The costs associated with faulty third-party insurance coverage tend to fall on the hiring party. Unfortunately, requesting certificates of insurance alone will not protect you from unfavorable risk transfer in the event there are discrepancies in one of your vendor's insurance policies. To protect yourself from potentially millions of dollars in damage claims each year, consider enlisting the best certificate of insurance tracking software, the BCS App, to do the heavy lifting.
What Is Certificate of Insurance Tracking Software?
Certificate of insurance (COI) tracking software, such as the BCS App (developed by industry-leading compliance professionals Business Credentialing Services), helps business owners mitigate risk by providing total visibility into the compliance status of a limitless number of third-party vendors’ insurance documents, including certificates of insurance, additional insured endorsements, indemnification agreements, and citations and notices of penalties from the U.S. Department of Labor.
In short, the BCS App is a proprietary software solution for any business subject to maintaining regulatory compliance. The physical safety of your contracted employees and the financial safety of your business are paramount; the BCS App helps you secure both.
Here are four significant reasons why you should contact BCS about this must-have software integration, immediately:
For larger organizations, such as international real estate or hotel enterprises, insurance documents can stack up to an unmanageable degree demanding extreme diligence to maintain, manually. Insurance tracking software was developed with these very instances in mind.
Automated administrative processes can save you hours upon hours of precious time that would be better spent focused on your core business offerings. When you outsource your document management, you’re minimizing the need for data entry so your team’s talent can be channeled elsewhere. The BCS App features a centralized hub for storing documents and data, which further streamlines the procurement of important insurance information.
To minimize risk, businesses usually have regulatory policies in place requiring certificates of insurance and other important documents are collected and tracked. But what happens when these policies are loosely enforced, or not complied with, as is often the case?
With the BCS App, you can easily collect and track insurance documents, spot discrepancies threatening your compliance levels, and correct them. With real-time status updates, you can rest assured that any recently expired policies or limits won’t slip by unnoticed. You can even screen vendors’ health, safety, and environmental compliance, with custom HSE questionnaires.
Risk management talk tends to focus around minimizing loss rather than adding value, but avoiding loss is only part of the story. When you utilize a tool such as the BCS App, you can accelerate the onboarding process and speed up vendor time-to-work. Streamlining your compliance checks helps you hit deadlines, retain business, and siphon the most value from your third-party hires.
The BCS App is equipped to support an unlimited number of vendor categorizations and insurance and business requirements. BCS account managers will work with you directly to identify the biggest threats to your business based on determinants like industry and geography, to ensure your user experience is customized down to the very last detail.
Ready to Get Started? Schedule Your Free Demo
With state-of-the-art features and versatile functionality, the BCS App is the most efficient and user-friendly certificate tracking and credentialing software on the market today (but don't take our word for it, watch the video).
When you sign on with BCS, you're getting more than just advanced analytics software, you're also gaining a dedicated support team of trained auditors, who will work closely with you and your team to develop a strategy to suit your unique business needs.
Once BCS has developed this customized strategy, implementation is simple. Don’t stand idly by while your business suffers costly consequences because of inadequate third-party insurance coverage. Invest in a tech solution (with minimal disruption), before you find yourself on the wrong end of costly and draining litigation.Request a Demo Today
Topics: CERTIFICATE TRACKING SOFTWARE