Your compliance staff has a lot of pressure on their shoulders. Not only are they juggling multiple jobs and responsibilities, but they are on the front lines of checking for compliance for your many vendors and contractors. If something in the process goes wrong, they know a simple mistake or an overlooked item can end up costing your organization a hefty lawsuit. For someone that likely isn’t familiar with insurance terms and language and is just doing their job the best they can, that’s a lot of stress to carry. Your team members need to know that you have their backs and that you’re protecting them to the best of your ability. And continually adding more and more responsibilities to their plate, or continuing with the manual way of doing the compliance process isn’t how to show your staff that you value their role and the work that they do to protect the organization.
You go to great lengths protecting your contractors and third party workers and making sure they have a safe environment to perform their responsibilities. Are you protecting your compliance administrators in similar fashion?
Insurance Tracking Services To Protect Your Compliance Staff
Most compliance administrators don’t have the capacity to be strategic in their roles, especially when their roles require much more than certificate of insurance tracking. Unfortunately that often means they aren’t able to spend enough time on each certificate, and manual processes like many use increase the risk of errors and omissions, or just plain and simple oversight, such as making sure certificates are up to date.
It just takes one simple mistake, like an overlooked item or an unchecked policy, to catapult an organization into a world of legal charges, if not worse. Your compliance administrators need to have complete confidence that they’re making the right choices in each circumstance. Without the right tools in place, this can be a very demanding ask that weighs heavy on their shoulders, especially since they’re faced with important decisions on a regular basis.
Those decisions regarding insurance coverage, endorsements, and other key compliance factors can all have a big impact on the financial security of an organization. For example, what happens when an accident occurs in a circumstance where your organization might be liable by association? If you don’t have the right coverage on file for those involved, it’s quite possible your organization could end up with the claim or that an accident could, at the very least, cost your organization a hefty amount of resources. What happens if an owner isn’t covered by worker’s compensation but gets injured at a job site? These are just a few all-too compliance mistakes that slip through the cracks. Even those compliance staff members who are confident in their decisions can easily let something slip through the cracks, which puts a big burden on even those compliance team members.
How will you prove to your compliance admins and staff that you’re doing everything in your power to provide them with the best tools? Make sure they know you have their back by providing them with insurance tracking services.
Empower Your Compliance Staff To Make The Best Decisions
Insurance tracking services like myCOI exist to help your compliance administrators 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.