Top 3 Reasons to Track Your Certificates of Insurance

Everyday companies face the possibility of having a customer, vendor or partner file a lawsuit against them for a number of reasons. That is why Certificate of Insurance management and tracking should be a key part of every companies risk management strategy. In order to protect themselves, companies have a long list of policies covering everything from worker’s compensation to auto liability to general liability. Because there are so many potential policies and coverages, it becomes extremely important for companies to have an effective system for tracking and managing their Certificates of Insurance.

While there are many reasons to effectively track and manage Certificates of Insurance, here are the top three reasons:

1. With so many policies, each with a unique coverage period, it is important to track your Certificates of Insurance so that you don’t experience any lapses in coverage.
2. Having a good Certificate of Insurance management and tracking system will help your organization be more effective and assist in completing more jobs on time and on schedule because you will avoid any potential job shut downs from expired policies that fell through the cracks.
3. When all of your Certificates of Insurance are kept in a single organized system you can more easily and consistently assess your coverages to make sure that you adequate coverage and no lapses.

Once again, with the threat of legal action always possible and a large portfolio of policies and coverages, it is essential for organizations to have a good tracking and management system for their Certificates of Insurance.