Most contractors, property managers, and insurance brokers understand the importance of certificates of insurance (COI). They are integral for managing compliance, yet the management of these crucial documents remains one of the most challenging aspects of the job.
You might have multiple COIs to keep track of, and traditional organization methods like spreadsheets and calendar reminders can be exceptionally time-intensive. Fortunately, contractors do have other options, such as certificates of insurance management systems.
If you haven’t yet looked at your organizational options, consider the following information for why now might be the right time.
The Problems With Traditional Organization Methods
The management of certificates of insurance for contractors has been an issue for a number of years, ever since it became crucial for all businesses to carry insurance and reduce the risks of liability.
One of the most frustrating problems for busy contractors is the time it takes to check all contractor, subcontractor, and business COIs to ensure everyone’s insurances are up to date. Before a new project gets underway, they have to undertake this manual process or run the risk of insurance lapsing and causing liability issues.
Alongside time frustrations, contractors then have to concern themselves with sending out dozens of emails to request updated certificates for those with nearing expiry dates and clarification for any exclusions or limitations.
Certificate of Insurance Management All in One Place
One of the most standout benefits associated with certificates of insurance management systems is keeping all your COIs in one convenient place. Whether you’re a contractor, a property manager, or an insurance broker, you no longer have to worry about haphazardly storing these essential documents in archaic systems like spreadsheets.
Instead, you can upload them into a system like C2COI, with organizational features like expiration and policy dates. These systems do all the management and storing for you, leaving you to focus on other important parts of your business.
Notify Business Partners Automatically
Very few contractors would say they enjoy having to pore over their list of COIs, looking for those about to expire, and emailing COI holders for updated policies.
This is a time-intensive task and one that’s also fraught with risk due to the chance of policies being missed. When you utilize a certificate of insurance management system, you can take a more hands-off approach. Once your business partners’ COIs are loaded into the system, the program you use automatically sends out notifications when expiry dates are nearing.
Search for COIs Easily
When a new project is about to get underway, it’s crucial for you to ensure that all people and businesses involved have current certificates of insurance for liability reasons. Make this process easier for yourself by using systems with search functions.
When you can search your partner policy database for COIs by date and policy type, you can find out which ones fit your criteria for your project to get underway. All provided results can also be downloaded into a zip folder so that you can have them on-hand and ready for auditing, should that be required in your industry.
Trying new technology can be frustrating, but not using your time effectively can be even more so. Take advantage of C2COI’s efficient, easy-to-use certificate of insurance management system and enjoy a faster and more streamlined approach to COI organization. Start your 14-day free trial today.
