Managing insurances for a factory requires you to monitor a lot of different variables at the same instance. This means that there is a huge probability of insurance errors and mishaps.
Tracking your manufacturing insurance can keep your operations up and running with no regard to the crisis that you could be facing. It helps you keep frequent tabs on all the insurances of your employees, equipment, and properties. This means that it will cover the costs of employee injuries and product defects.
This is otherwise impossible if you happen to have expired insurance on hand or failed to monitor the coverage of your insurance. An automated Certificate of Insurance (COI) tracker is the only way to make this possible. This article stresses the importance of tracking your insurance and how to do it the right way.
What Does Insurance Tracking Really Mean?
Insurance Tracking solutions are not just limited to manufacturing industries but also for auto, finance, banking, etc. In short, they constantly monitor the current insurances that you have and send you renewal reminders, expiry warnings, and in general, keeps you secured. Risk mitigation is really tricky in the manufacturing industry.
A COI tracker can automate the entire process for you while also being cost-effective. A reliable COI Tracker will help you save thousands, if not, millions in losses and reduces human errors in compliance.
Here is a list of things that COI Trackers can track and help you identify:
- Incorrect or missing beneficiary
- Cancellation
- Expiration
- Excluded beneficiary
- Missing information
- Discrepancies
- Deductibles
- Intent to cancel
With all this information at your fingertips, you will see a remarkable improvement in your risk management system. The dashboards are also simple yet comprehensive.
It Can Save Your Business From…
1. Ceasing of Factory Operations
Any minor catastrophe could easily cause your manufacturing to cease. This could be anything from a fire accident to a natural disaster. A fire inside your factory might either compromise its integrity or damage your raw materials. If this happens, there are numerous losses that you would follow.
You will have to invest a lot of money to rebuild the factory along with its contents. You will also encounter revenue loss during the process and if you were under contractual obligations to deliver, you will face lawsuits. Yes, prevention would help, but is that enough? No. You need a permanent fix to keep your insurance documents ready and updated if an unfortunate event were to occur.
2. Injured Employees
Injuries during work hours are more common than you think in the manufacturing industry. We all know that proper safety procedures and enough employee training are crucial to prevent this from happening. But the real question is, would that be enough to help you and your employees have a profitable outcome.
An expired or invalid insurance would be of no help and you also cannot sit back and wait as it will demoralize your entire workforce. Work Injury Compensation Act (WICA) makes it mandatory for employers to cover the medical costs for work-related injuries. A properly tracked insurance is your only chance to cut down the loss if this happens.
3. Products Defects
Losses due to product defects are even more common than equipment breakdown. But these defects are certainly not cheap to fix which means without insurance, a small business may never recover from this. In this case, it is not just enough to hold insurance, but you will also need to have one with the right set of coverages. If you are an OEM manufacturer, this could entirely ruin your reputation. A COI tracker will help you track not just the expiry dates but also the coverages. It analyzes your inventory and danger zones to find if you have suitable insurances to cover the damages if they were to happen.
Conclusion
Tracking expiry dates just is not enough for a business and here is why: Are you Checking More than the Expiration Dates?. COI Tracker is an industry leader in the insurance tracking industry and has a diverse spectrum of features that a business can make use of.
No longer will you waste hours making calls or managing excel sheets to track your existing insurances because the automated COI tracking software will do it for you. You can Request A Free Demo of the service and all you must do is to reach out to our COI experts at (262) 205 0222.