Published March 17, 2021 • 3 minute read
What Is Certificate of Insurance Tracking Software?
Certificate of insurance (COI) tracking software, such as the BCS App, 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.
The BCS App is a proprietary software solution developed by our industry-leading professionals 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:
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 and management of important insurance information.
To minimize risk, businesses usually have regulatory policies in place requiring the collection and tracking of certificates of insurance and other important documents. 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 (HSE) compliance with custom questionnaires.
Risk management talk tends to focus on 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 get vendors on the job faster. Streamlining your vendor compliance helps you hit deadlines, retain business, and siphon the most value from your third-party hires.
The BCS App is equipped to support all vendor categorizations and insurance and business requirements. Our self-service solution enables your employees to manage certificates of insurance by providing them with the right tools and software to get the job done, while our full-service option partners you with a BCS account manager and dedicated analysts that will take the ENTIRE process of vendor compliance management off of your plate.
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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). Our self-service option gives you full access to this powerful tool.
When you sign on with the full-service option, you're getting more than just advanced analytics software; you're also gaining a dedicated support team of trained auditors who will manage the entire process of collecting and reviewing any vendor insurance documents and licenses, and correcting any deficiencies with the vendors or agents!
Don’t stand idly by while your business suffers costly consequences because of inadequate third-party insurance coverage. Invest in a tech solution before you find yourself on the wrong end of costly and draining litigation.Request a Demo Today