Why Certificate of Insurance (COI) Tracking Service Is Important
In any type of business, transparency is key when it comes to building trust, especially when you are dealing with suppliers, contractors, or vendors. Making sure that all parties are insured is essential for establishing protection and transparent relationships. For complete protection, you need more than a verbal assurance that those you work with have insurance; they should also have an up-to-date certificate of insurance to prove it.
By using a certificate of insurance (COI) tracking service, you are given access to a reliable and up-to-date roster of insured suppliers. You’ll be able to check that these suppliers not only are able to provide the right services but also have the right insurance to protect your business from liability.
It’s important to protect your company and suppliers in case of an unexpected event, so having a certificate of insurance tracking service is essential in mitigating risk by providing visibility to both the business owner and supplier. This means having access to suppliers’ insurance details and being able to monitor their coverage. After all, you should be focusing on further enhancing your business—not putting out fires.
Below we go over the key points as to why business owners and suppliers need a certificate of insurance tracking service.
As mentioned earlier, transparency is the glue that brings successful relationships together. When it comes to developing and monitoring your business, it’s important to have visibility with those you employ. Doing so establishes trust and provides peace of mind for both you and the supplier throughout the process.
It’s your business, so you should be in control. You want to make sure that the supplier you are conducting business with carries the minimal risk possible.
Having a certificate of insurance tracking service allows you to monitor the current status of your supplier’s insurance. For example, if their insurance is about to expire, or if there are any updates to their insurance policy, you will be notified.
Suppliers will also be notified on their end when their insurance is about to expire, or when there are any changes to your insurance requirements. That way, they are able to communicate and take any necessary actions right away.
Moreover, you can specify requirements for each type of project or job you have planned in order to find the right supplier and insurance coverage. Every project is different, so it’s important you can procure the specific types of services that you need.
Having a certificate of insurance tracking service simplifies the qualification process for you and your supplier. With this service, you are able to provide specific details as to what kinds of operation and services you require in a supplier.
Suppliers also receive confirmation or feedback on their insurance policy by simply uploading their COIs to the platform. If their insurance is approved and ready to go, they will have proof that they are covered and qualified suppliers. This ultimately saves you and your supplier time by avoiding the administrative work of going through hundreds of insurance documents and auditing.
You want to make sure that any business relationship you are entering is a genuine and trustworthy one. By having access to a roster of insured suppliers, you’ll be guaranteed to work with those that carry appropriate and authentic qualifications.
A certificate of insurance tracking service allows you to focus on big-picture goals and optimizing your business, rather than investing time in administrative work. A tracking service provides a streamlined process that maintains all your requirements, along with providing visibility on all ends.
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With over 95,000 customers in over 100 countries, Avetta provides a detailed and organized SaaS subscription platform for insurance confirmation and monitoring. Not only can you request and find the right supplier for your needs, but you will be kept up to date on the status of your supplier. Learn more about how Avetta can help you with your certificate of insurance tracking service needs.