Category: Risk Management

You Must Verify Insurance Compliance More Than Once a Year

January 18, 2024

Every January, the insurance compliance world goes through a massive shakeup because so many annual insurance policies renew on January 1st. That means a pile of work for insurance agents, who issue the policies; for insurance buyers, who pay for the policies; and for insurance compliance specialists, who have to make sure the new policies […]

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What Is The Difference Between A Policy And A Certificate Of Insurance?

May 12, 2023

Policies and certificates of insurance (or COIs) are two fundamental concepts in the insurance world. In this blog, we’ll discuss the critical differences between the two, as well as a few best practices for dealing with them. What Is The Definition Of A Policy And Certificate Of Insurance?  Let’s start with the basics by explaining […]

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myCOI Wins TechPoint Exceptional Employer Mira Award

April 28, 2023

INDIANAPOLIS, April 28, 2022 – myCOI, the industry leader in certificate of insurance (COI) management software, is the winner of the TechPoint Mira Award for Exceptional Employer. TechPoint, the nonprofit, industry-led growth accelerator for Indiana’s tech ecosystem, selected myCOI as one of 16 award winners among 125 total nominees. According to TechPoint, the Exceptional Employer Award seeks to recognize “tech companies doing an […]

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AI in Risk Management

December 13, 2022

When it comes to risk management, artificial intelligence (AI) is quickly becoming a game-changer. By automating repetitive tasks and analyzing data more efficiently, AI is helping insurance professionals and risk managers free up time to focus on more strategic initiatives. Understanding What AI Is Artificial intelligence (AI) technologies are computer systems designed to simulate human […]

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Moving Beyond Spreadsheets to Manage Construction Risk

May 19, 2022

If you’re in construction, you’ve probably managed your fair share of certificates of insurance (COIs). COIs should be required from every party working or stepping on a construction site. The incredibly high level of inherent risk on a construction site means they are one of the most critical pieces of information construction managers and general contractors can […]

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Finding a Certificate of Insurance Online is a Risk

May 11, 2022

Finding a Certificate of Insurance Online is a Risk The availability of insurance forms online should make a compliance admin’s job easier than ever. However, this isn’t always the case. Since the untrained and unaware can easily download forms and try to fill them out themselves, compliance admins might struggle with all of the fraudulent […]

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Transferring Risk: Understanding the Power of Insurance, Indemnification, and Additional Insured Endorsements

January 7, 2021

Insurance policies. Indemnity agreements. Additional insured endorsements. They all sound alike, so what’s the difference? Each works to protect companies from paying out-of-pocket costs for claims, losses, and litigation. They do that by transferring risk to another entity. Yet all three perform the job differently. Think of them like a belt-and-suspenders approach to risk management. They […]

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General Aggregate Limits: A Potential Insurance Risk Hiding in Plain Sight

July 8, 2020

In the process of hiring a new vendor, you review their certificate of insurance (COI) to make sure your company is covered against a potential loss:  The Commercial General Liability (CGL) policy is active and coverage amounts are ample for the project’s value.  The vendor has workers’ compensation insurance.  The COI cites your company as […]

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Dressed for Success: The Bowtie Method for Managing Business Risk

June 25, 2020

When attending a big event, you want to dress the part. The same rule applies to risk management. Organizations well prepared for combatting loss events have their “risk bowtie” ready to go. The bowtie method provides a model for thinking about potential risks and their impact on a company. The diagram helps businesses prioritize likely […]

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