Authored by Kristen Nunery, myCOI Founder and CEO
At myCOI, we have two jobs: operating to erase the worry around certificate of insurance (COI) tracking for our customers and serving as their defender against risk. As our country navigates these uncertain times, our jobs are as important as ever. While COVID-19 may keep us apart, we are coming together stronger to help our clients “see around the corner” and chart a course for the road ahead.
I launched myCOI in 2009 just months after the last recession. The country still felt the pain, stress, and loss of that event and the economy wasn’t yet on solid ground for supporting new business growth. It certainly was not an ideal time for launching a start-up. However, I saw that as businesses struggled, our mission became even more important.
During the recession, many companies fell behind or ignored third-party insurance and COI management, lowering policy limits, and letting compliance slip through the cracks. They lacked technology, were short-staffed, and focused nearly all of their attention on revenue. These businesses had to do more with less just to survive. Among a litany of to-dos, tracking insurance compliance was put on the back burner.
At the same time, their vendors, contractors, tenants, and other third-party partners faced unprecedented financial hardships. As a quick way to cut costs, these entities canceled their insurance policies or missed payments, creating lapses in coverage.
It was the perfect storm; companies were struggling to put resources towards insurance risk management just as this risk reached an all-time high. Unfortunately, many businesses experienced the disruptive impact of a claim during this time. They needed help. As these companies worked to rebound, they wanted assistance to never again face a similar situation. Fortunately, we had a solution to an immediate need and made it our business to help.
A little more than 10 years later and those times have returned. If history teaches us anything, it’s that ignoring insurance compliance generates minimal short-term savings while creating significant long-term costs. Company leaders should seriously ask themselves: “What would be the impact of an unnecessary, avoidable claim right now?”
The answer is probably alarming, which is why it is more critical than ever for us to come through for companies in a big way. We feel it through every call and email received; the uncertainty of a potential economic downturn can be scary, but we are doing our part to ease that worry. Our team is working around the clock to keep our customers protected and we are here to collaborate with businesses in combating the chaos, offering our expertise in identifying hidden threats and delivering solutions that matter.
We are stepping up to these needs in every way. Our development team remains hard at work introducing new features and platform integrations to make managing risk easier and more effective. We have our customer care and implementation specialists fielding important questions on loss prevention. The marketing team is doubling its efforts to provide free, high-quality online resources through our social channels, newsletter, emails, and blog – all designed to help your business right now.
We have done it before, and we’ll do it again – tough times bring out our best.
No matter what COVID-19 or other challenges come your way, the myCOI team is here to offer our support. We defend against risk, erase worries around claims, and serve as a guiding light even in what are currently dark times. You can count on us.