Are you still tracking your vendors on an old spreadsheet made years ago? Most likely by someone else? With a ton of cells to manually update and complex formulas that may be broken, does your compliance tracking solution feel more like a problem in itself?
It’s time to eliminate the headaches and errors of outdated methods and embrace the modernization of your Certificate of Insurance (COI) tracking process. Leveraging advanced tools and expert management services, such as Billy, you can revolutionize your workflow, saving you 5-10 hours every week (or even more!)
1. Stay Updated on Vendor Insurance Status
With Billy’s intuitive dashboard, any exceptions are effortlessly identified and flagged with the user—where they can then review and update vendor insurance statuses to ensure they remain aligned with all project needs and risk tolerance. Additionally, you will automatically stay ahead of any changes in regulations or industry standards that could impact the COI tracking process. Billy helps to distribute these statuses seamlessly at project and vendor levels to all associated contacts, ensuring clarity and compliance across the board.
Further, Billy’s Managed Services option takes this off your plate completely, as a team of expert COI management professionals have it covered for you. The team will handle all COI processing, ensuring comprehensive compliance tracking and alleviating many tedious and often error-prone work you’re likely accustomed to.
2. Centralize COI Documentation
Implement Billy to establish a centralized system for storing and organizing COI documents, accessible to all stakeholders.
Say farewell to the era of filing cabinets and binders of paper COIs that get lost in the commute between the job site to the office—Billy offers a cloud-based storage solution that guarantees easy access to documents from any location, at any time, fostering efficiency and accessibility in document management.
Top Tools to Help with COI Tracking
- Document Management Systems (DMS): DMS platforms like SharePoint, Google Drive, or Dropbox can be customized to organize and track COIs effectively, providing centralized storage, version control, and access controls.
- Construction Management Software: Comprehensive construction project management tools such as Autodesk and Procore include features for COI compliance tracking alongside project management capabilities.
- Construction Compliance Software: Billy offers software specifically tailored to the needs and risks of general contractors, construction companies, and property managers. Our platform integrates with the two biggest construction software platforms, Autodesk and Procore, as well as the ability to function as a high-level compliance software solution.
3. Establish a Consistent Approach
With Billy, you can also ensure there is a standardized procedure and protocol for requesting, collecting, and verifying COIs from contractors and vendors.
Leveraging Billy’s Managed Services and CRIS® expertise, the team will ensure a streamlined tracking process and help to minimize errors. Your lenders, auditors, and other stakeholders will undoubtedly appreciate the clarity and consistency fostered by Billy’s structured approach.
4. Implement Ongoing Monitoring
Adopt a system for ongoing monitoring of COI compliance. Billy simplifies this process by generating alerts and notifications to flag any discrepancies or issues with COIs, enabling prompt resolution and risk mitigation.
With Billy at your side, stay vigilant and proactive in safeguarding your projects against potential liabilities.
5. Using Technology for COI Tracking Automation
Say goodbye to the era of manual data entry by embracing Billy’s digital platform and team of experts. Harness the power of automation features to streamline COI tracking, including automated reminders for expiring certificates and real-time updates on compliance status.
With Billy’s innovative technology, reclaim valuable time and resources while ensuring accuracy and compliance in your COI management endeavors.
Navigating the maze of insurance compliance doesn’t have to be a daunting journey filled with headaches and manual labor on spreadsheets. By embracing modern technology and automation, as well as Billy’s managed COI tracking services, you’ll feel empowered to stay ahead of the curve.
Improve COI Tracking Solutions with Billy
With a centralized repository for COI documentation, easy access from any location, and automated alerts for expiring certificates, Billy streamlines the entire process, allowing you to focus on what truly matters—delivering successful projects with confidence and peace of mind.
No more hours sifting through endless paperwork and chasing down documents from project subcontractors—Billy alleviates the tedious work, putting everything you need right at your fingertips, ensuring all required documents are completed promptly and accurately. Billy also guarantees clarity, consistency, and compliance in every aspect of your COI tracking journey.
Why settle for the status quo when you can embrace the future of insurance compliance with Billy?
Join the ranks of savvy contractors who have liberated themselves from the shackles of outdated methods and embarked on a journey toward efficiency, accuracy, and success.
Take the leap and experience the transformative power of Billy today! Request a demo to get started.
Frequently Asked Questions
The best way to track contractor compliance is through a centralized system that automates document management and verification processes. Utilizing software like Billy that is specifically designed for contractor compliance tracking can streamline tasks such as collecting, reviewing, and updating certificates of insurance, licenses, and permits. This ensures real-time visibility into contractor compliance status, reduces administrative burden, and mitigates risks associated with non-compliance.
To improve certificate of insurance (COI) tracking, using software solutions specifically designed for COI management to centralize documents, set up reminders for expiring certificates, and automate compliance checks can be greatly beneficial. Additionally, establish clear communication channels with contractors to ensure they understand the requirements and deadlines, facilitating smoother COI tracking and compliance management. Billy makes this easy and automatic.
To help alleviate the tedious work often associated with compliance tracking, Billy’s Managed Service can help! Rely on the insurance team’s CRIS® expertise to handle your COI processing, ensuring comprehensive compliance tracking. Billy’s insurance professionals carefully review certificates and endorsements, ensuring full compliance with no room for errors. They diligently confirm adherence to critical requirements such as primary and noncontributory, waiver of subrogation, and additional insured on completed operations, among others. Schedule a demo today to see if it’s right for you.
