Are you sending out letter after letter requesting insurance certificates, re-requesting certificates and re-re-requesting insurance certificates? Are you frustrated with your results? If you are serious about insurance certificate tracking and insurance certificate management, certificate of liability insurance request letters are essential. Any casual review of the web will surface any number of sample letters from well intentioned businesses addressing their specific industry, business style and goals. Most are well intentioned letters politely requesting an insurance certificate and include a highlight of one or more essential provisions. These are a recipe for disaster. You will continue sending out letter after letter like blasts from a hose. Some will hit their mark. Most will not.
Insurance certificate tracking success necessitates a moment of reflection and a well thought out strategy when it comes to effective certificate of liability insurance request letters.
Franchises have special risk transfer needs and care should be taken to ensure that everyone is protected as they intend to be. The essential questions are:
- Who is protecting whom?
- What protection is desired?
- How is that protection evaluated?
- What are your procedures to follow up when deficiencies arise?
- Who is verifying compliance? (in-house or out-sourced)
Cost and ease of use are factors, but scope and quality are also essential. Ignoring or avoiding the problem is no solution. Whether you choose to go it alone, use insurance certificate compliance software, use an internet based insurance certificate compliance tool, or outsource insurance certificate compliance to your insurance broker or a third party, find a comprehensive solution that will work best for you.
Depending on the franchise business, there are many risks including:
Clear and frequent communication is essential for successful insurance certificate management. Insurance certificate management software simplifies insurance certificate compliance letters and compliance. CertainCert has automated the creation of custom insurance certificate compliance letters for your use. Use of these simple letters speeds communication of your insurance requirements, deficiencies when they occur, requests for renewal certificates when required. CertainCert insurance certificate compliance letters include:
Time and again we witness efforts to find a simple excel spreadsheet or other software to manage insurance certificates for one type of business or another. Sadly, most of these discussions focus on who the insured is and the expiration dates of that insured's coverage. Insurance certificate management is much more. There are many pitfalls ad hoc solutions generally do not address, including but not limited to:
Insurance certificates are essential for businesses and others working together. Insurance certificates are an essential step in proving the financial responsibility of the contracting party to their client. Insurance certificates should comply with the insurance requirements agreed to between the parties, illustrating the types of coverage, satisfactory limits of insurance, the period of coverage and the insurance carriers providing the coverage. The insurance certificate will provide some comfort that the contracting party has the specified insurance coverage and that it is current.
If you are considering doing business with any company,