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Self-Insured Retention & Commercial General Liability Policies
When CGL policies are subject to self-insured retention, insurers only cover a claim after insureds pay a fee—which sometimes lapses coverage.
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 NowWhat Is Vendor Compliance Software?
Vendor compliance software is an integrated platform enabling businesses to communicate with, hire, and track documentation for third parties in real time to ensure adherence to laws, regulations, and policy stipulations.
Read NowWhat Is Workers' Comp?
Workers’ comp insurance helps pay for an employee’s medical care, lost wages, rehabilitation, and other expenses incurred from workplace injuries.
Read NowWhat Is General Contractor Insurance?
General contractor insurance covers contractors in the event of on-site injuries, equipment damage, litigation, and other claims, and is required for compliance.
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 that 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 independently from a policy, while the latter represents the actual contract backed by an insurance company.
Read NowContract Management & Contract Review
While contract review involves analyzing an agreement to ensure it meets stakeholder needs and expectations, it is just one of many stages in the contract management process—following the end-to-end lifespan of a contract from creation to completion.
Read NowWhat Is ACORD & What Does It Have To Do With Insurance?
ACORD is a global non-profit known for its standardized certificate of insurance (COI) forms. These streamlined documents contain pertinent information regarding an insured’s insurance policy and are essential in compliance and business dealings.
Read NowWhat Is Self-Insurance?
Self-insurance involves setting money aside for a potential loss instead of purchasing a third-party insurance policy. Depending on the losses your business faces, this could either save or cost more money than traditional insurance coverage.
Read NowWhat Is a Waiver of Subrogation?
A waiver of subrogation is a contractual provision that indemnifies third-party subcontractors from liability—revoking an insurer's right to recoup losses from a claim concerning third-party fault for incurred damages.
Read NowWhat Is a Certificate of Liability Insurance?
A certificate of liability insurance provides proof businesses are covered by an active, commercial general liability insurance policy. This convenient, accessible document is important to prove insurance status, mitigate liability, and protect businesses in third-party contracts.
Read NowWhat Is AM Best & What Does It Have To Do With Certificate of Liability Insurance?
AM Best credit rating agency scores insurers’ creditworthiness on a scale of A+ to D to measure insurance-related risks and help consumers make informed decisions.
Read NowThe Basics of Additional Insured Endorsements
Additional insured endorsements extend coverage to a specified third party in the event of a claim or negligent acts.
Read NowWhat Is An Insurance Endorsement?
Insurance endorsements serve as policy changes to your original agreement that help you mitigate risks.
Read NowWhat Is Third Party Risk Assessment And How Can It Help My Business?
Third-party risk assessments evaluate factors such as vendor reputation, data security, financial standing, mission, and more to mitigate liabilities, streamline project workflow, and ultimately, influence hiring.
Read NowHow to Get a Certificate of Insurance
Request a certificate of insurance (COI) from your contractor or vendor, who can procure it through their insurance broker or provider.
Read NowBest Practices for Third-Party Risk Management
Best practices for third-party risk management include investing in a cloud-based vendor management software, hiring the right vendors and maintaining a vendor list, streamlining document tracking, and keeping open lines of communication.
Read NowWhat Are Blanket Additional Insured Endorsements?
Blanket additional insured endorsements extend coverage to multiple third parties without naming or requesting additional insured status for each.
Read NowEverything You Need to Know About Primary & Noncontributory Endorsements
Primary and non-contributory endorsements are common insurance addendums that protect additional insureds from costly third-party liabilities and potentially, having to make contributions during claims.
Read NowThe Benefits of COI Tracking for Third-Party Risk Management
COI tracking ensures vendors are insured, sets professional expectations, enables instant compliance correction, and helps businesses stay organized—all of which tremendously aid in effective third-party risk management.
Read NowWhat's the Difference Between Excess and Umbrella Insurance?
Excess liability insurance provides additional limits to an underlying policy, while umbrella liability insurance expands coverage to include claims and losses outside its initial scope.
Read NowWhat's the Difference Between Occurrence & Claims-Made Insurance?
An occurrence policy offers lifetime coverage for incidents that occur during the policy period, regardless of when the claim is reported. A claims-made policy only covers incidents that occur and are reported within the policy's time frame unless a 'tail' extension is purchased.
Read NowHow to Ensure Vendor Compliance
Vendor compliance requires third parties to fulfill all legal and policy expectations in the business relationship. Companies can help ensure compliance by implementing risk assessments, evaluations, policies, contracts, and continuous oversight.
Read NowWhat Is a Supply Chain Management System?
Businesses often rely on robust supply chain management software systems to integrate vendor processes and mitigate risk throughout the planning, sourcing, manufacturing, delivery and logistics, and returning stages.
Read NowBest Practices for Maintaining an Approved Vendor List
When utilizing vendor lists to collect, organize, and manage third-party information, it is best practice for businesses to determine active vendors, analyze documentation, monitor accounts payable balances, conduct stakeholder assessments, and edit lists as needed.
Read Now5 Steps to Implementing Vendor Risk Management
When implementing a vendor risk management strategy, businesses should begin with smart vendor selection, create a standardized onboarding process, establish contractual standards, maintain due diligence and monitoring, and institute comprehensive auditing and reporting processes.
Read NowBenefits of Modernizing Your Vendor Management Process
Modernizing your vendor management process can help you save time, cut costs, evaluate relationships more easily, maintain stronger connections, improve compliance, reduce risks, and enhance visibility.
Read NowThe Importance of Vendor Management
Consistent vendor management empowers businesses to improve transparency and mitigate risks by tracking real-time compliance documentation, streamlining communication, and automating RFPs.
Read NowWhat Is a Vendor Portal?
A vendor portal, also known as a supplier portal, is an integrated online platform businesses utilize to manage and connect with third-party suppliers of goods and services.
Read NowVendor Risk Management & Insurance Tracking Software
Risk mitigation and vendor risk management are vital to protecting your company from costly claims, and can be facilitated by utilizing insurance tracking software.
Read NowBCS App: Automated RFPs
Broadcasting automated RFPs through the BCS App can help you find new vendors with minimal time and effort.
Read NowBCS App: Integrations
The BCS App integrates seamlessly with some of the most popular B2B software on the market to help you save time and maintain easy access to your data.
Read NowBCS App: Vendor Mobile App
BCS Connect, the BCS vendor mobile app, streamlines onboarding and compliance for vendors through user-friendly features.
Read NowBCS App: Finding Pre-Qualified Vendors With the BCS Network
Finding pre-qualified vendors is beneficial for effective enterprise risk management, but it isn’t always easy. The BCS Network, available through the BCS App, simplifies the process.
Read NowBCS App: Streamlined Vendor Onboarding
Effective vendor onboarding is critical to vendor management. The BCS App streamlines the process to save you time and ensure compliance.
Read NowBCS App: Unmatched Protection
The BCS App provides unmatched protection by collecting, correcting and protecting certificates of insurance, monitoring expiration dates, and much more.
Read NowFranchise Management 101: COI Tracking to Mitigate Risk
Careful COI tracking for franchise management to critical to mitigate third- and fourth-party risks.
Read NowProtect Your Community With COI Tracking for HOAs
COI tracking for homeowners associations is essential to mitigating third-party risk, and also holds significant benefits for the HOA.
Read NowThe Basics of COI Tracking for Manufacturing
COI tracking for manufacturing is essential to mitigating third-party risks associated with cybersecurity threats, operational disruptions, health and safety liabilities, regulatory compliance, and brand damage.
Read NowWhy COI Tracking Is Essential for Effective Risk Management in the Healthcare Industry
COI tracking for healthcare helps protect from third-party risk, including data breaches, HIPAA violations, and failure in care.
Read NowWhat You Should Know About COI Tracking for Logistics, Transportation & Supply Chain Management
COI tracking for logistics, transportation, and supply chain management businesses is essential due to third-party risks associated with data breaches, regulatory violations, financial loss, reputation, and contractual liability.
Read NowCOI Tracking To Mitigate Risk for Lending & Financial Services
Due to significant third-party risk with serious potential consequences, lending and financial services businesses require comprehensive COI tracking.
Read NowProtecting Guests & Your Business With COI Tracking for Hospitality
Hospitality businesses that work with third parties may be susceptible to cybersecurity and health & safety risks, requiring COI tracking for hospitality.
Read NowWhy COI Tracking Is Essential for Your Retail Business
Comprehensive COI tracking for retail effectively mitigates third-party risk and potential complications for businesses.
Read NowThe Definitive Guide to COI Tracking for Real Estate & Property Management
Property owners & managers increase their risk when they work with a new vendor, contractor, or tenants, requiring careful COI tracking for real estate.
Read NowThe Ultimate Guide to COI Tracking for Construction
Careful COI tracking for construction is especially important due to the plethora of potential liabilities and complicating factors in the industry.
Read NowBenefits & Bandwidth: Advantages to Full-Service COI Tracking
Full-service COI tracking for business can accommodate changing work levels, free up staff time, save money, maintain the highest standard of third-party risk mitigation, modernize operations, and improve the vendor experience.
Read NowMitigating Third-Party Risk With Compliance Analysts
Working with compliance analysts can help businesses mitigate third-party risk through insurance tracking, document management, regulatory and financial screenings, and health and safety prequalifications.
Read NowHow To Seamlessly Migrate Your COI Tracking Solution
Migrating your COI tracking solution may ultimately save you hours of work, but the initial implementation process can be tricky: reviewing your records, choosing an approach, backing up your data, sticking to your methodology, and testing your results.
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 NowWhy Centralize Your In-House Compliance Process & Documentation?
Centralizing your in-house compliance process and documentation can help you save time, conserve space, enhance organization, secure critical information, reduce data loss from human error, improve audit efficiency, increase compliance, enhance visibility, and appear more professional.
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 be beneficial.
Read NowTop Ways to Save Time With Compliance Management
Strong compliance management techniques can save your staff time by simplifying inviting and connecting with vendors, streamlining onboarding, centralizing document collection, detecting compliance gaps, automating follow-ups, integrating other tools, and facilitating real-time compliance checks.
Read NowThe Essentials of Contractual Risk Transfer
Contractual risk transfer is the ability to move a risk/loss from one party to another through the language written in a contract.
Read NowFull-Service vs. Self-Service Insurance Tracking
Full-service certificate of insurance (COI) tracking pairs software with human support, while self-service options offer software-only monitoring.
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, and it helps protect against third-party risk.
Read NowOn-Site vs. Off-Site Coverage in Construction
On-site insurance covers incidents at the jobsite, while off-site coverage extends to project-related incidents occurring at other locations.
Read NowWhat to Pay Attention to During a Certificate of Insurance Tracking Software Demo
During a certificate of insurance tracking software demo, participants should pay attention to the interface, service level, collection process, integrations, analytics capabilities, industries served, screening options, and special features.
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 monitor and visualize vendors by compliance status.
Read NowSigns a Certificate of Insurance Might Be Forged
You may be able to identify a forged certificate of insurance through telltale signs such as missing contact information, poor quality, inconsistent fonts, and whited-out information.
Read NowLimit Your Liability with Full-Service Certificate of Insurance Tracking
BCS’s unique, three-step approach to certificate of insurance tracking provides the verification, security, and peace of mind essential to third-party risk mitigation.
Read NowWhat 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 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 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 agreements (aka indemnity agreements) transfer 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 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
Organizing 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 to help 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 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 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 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 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 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 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 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 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 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 With Full-Service COI Tracking
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 NowThird-Party Risk Management: Protecting Data Privacy
Protecting data privacy is a critical component of third-party risk management.
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