Certificate of Insurance – How to keep Track efficiently and effectively

Aside from permits and licenses, the Certificate of Insurance another essential document that is used to validates the insurance coverage of an entire organization. The certificate varies depending on the nature of the business.

Take for example the business of managing or running property rentals.  In this case, the Certificate of Insurance is needed to confirm that the tenant has sufficient liability insurance coverage in case an accident happens within the premises or in the event the tenant or any of his guests suffers an injury caused by the structure. The Certificate of Insurance protects the landlord from any secondary claims that a tenant’s visitors may try to file based on the unfortunate incident.

Another line of business where Certificate of Insurance is much needed is in the construction business.  Project sites may encompass a whole state.  The logistics of keeping everything updated is a daunting task. The same goes for the trucking industry, drivers are transient most of the time and they do not bring documents with them all the time.

One of the difficulties that these businesses face is in making sure that each contractor, tenant or employee has an updated Certificate of Insurance all the time.    The complication lies in the fact that these certificates do not expire at the same date and if a company does not have a stringent and diligent staff to oversee the task, dates are easily overlooked.

Certificate of Insurance tracking can be handled smoothly if the task is automated. This includes a complete database and an on-time notification system. This is a solution that Ct-lite offers.  Your staff won’t have to manually look into certificates, because the system generates a list of contractors or employees whose COI expirations are coming up.

The Ct-Lite system can also be programmed to include each employee’s required documents and permits in their profession. And these may be electronically monitored as well.

Certificate of Insurance Tracking is a task that can be easily overlooked but the consequences for not keeping it updated generates overwhelming costs for the company owner. Services like Ct-Lite protect the company from unnecessary financial losses due to insurance disputes and claims.