You know how important ensuring compliance of all your contractors and 3rd party vendors is to the ongoing success of your organization. One simple mistake or an overlooked item or unchecked policy could mean thousands of dollars in legal charges. As a leader, you need to have complete confidence that your team will make the right decisions in every circumstance, but you also need to ensure they have the tools they need to make those tough decisions.
You know that the everyday decisions your team makes regarding insurance coverage, endorsements, and improving compliance can all have a significant impact on the financial security of your organization—but are you confident your team can make those million dollar decisions without guidance?
COI-Related Responsibilities Can Be Tricky
There can be many tricky situations for your compliance staff, and many nuances that they will encounter that aren’t always black and white. For instance, what happens when an accident occurs on the job site or at a facility where your organization might be liable by association? Insurance carriers will do everything they can to defer costs to another party. 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. Or, 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.
The truth is that most of the time, those who are tasked with certificate tracking, following up with vendors, and reviewing endorsements don’t have a background in insurance. While they may be somewhat familiar with the process, the insurance industry is constantly evolving, and even the most astute administrator can let something critical slip through the cracks.
Reduce Human Error in Certificate Tracking
You don’t need another simple date-tracking tool. Instead, what you need is a smarter way of connecting everyone across teams that interact with contractors or vendors. A program that can help guide your administrators to make the right decisions at the right time, and can integrate seamlessly into the systems and processes your organization is already using.
It can be a lot of pressure for the person in charge of certificates of insurance, especially considering how fast the insurance landscape changes. Shouldn’t you, as an executive, provide them with support they need to make sure the job gets done right? With the right software, you can not only make sure every certificate gets the attention it needs, you can save your team hours of work while significantly reducing significant financial risk to your company in the process.
myCOI is a cloud-based software solution and exists for one reason: to help you handle the task of certificate of insurance management and to protect your company against underinsured claims, costly litigation and failed audits. The software and insurance tracking services are combined into an easy-to-use solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the certificates of insurance communication process and ensure your organization remains protected.