Risks are very common and costly in any enterprise.
You have to remember that accidents in industry, service, or business will always happen. Even if you spend a lot of time, effort, and money on providing a comfortable and safe environment, these incidents will still happen – due to safety violations or even human error.
They are called expensive because each claim can cost hundreds of thousands of dollars, which will have a negative impact not only on your business but also on your reputation.
That is why the first and the main rule of any successful enterprise is not just to minimize risks, but to provide full insurance coverage for the entire business.
Pros and cons of insurance certificates
When it comes to business insurance, the main document is the Certificate Of Insurance (COI).
It contains the most important aspects, such as:
- The name of the policyholder;
- Expiration date;
- Terms and conditions of insurance;
- Limitations on insurance.
COI is crucial in insurance matters, but it should be remembered that in the case of a large company, this is more than a dozen, and sometimes a hundred such documents. Therefore, managing them is a rather difficult task.
A specialist whose work is connected with reducing risks in an enterprise must keep track of many insurances and many parameters because any unaccounted-for factor in this work can lead to significant financial losses.
This activity is associated with some additional complications. We are talking about cases where your business needs to subcontract employees of another organization to carry out its activities. You have to be absolutely sure that they have insurance because if an accident happens while carrying out work for your organization or on your territory, you will be responsible for it.
Such organizations include almost any company working in the field of services. Airlines, shipping, passenger transportation, manufacturing… Probably we can say that there is not a single area of business today that does not employ third-party workers to do its work.
This once again underlines the importance of having insurance documents and the necessity of keeping track of them.
Some organizations hire an entire staff for this purpose, which ends up being overwhelmed with the paperwork of tracking, monitoring, and updating the flow of insurance certificates. Despite this, however, statistics show that between 36% and 53% of businesses are involved in at least one lawsuit in any given year. Which indicates a lack of control over all necessary risk-related documents.
The way out of the vicious circle of incidents and litigation lies in a fundamentally new approach to dealing with insurance documents
COI Tracking is a service and specialized software that allows you to efficiently manage all insurance paperwork in your company.
Working with COI tracking is very convenient for many reasons:
- Complete control over the movement of COI in your company. Certificate tracking will no longer be a pile of paperwork. Thanks to the user-friendly interface, you will see all the documents related to insurance, as well as the main parameters for them.
- Automatic notification of the most important events. You won’t miss things like insurance expiration or coverage changes – you’ll get notifications to your email address.
- Access to a centralized certificate repository. You can get information about any certificate relevant to your business, 7 days a week, 24 hours a day. This is very important when you’re hiring third-party employees and you need to make sure they’re properly certified. You can also add these certifications to your database so you always have them handy.
- Detect fake certificates. With the help of unique recognition technologies, combined with the work of our employees, you can find out if the insurance is fake. Today, almost anyone can produce fake documents, so the possibility of such verification can hardly be overestimated.
- Convenient and secure data storage. Digital data storage has long proven to be superior to paper storage. In the event of an emergency, such as a flood or fire, you won’t lose your documents because a copy of the database will be stored in a separate building on a dedicated cloud server. Plus, you’ll be able to access your insurance database from any device, anywhere in the world.
- Identifying weaknesses in insurance coverage. COI Tracking will not only get your documents in order but will also analyze them according to your company’s insurance requirements, thereby revealing vulnerabilities that could very well lead to financial losses in the future.
Do not forget that online and phone support is always available for COI Tracking users. Specialists will advise on any issue and help solve the problem.
If you really care about the success of your business and are ready to create a safe and comfortable environment on it and keep it up to date, you need COI Tracking. It will take care of all the paperwork, allow your employees to focus their efforts on eliminating risks instead of parsing documents and save them from the human factor, which is often one of the main causes of errors.