Ensure vendor compliance by conducting risk assessments and evaluations, utilizing compliance policies and contracts, and providing continual oversight. The BCS App does this all.

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.

The certificate of insurance tracking process includes collection and storage, analysis, correction, and follow-ups. The BCS App simplifies this process.

Additional Insured endorsements are insurance provisions extending liability protection from the policyholder to other parties who may benefit.

Loss payee is a common insurance policy designation naming the party to which payments are to be made in the event of a loss.

Hold harmless language (a/k/a indemnity language) is found in most contracts and agreements, with the purpose of transferring the obligations of one party to another to defend and make whole the other party for legal liability, typically related to the services, work or nature of the contract.

Effective contractual risk transfer strategy includes insurance requirements and the collection of documentation, correction processes and the storage and accessibility of that data.

Primary and noncontributory language in an insurance policy protects those listed as additional insureds from costly third-party liability.

Clear contractual language, effective internal policies and communication, and centralized tracking are several ways to increase COI compliance.

Contractual risk transfer is the ability to transfer a risk/loss from one party to another party through the language written in a contract.

You Could Face Tort Liability For Your Independent Contracts

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.

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.

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.

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.

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.

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.

Commercial General Liability (CGL) is a type of insurance coverage that will protect a business from risks including bodily harm, property damage, advertising and personal injuries.

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.

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.

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.

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.

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.

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!

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.

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.

Identifying and analyzing potential risks, and strategizing for their reduction and avoidance, are critical to successful risk management. Several useful risk management techniques include: Certificate of Insurance Tracking, Safety Pre-Qualification, Regulatory Screening, and Vendor Credentialing.

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.

Learn what an additional insured endorsement is and why it is so important when it comes to protecting your company from third-party risk.

Basics of collecting and tracking Notices of Cancellation along with Certificates of Insurance from all of your company's vendors, tenants, and subcontractors.

Notices of insurance cancellation are not always guaranteed. It is important to collect Notice of cancellation endorsements to protect your company from risk.

AIA forms now include a separate insurance exhibit, creating less vagueness and more understanding, and revamping contractual risk transfer in construction.

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.

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