With automation and customization comes the ability to organize your Certificates of Insurance in a way in which makes the most sense for your business. And to be honest, if total customization can’t happen with a software system meant to make your workflow easier, then how is it really helping you?
Many of our clients are using the CTrax COI Tracking software as a way to organize their documents by project with great success as the system allows for absolute flexibility in how they can organize their compliance process internally from start to finish. This system allows for the tracking of Certificates of Insurance by project allowing for more detailed information and better searchability when the need arises.
In a real-world situation, an organization could have multiple insured with varying degrees of risk profiles depending on the work being done. Organizing Certificates of Insurance by project allows those risk profiles within a company to be generated differently depending on the work being done, or the by the location, or any other terms the user sees fit. This is what we consider organizing by project.
Examples of organizing COIs by project
- Organizing by project allow you to create risk profiles for multiple participants within a project. That way a contractor working with heavy-duty machinery can be required to have $1,000,000 in coverage and the company mowing the grass can be required to have 100,000 in coverage and both risk profiles will be tracked separately.
- In another example, Developer “A” could have ten different contractors working in five different locations, working on ten different items. Using the CTrax system, Developer “A” could organize all Certificates of Insurance based on location or job type or even both. If there was a claim against one specific location, the COI would be easy to locate based on searchable parameters because it was organized by project.
- Having projects that vary in length means that the Certificates of Insurance associated with those projects need only be tracked for a certain length in time and there would not be the need for renewals once that project is finished. Organizing uploaded COIs by specific projects keeps the workflow and compliance streamlined.
What makes CTrax different?
CTrax is a true contract management tool because it has the ability to upload corresponding reference documents for specific projects into the system. Some customers upload insurance requirements for a project along with the contract to have all the necessary documents stored together, making them easily accessible if you should need them again for reference.
CTrax can help your organization track your Certificates of Insurance easily and effectively while mitigating your risks. Schedule your demo today.
