certificate of insurance tracking software

 Factors To Know about When Tracking Certificates of Insurance

Company Size & Number of Vendors

While in-house tracking can reduce the need for working with third party companies and alternatives, it may also be time-consuming, and also increases in sophistication with every new contractor or supplier you work with. As such, in-house tracking will be most practical for smaller companies with a handful of sellers certificate of insurance tracking software.

Employee Expertise

As your company develops, the ability to manage certificate of insurance monitoring in house becomes more difficult; eventually it requires dedicated personnel with sufficient insurance experience to be able to not just track but review and correct documents to ensure your business is properly protected.

As both size and the demand for experience increase, most in-house COI monitoring solutions struggle to climb using a organization's growth. At the point, it may make sense--and frequently even be more cost-efficient--to change to a certificate of insurance tracking option supported by a committed team of specialists.

If you've reviewed the options above and are not sure which course is ideal for you, then feel free to take a peek at this article about what to look for and what questions to ask when considering choosing an outsourced COI monitoring solution.

The expense of uninsured claims and lawsuits due to lapsed insurance or even the incorrect endorsement might have a damaging financial effect on a contractor's bottom line. If a company is collecting certificates of insurance (COIs) simply to confirm they've been received, there's absolutely no guarantee that all the contractual requirements are met. Tracking and managing certificates of insurance to confirm all limits, endorsements and requirements are in place allows a company to transfer expensive claims and exposures to the appropriate party.