D.C. Toedt over at On Technology Contracts posted a recent article about keeping track of Insurance Certificates. He relays a great story about the importance of asking for them, but more importantly, being able to produce them when needed.
This is such a simple thing to do when you have a good Contract Management System. It’s merely another document you’d upload and track. Heck, Novatus Contracts even allows you to create event notifications for certificate renewals. Need to remember to ask that it’s expiring? No problem – the system will automatically send the alert to the vendor (you can get cc’d if you wish) asking for a new one. It’ll even take it one step further. If you don’t “close out” the event after a certain date (such as when you receive the new certificate), you can re-route the alert to you (or whomever is in charge of managing that vendor) for handling.
Of course, this is also available for any other supporting documents you want to include or for any other trackable metrics (milestone due dates, payment dates, etc).
But you have to have a system that can handle it. What would you rather have: the mild expense of a good contract management system? Or the exhorbitant expense of an unexpected and uncovered personal injury claim? Yeah, I thought so. Tell Novatus I sent you or request information here.