As a compliance administrator or someone who has the job of collecting and reviewing certificates of insurance for vendors and subcontractors, you know all too well how much back and forth is required just to ensure compliance for one subcontractor. The emails, the phone calls, the hassle of contacting the agent directly to try and fact check… but add on top of that tracking when those approved documents are up for renewal a year later, and going through the entire process all over again.
Do you prioritize reaching out and getting new documents—such as the certificate and corresponding endorsements—when renewal dates comes up? Are you alerted when a policy is up for renewal, or do you have to rely on sticky notes or a spreadsheet to help keep it all straight?
As you know all too well, when you’re always working from behind, it’s hard to get ahead and think strategically about what you should be asking or collecting next. In this article, we’ll share tips for what you should keep in mind when it comes to tracking renewals, and we’ll also share how you can be proactive about renewal tracking and eliminate manual processes so you can focus your attention on more important initiatives—whether compliance-related or not.
Keep These Tips In Mind For Tracking Renewals
Renewals—just like the original certificate of insurance compliance process—can be pretty tricky. If you aren’t sure what to look for, it could cost your organization a significant amount of time and money trying to unravel the mess. In order to avoid issues, keep these important tips in mind:
- Watch for fraudulent certificates of insurance
- Make sure the insured subcontractor or vendor hasn’t fallen behind on premiums
- Keep in mind that the subcontractor or vendor may have cancelled the policy without providing notice (sometimes the day after the policy is issued!)
- Check to ensure they actually renewed their coverage instead of letting it run out after the first year
- Check to ensure the same coverages and endorsements were included on the renewal policy
These and other gaps in coverage can cause major harm to your organization if they aren’t caught early and handled appropriately. If you don’t catch the errors, you and your organization could be at risk of major legal repercussions should something go wrong. These are just a few of the reasons that renewal tracking is yet another critical step in compliance: it helps you ensure that all documentation is accounted for, up-to-date, and accurate.
Be Proactive About Renewals
Why wait until something goes wrong to start tracking and managing your certificates and renewal processes?
Implementing an insurance tracking solution can save your company thousands of dollars in potential legal battles, ensure you’re always properly covered, and eliminate wasted time on manual out-of-date processes. These solutions exist for one reason: to help you handle the everyday tasks of managing certificates and protecting your company against underinsured claims, costly litigation and failed audits, all while helping you to become proactive instead of reactive.
What If You Could Eliminate Manual Renewal Tracking?
If reading this has given you a headache, we totally understand. You have a lot on your plate, and renewal tracking adds yet another to-do to the bottom of every week’s work. Here’s how an insurance tracking solution, like we mentioned above, can help you and your compliance team with renewals and more:
- Save time by eliminating many manual processes
- Become more efficient by automating certain steps and combining alerts and notifications into one single system
- Be more effective by reviewing everything in more detail
- Excel in their role by finding a more efficient and streamlined way of doing their job
- Find more time to be strategic about the processes and certificate of insurance tracking