Woman sits in front of dual monitors with spreadsheets open

Are you still grappling with the legacy of your prior manager’s archaic spreadsheet? With its myriad of cells and convoluted formulas, does your “tracking tool” cause more problems than solutions? 

Perhaps you’ve found yourself in the bizarre predicament of needing a spreadsheet to manage your spreadsheet?! 

It’s time to liberate yourself from the headaches and errors of antiquated methods and embrace the modernization of your Certificate of Insurance (COI) tracking process—here’s how Billy can revolutionize your workflow!

1. Stay Updated on Vendor Insurance Requirements

With Billy’s intuitive dashboard, effortlessly review and update your vendor insurance requirements to ensure they remain aligned with your project needs and risk tolerance. Stay abreast of any changes in regulations or industry standards that could impact your COI tracking process. 

Billy empowers you to disseminate these requirements seamlessly at both the project and vendor levels to all associated contacts, ensuring clarity and compliance across the board.

2. Centralize COI Documentation

Implement Billy to establish a centralized repository for storing and organizing COI documents, accessible to all pertinent stakeholders.

Say farewell to the era of filing cabinets and lost binders—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.

Woman uses spreadsheets; 5 Ways to Improve Contractor COI Tracking

Top Tools to Help with COI Tracking

  • Construction Compliance Software: Billy offers software specifically tailored to the needs and risks of general contractors, construction companies, and property managers. Billy integrates with major construction management software or as a standalone compliance software solution.
  • 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 may include features for COI tracking alongside project management capabilities.
  • Insurance Tracking Services: Companies offer dedicated COI tracking services, leveraging technology and expertise to ensure compliance and mitigate risks for contractors and project owners.
  • Customized Spreadsheets or Templates: While not as advanced as dedicated software, customized spreadsheets or templates in Excel or Google Sheets can still be effective for smaller-scale COI tracking, providing flexibility and affordability for some businesses.

3. Establish a Consistent Approach

Leverage Billy to institute a standardized procedure and protocol for requesting, collecting, and verifying COIs from contractors and vendors. 

With Billy’s assistance, ensure uniformity in documentation formats and filing systems, streamlining the tracking process and minimizing 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, incorporating regular audits and reviews of contractor insurance documentation. Billy simplifies this process by generating alerts and notifications to flag any discrepancies or issues with COIs, enabling prompt resolution and risk mitigation. 

Man sits at desk in front of laptop

With Billy at your side, stay vigilant and proactive in safeguarding your projects against potential liabilities.

5. Leverage Technology for Automation

Say goodbye to the era of manual data entry and error-prone spreadsheets by embracing Billy’s digital platform. 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.

The huge difference for us is the quality of our compliance management with Billy is off the charts!

Before I would say our compliance quality was pretty spotty and our checks and balances were based on not paying the vendor until we got his insurance turned in. We would have vendors out on site working without insurance.

Now with Billy, that’s a game changer because the  we’re collecting vendor compliance  before they’re on site.

– Stephen Rogers, Erickson-Hall

Navigating the maze of insurance compliance doesn’t have to be a daunting journey filled with A1:BC1245 induced headaches and manual labor. 

By embracing modern technology and automation, Billy empowers you to stay ahead of the curve, ensuring that your vendor insurance requirements remain aligned with your project needs and industry standards.

Construcion team points to a computer

Improve COI Tracking 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.

With Billy’s intuitive dashboard and user-friendly interface, managing insurance compliance becomes a breeze, and dare we say, even enjoyable? 

No more hours sifting through endless paperwork and chasing down elusive documents—Billy puts everything you need right at your fingertips, ensuring 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

What’s the best way to track contractor COIs?

The best way to track contractor compliance is through a centralized system that automates document management and verification processes. Utilizing software like Billy that 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.

What are tips to improve COI tracking?

To improve certificate of insurance (COI) tracking, use software solutions specifically designed for COI management to centralize documents, set up reminders for expiring certificates, and automate compliance checks. 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.

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