In order for a business to hire vendors, and for the vendor to successfully win a contract, it is important for them to provide an accurate Certificate of Insurance that details their coverage. If the contractor being hired has high-risk exposure, it becomes vital that their insurance coverage is accurate and up to date.
A business hires a contractor to build a new break area at an office building that will expose both the contractor and the employees at the office to the risk of bodily harm. If for whatever reason an incident was to occur during the construction process, it is crucial that the liability has been appropriately assessed and that coverage is available for the affected party.
An accurate and updated COI details all coverage requirements and provides the necessary information that is required in a case such an event arises.
However, if a contractor’s COI is expired and the insurance liability has not been assessed, it becomes the responsibility of the hiring organization to cover any damages or incidents that arise on the contractor’s behalf. Sometimes, the COI isn’t just expired, but it contains misinformation as the policy could have changed.
In the case of manually tracking COIs, it can become an ardent process that requires a significant amount of company resources to accurately manage and ensure that all contractors and vendors are properly covered.
CTrax Solution for Expiring COIs
Luckily, CTrax provides a business with everything it needs to effortlessly manage all of their COIs and ensure that they stay up to date. During the implementation process, users will be prompted with the option to configure the CTrax system to automatically request and update expiring COIs based on custom parameters, ensuring that a company never has an expired certificate on file ever again.
Also, users can quickly assess the status of all their certificates by conveniently accessing the CTrax dashboard from any network-connected device. The dashboard is user-customizable and can be set up to showcase an overview on any type of relevant data that the user has stored within the CTrax database. If a file has misinformation or was not accurately updated, the user will be notified by email (and on the dashboard) that it needs to be reviewed.
CTrax helps guarantee that a business will never have another expired certificate on file -ever again.