Managing risk for any business is a paramount concern. This applies doubly if the company’s core business involves procurement, public contracts or work where a professional certifications are mandatory. If you are up in the air about certificate of insurance management, here are six reasons that should help you make up your mind.
Third Party Compliance
If your business does any type of subcontracting, you as the contract holder are responsible for your subs and that includes their insurance certification. Certificate of insurance management software lets you quickly and easily document and monitor certifications and where your subs are in the certification process.
Streamlined Contract Review
Rifling through dozens of papers to find the right insurance certification is not only aggravating, it is time consuming and increases the likelihood of errors. Tracking your insurance certifications through an automated database, lets you quickly compare your list of certifications with the contract’s stipulations and highlights where you need to focus.
Compliance and Follow-Up
Ideally, once every employee or subcontractor was told they needed to produce a certificate of insurance, they would do so. We live in the real world though, which means some will forget, some will procrastinate and some will put it off until it becomes absolutely necessary. Insurance certificate management software makes compliance verification and following up with the slow pokes easy and error free.
The greater your business complies with its work contracts and the clearer you make that in the bidding process, the quicker you get the contract, start work and get paid. It is that simple. With insurance certificate verification, ensuring you comply with contract or bid stipulations is quick and easy.
Keeping track of insurance requirements and certifications can be cumbersome. Being able to store all certifications in one easy-to-query database makes the management process pain free and seamless. Plus, because they are electronically stored, retrieval is at your finger-tips.
Compliance Status Reports
Need a “bird’s eye view” of your company’s certificate of insurance status? How about tracking those who are on the verge of needing re-certification? Compliance reports let you quickly produce a summary that lets you know where you are running risk of non compliance, how much time you have and who you need to contact.
Managing insurance certifications can be a laborious process, especially if you do not have your system automated; it also can hinder your growth as the more you need the certifications, the harder they are to keep track of and produce. Having a robust software to handle your certificate of insurance management processes is critical if you want to ensure your contracting and liability status is beyond question.