December 16, 2016

Compliance Admins: Are You Comfortable With Million Dollar Decisions?

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As someone who is in charge of ensuring compliance for all of your organization’s contractors and vendors, you have a lot of responsibilities on your plate. Not only is it your responsibility to collect and review all certificates of insurance for all potential workers, but you also need to review endorsements, check on insurance renewals and expiration dates, and exchange emails between contractors and insurance agents to make sure everything unchecked gets taken care of before they step foot on the job site. That in and of itself is overwhelming for many. But on top of that, your role has an enormous financial responsibility to ensure your organization is protected.

Your Processes Could Cost Your Organization Millions

If you’re like many compliance administrators, you don’t have the capacity to be strategic in your role and therefore you aren’t able to spend the proper amount of time on each item. Manual processes can increase the risk of errors and omissions or simple oversight, such as keeping all certificates up to date.

One simple mistake such as an overlooked item or an unchecked policy could mean thousands of dollars in legal charges, if not more. As a compliance administrator, you need to have complete confidence that you will make the right decisions in every circumstance, but you also need to ensure you have the tools you need to make those tough decisions you’re faced with on a regular basis.

The everyday decisions you make regarding insurance coverage, endorsements, and other compliance factors can all have a significant impact on the financial security of your organization—but are you comfortable making those million dollar decisions without guidance?

You know from experience that in the world of compliance, there can be many nuances that you will encounter that don’t always result in black and white answers. For instance, what happens when an accident occurs on the job site or at a facility where your organization might be liable by association? If your organization doesn’t have the right coverage on file, then it’s possible you could end up with the claim or that an accident could, at the very least, cost your organization a significant amount of money. What happens if an owner isn’t covered by worker’s compensation but gets injured at a job site? There are many ways a certificate of insurance can slip through the cracks.

While you may be somewhat familiar with the process or have been in the industry for years, the world of insurance is constantly evolving. Even those administrators who are most confidence in their decisions can let something critical slip through the cracks if they rely on manual processes. How will you and your organization prepare to handle future million dollar decisions?

A Solution To Help You Be Confident In Your Decisions

myCOI exists 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 COI communication process and ensure you remain protected.

Interested in learning more about their insurance tracking services, or want to see myCOI in action? Request a product demo or sign up for our newsletter to stay in the know.

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