Insurance in today’s society is a crucial part of life. Almost every company, no matter how big or small it is, runs the risk of some sort of liability or peril, just by existing. On that note, almost everything needs to be insured to avoid paying big money in case of huge damages and other legal liabilities. In most cases, if a loss occurs, it can be pretty hefty to take care of it. However, having help and support from trustworthy software, that shows proof of validity and helps manage these mischievous papers can really save the day.
Today, insurance also resembles safety, security, and credibility, which clients value in a business. Not having proof of insurance can decrease client trust which results in fewer clients in the end.
Having insurance is great, but just making a contract with an insurer and call it a day means nothing if you don’t keep track of the insurance and don’t manage it properly. This is where the process gets harder to keep up with. Managing paperwork is a tough job and it almost always has human error written all over it no matter how careful one is being. Insurances need frequent check-ups at the right time to maintain coverage at all times. This can be a tedious process to deal with, but luckily using a Certificate of Insurance tracking software can help any business save a lot of time, money, and effort. Not to mention that these software are designed to be error-free so the record-keeping is less of a stress and is more accurate.
Which businesses can profit the most from COI Tracking?
Needless to say that COI tracking is beneficial for any business. However, there are companies that profit and benefit more than others from just simply tracking COIs. Reasons for profiting more from COI tracking can be the size of the company or the number of employees and clients the company has.
A short list of the businesses that benefit the most from having a Certificate of Insurance are as follows:
- Government Agencies
- Manufacturing Industries
- Residential Property
- Manufacturing Industry
- Sporting industry
- Entertainment industry
- Non-Profit Organizations
Depending on what kind of business you have, they all have their own risk factors, rules, and policies that they follow and provide for customers. These insurances can be said to be tailor-made for specific careers and business types.
What are the real reasons a business should use a COI tracking software?
1. The number one reason is accuracy at all times. Accuracy means that your company stays on top of its game all of the time. With being error-free comes the trust of your clients which is a crucial part of a business-client relationship.
2. The next reason links to the previous one, if your business-client relationship is good, then that equals happier customers. When there are many happy subcontractors, getting new clients is not as hard as it normally would be.
Client retention is already hard as it is, although, if you provide a positive experience to clients, it can effectively change the rate of your growth. A business has to provide a positive experience to their clients at all times, not just in the beginning, so clients don’t fade off. If clients or subcontractors are happy the business is thriving. Making someone’s life easier almost always results in a positive experience. A business can make a client’s life more stress-free with great record-keeping and trustworthiness. Using a COI tracking system does just that, and it’s easy to use for insurers and vendors alike.
3. A business’ main focus falls on growth in the first place. You can’t really invest in growth if you are spending your money on employees who manage COI tracking manually, now can you? Not to mention this leaves more window for human error, than a software COI tracking system would. Getting a COI tracking system saves you not only time and error but more importantly money, that you can invest in something else, like advertising, which basically equals growth since marketing draws in clients. Bottom line, you can focus more and invest more into your marketing efforts when you have a digital COI manager.
4. Having a COI tracker makes manually done processes fully automated. These tasks include but are not limited to insurance renewals, compliance reportings, reviewing all insurances that belong to the same COI, sending automated e-mails and follow-ups to clients about the state of the insurance or all of the insurances on one COI. Needless to say that automation of manually done tasks results in having more time and more resources for more productive tasks that benefit company growth. To conclude: you minimize risk while you grow revenue.
How can an Insurance Tracking Software Upgrade Your Business?
Besides automating manually done jobs, using a COI tracking system can upgrade your company big time. A Certificate of Insurance tracker doesn’t require daily monitoring. The system is set up with automated notifications, it will remind you about expiration dates and renewals, ensures that the documents are up-to-date and more importantly correct.
JDI’s CTrax is a solution to all of your Certificate of Insurance problems and nightmares. The software is fully autonomous and is designed to reduce manual processes, thus ensuring accuracy at all times. The program handles COI entry, management, and filing processes. On the plus side, the program is easy to use and requires no special IT expertise. In addition to all these benefits, the dashboard can be fully customized for your liking and need.
No matter how big or small your company is, even if it is just a private property, it is in your best interest to be insured but at the same time avoid excessive paperwork, and still have everything done error-free. In such case, your best friend might just be a COI tracking system that benefits your business in so many ways and reduces stress, gives you more time to invest into growing your business, and ensure accuracy all at the same time!