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What Is a Claims-Made Policy?
A claims-made insurance policy traditionally covers incidents reported while it is active.
Read NowHow Do I Send a Certificate of Insurance?
The steps to send a certificate of insurance depend on your carrier and recipient, though traditionally required a broker and most recently involve an online form.
Read NowWhat Is a Waiver of Subrogation?
A waiver of subrogation is a contractual provision that indemnifies third-party subcontractors from liability, effectively revoking an insurer's right to recoup losses from a claim concerning third-party fault for incurred damages.
Read NowWhat Is Workers' Compensation?
Workers’ compensation is a type of insurance that helps pay for an employee’s medical care, lost wages, and other expenses resulting from workplace injuries.
Read NowHow to Tell if Your Business Needs a Certificate of Insurance Management System
You should consider a certificate of insurance management system if your business works with outside contractors, frequently hires new contractors, doesn’t know if vendors are compliant, and/or lacks the time or expertise to track certificates of insurance.
Read NowHow to Get a Certificate of Insurance
You can obtain a certificate of insurance by requesting it from your contractor/vendor, who can then procure it through their insurance broker or provider.
Read NowDo You Have Worldwide Coverage?
Your insurance might not cover international exposures, putting your company at risk if you do conduct business globally.
Read NowHow to Review Language in Hold Harmless Agreements
Hold harmless language (aka indemnity language) transfers the obligations from one party to another to absolve one or both from liability that may arise from services, work, and/or the nature of the contract.
Read NowHow BCS Differs From Other Certificate of Insurance Tracking Solutions
BCS differentiates itself with comprehensive service, a convenient app, seamless API integrations, a dedicated team, high customer satisfaction, and by serving diverse industries.
Read NowBenefits of a Full-Service Certificate of Insurance Tracking Solution
A full-service certificate of insurance tracking solution can save time, ensure compliance, reduce risk, support your team, connect you to vendors, automate RFPs, and provide critical insight.
Read NowWhat Is Commercial General Liability?
Commercial general liability (CGL) is a type of insurance coverage that protects a business from risks such as bodily harm, property damage, advertising, and personal injuries.
Read NowVolatile Economy Calls for Better Risk Management Techniques
Identifying and analyzing potential risks and strategizing to avoid and reduce them are critical to successful risk management. Useful risk management techniques include certificate of insurance tracking, safety pre-qualification, regulatory screening, and vendor credentialing.
Read NowWhy Additional Insured Endorsements Are So Important
Additional insured endorsements are insurance provisions extending liability protection from the policyholder to other parties who may benefit.
Read NowWhat’s the Difference Between a Loss Payee & an Additional Insured?
Loss payees have first rights on claim payments for property losses, while additional insureds share in the named insured’s liability coverage.
Read NowTop 3 Mistakes in RFPs for COI Tracking
The three most common mistakes in RFPs for COI tracking are failure to identify the reason for tracking vendor insurance, overestimating the levels of compliance of the current program, and focusing on the price instead of the cost.
Read NowOrganizing Certificates of Insurance Best Practices
Certificates of insurance best practices include obtaining a certificate of insurance from each vendor, asking to be named as an additional insured, carefully reviewing the certificate, assessing endorsements, getting an updated certificate at renewal, implementing an organizational scheme, and consulting an insurance professional.
Read NowWhat Is Contractors Pollution Liability?
Contractors pollution liability (CPL) is a type of insurance policy that protects contractors from pollution-related risks, and helps ensure an accident doesn’t turn into a disaster for your business.
Read NowYou Could Face Tort Liability For Your Independent Contracts
While companies assume they won’t be held liable for tort claims arising from work performed by independent contractors, there are exceptions to the rule based on negligence, obligations to the public, and inherently dangerous activities.
Read NowThe Importance of Certificate of Insurance Tracking in Construction
Certificate of insurance tracking helps ensure you’re protected from liabilities associated with injuries, overdue projects, substandard work, subcontractor disputes, and other risks within the construction industry.
Read NowWhat Are the Steps in the Commercial General Liability Policy Renewal Process?
Collecting all pertinent information, performing a risk assessment, assessing previous renewals, and comparing rates and policies are important steps in the commercial general liability policy renewal process.
Read NowWhat Is a Loss Payee?
A loss payee is a common insurance policy designation that names who receives payment when there’s a loss.
Read NowThe Most Important Features of a Certificate of Insurance Tracking Solution
Several critical features of a Certificate of Insurance tracking solution include the availability of dedicated compliance professionals, comprehensive document review, and access to vendor networks.
Read NowTracking Certificates of Insurance for Free: Resources, Tools, and What to Be Aware Of
The ability to track certificates of insurance for free depends on a business’ technology, needs, size and complexity, together with in-house expertise. There are a number of free tools and resources available to help.
Read NowCertificate Holders & Additional Insureds: What's the Difference?
Certificate holders possess proof of insurance on commercial general liability policies, while additional insureds are other parties coverage has been extended to, beyond the initial policyholders.
Read NowWhat's the Difference Between Indemnification & Insurance?
The main difference between indemnification and insurance is that the former represents the process of transferring loss responsibility within a contractual relationship, and can exist independent of a policy, while the latter represents the actual contract backed by an insurance company.
Read NowTracking Certificates of Insurance: Questions to Consider
Proper management of insurance documents, like the certificate of insurance, is integral for maintaining vendor/tenant compliance, protecting your business against damage claims, and more. Doing so properly requires asking the right questions.
Read NowWhat Are Blanket Additional Insured Endorsements?
Blanket additional insured endorsements extend named insureds' third-party coverage though a simplified process, yet include important limitations.
Read NowEverything You Need to Know About Primary & Noncontributory Endorsements
Primary and noncontributory endorsements are a common insurance addendum that protects those listed as additional insureds from costly third-party liability.
Read NowThe Difference Between Ongoing and Completed Operations for Additional Insureds
The difference between ongoing and completed operations coverage determines how and when subcontractor insurance policies can extend coverage to additional insureds.
Read NowHow to Find the Best COI Tracking Solution
Finding the best certificate of insurance (COI) tracking solution is a matter of identifying which ones offer the greatest level of service, can work with international vendors, leverage centralized support teams, and can scale with your business.
Read NowThe Basics of Additional Insured Endorsements
Learn what an additional insured endorsement is and why it is so important when it comes to protecting your company from third-party risk.
Read NowHow to Boost Your Claims Management Success
Boost your company’s claims management success by having your own insurance policy, requesting certificates of insurance from vendors, adding an indemnity clause to contracts, analyzing and tracking vendor insurance information, and clearly communicating expectations.
Read NowHow To Guarantee Vendor Compliance
Ensure vendor compliance by conducting risk assessments and evaluations, utilizing compliance policies and contracts, and providing continual oversight. The BCS App does this all.
Read NowFinding Vendor Risk Management Success
Working with vendors brings risks to business arrangements, including potential financial, legal and operational issues. Any company that deals with multiple third-party vendors should consider implementing a vendor risk management strategy.
Read Now4 Steps for Tracking Certificates of Insurance
The certificate of insurance tracking process includes collection and storage, analysis, correction, and follow-ups. The BCS App simplifies this process.
Read NowBuilding Your Contractual Risk Transfer Strategy
Effective contractual risk transfer strategy includes insurance requirements and the collection of documentation, correction processes and the storage and accessibility of that data.
Read NowIncreasing Your COI Compliance
Clear contractual language, effective internal policies and communication, and centralized tracking are several ways to increase COI compliance.
Read NowThe Essentials of Contractual Risk Transfer
Contractual risk transfer is the ability to transfer a risk/loss from one party to another party through the language written in a contract.
Read NowAchieve Compliance With Certificate of Insurance Tracking Software
Certificate of insurance tracking software, such as the BCS App, helps companies achieve and maintain compliance via a customizable, user-friendly platform and centralized data hub, which among other features, monitors and even visualizes vendors by compliance status.
Read NowWhat Is OFAC?
The Office of Foreign Assets Control (OFAC) is a financial intelligence agency of the U.S. Department of Treasury that develops and enforces trade sanctions to support homeland security and foreign affairs initiatives.
Read NowVendor Screening: Know Who You're Working With
Vendor screening can help reduce your liability when taking on third-party subcontractors. Depending on your industry, OFAC debarment screening, EHS screening, financial screening, and legal screening may hold significant benefits.
Read Now5 Steps for Thorough Tenant Screening
Thorough tenant screening includes creating tenant criteria, conducting pre-screening interview calls, collecting rental applications, running rental background checks, and following up with tenant references.
Read NowWhat Is a Certificate of Insurance & Why Do I Need It?
A certificate of insurance (COI) is a document that serves as proof of business insurance. It is a snapshot of an insurance policy containing all the most important details of the policy, and helps protect against third-party risk.
Read NowWhat Does a Background Check Include?
While the criteria of a background check is ultimately decided by the employer, a typical candidate screening may include criminal history, vendor credentials, alternate business names, insurance compliance, customer reviews, and Better Business Bureau standing.
Read NowWhat's the Difference Between Occurrence & Claims-Made Insurance?
An occurrence policy has lifetime coverage for the incidents that occur during its policy period, regardless of when the claim is reported. A claims-made policy only covers incidents that happen and are reported within the policy's time frame, unless a 'tail' extension is purchased.
Read NowThe Critical Nature of Workers’ Compensation Insurance
Workers' Compensation Insurance is designed to protect both your business and your employees from suffering any more than necessary after a work-related injury claim.
Read NowDownload the PDF 'Everything You Need to Know About Certificates of Insurance'
This free, introductory resource guide to 'All Things COI' shares valuable insights and tips on tracking, improving and managing the all-important Certificate of Insurance. Download it today!
Read NowWhat's the Difference Between Excess and Umbrella Insurance?
Excess and umbrella liability insurance have some important differences, most notably that the former simply provides additional limits to an underlying policy, while the latter also expands coverage to include claims and losses outside its initial scope.
Read NowYour Complete Guide to Developing an Effective Risk Management Plan
Developing and implementing an effective risk management plan is essential to mitigating threats to your business. This comprehensive guide explains its importance, outlines techniques for identifying and prioritizing threats, and defines key concepts and checkpoints within this five-step process.
Read NowLimit Your Liability with Certificate of Insurance Tracking
BCS’ unique, three-step approach to certificate of insurance tracking provides the verification, security and peace of mind so essential to third-party risk mitigation.
Read NowInsurance Cancellation Notices Part 2: Endorsement Enforcement
Basics of collecting and tracking Notices of Cancellation along with Certificates of Insurance from all of your company's vendors, tenants, and subcontractors.
Read NowInsurance Cancellation Notifications Part 1: Is Notice Guaranteed?
Notices of insurance cancellation are not always guaranteed. It is important to collect Notice of cancellation endorsements to protect your company from risk.
Read NowEffectively Managing Third-Party Risk
BCS can help your company reduce third-party risk with our innovative compliance management solutions. Learn how to track vendor insurance using the BCS App today.
Read NowDon’t Get Bitten by a Self-Insured Retention Hiding in a General Liability Policy
Don’t Get Bitten by a Self-Insured Retention Hiding in a General Liability Policy
Read NowJust 1 Bad Apple Can Spoil the Bunch - and Cost Shareholders 30% of Returns
Just 1 Bad Apple Can Spoil the Bunch - and Cost Shareholders 30% of Returns
Read Now