insurance communication process and ensure you remain protected.