Last year delivered several landmark decisions in the world of risk management. To keep you up to date, we’ve created a two-part series of important cases that could affect your risk mitigation plans. Loss prevention sometimes is a moving target. Knowing what is happening inside the courtroom provides a valuable strategy for staying ahead of changes […]

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 […]

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 […]

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.

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 […]

Valid, compliant certificates of insurance are the primary tools companies can use to control risk, especially if they hire third parties such as subcontractors. Incorrect and fraudulent COIs are tools for third parties who want to hide their lack of proper coverage and want to remain employed.

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 […]

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 […]

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 […]

Is your company gambling when it comes to risk? You might be on a winning streak, but sooner or later costly third-party injuries, damages, delays, or defects will happen. Contractual risk transfer provides a loss prevention strategy that places the financial burden for claims and litigation with the parties best able to prevent them – […]