June 27, 2021

A COI Example Can be a Great Guide—Or a Burden

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A certificate of insurance for business is a crucial document that eases the worry of liability risk. Requiring a certificate of insurance for contractors and vendors is a wise decision that can influence a company’s fortunes.

Companies of all sizes should take as many measures as possible to remain solvent. A certificate of liability insurance for small business protects your company from costly claims, allowing your brand to grow.

However, if you’ve never dealt with a certificate of insurance (COI) before, then you might balk at collecting and verifying them. New things are sometimes scary. Plus, you have to work under pressure. You have to know what your company’s insurance requirements are. You have to ensure your contractors and vendors submit the proper forms – with the correct information.

Where can you go for help?

A certificate of insurance example can teach you the basics of COIs. They can also be burdens if you randomly download them from dubious websites. You shouldn’t let this deter you from beginning your COI management journey. A certificate of insurance for business sample can be the best map.

Sometimes Examples Are Best

It’s understandable to feel lost if you’ve never read a certificate of liability insurance form before. Everyone has to start someplace. A certificate of insurance example is better than fumbling around and learning as you go.

A blank certificate of liability insurance form is similar to a jigsaw puzzle box cover. COI management is a puzzle, especially if you are new to the concept. What is the result? What should the puzzle look like once it’s pieced together?

You can even use a sample certificate of insurance with additional insured to learn the details regarding that particular form. Any sample certificate of liability insurance can guide you and your company toward insurance compliance.

Where can you get one?

Start with the Right Version

If you’re going to use an example to learn how to read a COI or if you need one to create your own template, you should use an industry standard: the certificate of insurance ACORD form.

ACORD stands for the Association for Cooperative Operations Research and Development. The organization issues and stores standardized insurance forms that are used across the United States.

A sample ACORD certificate of insurance can show you what to expect from a COI. If you obtain one from the ACORD website, you are getting the most authentic, up-to-date version possible. Accuracy is essential in COI tracking. The wrong information can result in expired coverage that is not followed up on. You need a solid foundation to build your COI management practices. 

There are also different forms depending on types of coverage like the common certificate of liability insurance form ACORD 25. You should figure out which ones apply to your situation. Downloading forms that have nothing to do with your business just wastes your time and creates confusion.

Acquiring an ACORD form is easy. All you have to do is visit their website and search for the form you need. Once you do this, you can start to learn the ins and outs of COIs as well as create your own template.

When It’s Time, Build Your Own Model

Making a template COI is a simple two-step process:

  • Download a relevant blank ACORD form.
  • Fill it out with your requirements.

Whether you use an ACORD 25 fillable form or an ACORD 23 (Vehicle or Equipment Certificate of Insurance) as a source, making a template means you will have a powerful tool to help keep your company compliant with its insurance requirements and governmental regulations.

Using a great example can also ignite your COI education. You can feel confident knowing you are working from the best possible source material. You can use this confidence to tackle any COIs you receive. You’ll be able to spot fraudulent forms and missing information. Knowledge is power. The more you know, the more capable you can be in protecting your company from its liability risks.

Go All the Way With myCOI

A certificate of insurance form sample can help your company go the distance with insurance compliance. However, you might stall halfway to the finish line. Verifying and tracking one certificate of liability insurance is doable. What if you have dozens? Hundreds?

Can you keep up with the workload? Do you have enough time? Are you shortchanging your other job duties just so you can manage your company’s COIs?

myCOI is user-friendly COI tracking software that automates the sometimes tedious and complex world of certificate management. Built on insurance logic and supported by experts, myCOI can scan, read, and organize COIs to help companies make sure their third party’s coverage is accurate and current.

myCOI simplifies COI tracking on your end, reducing inefficiencies and errors. You’ll have less work to do and more to show for it. If a COI example is a guide, then myCOI is the first-class ticket that can take your certificates to their final destination.

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