What is a Certificate Insurance Platform?

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

Automate Your COI Tracking

There’s no more need to worry about stacks of certificates cluttering up your office or hours of frustrating phone calls and emails to chase down certificates. myCOI Central provides your company with a solution to automate your insurance certificate requests, collection, and compliance resolution, while also giving your team a single, centralized repository to view compliance. 

Protect Your Business From Costly Claims

Ask your CFO or Risk Manager just how much claims and lawsuits can cost your business. If you are collecting certificates just to confirm they were received, you have no guarantee that your requirements are being met. myCOI Central is built on a foundation of insurance industry logic to ensure you remain protected with the appropriate coverage.

For Agents & Brokers

Win business and boost retention by providing agency branded, industry leading insurance tracking software to your insureds.  Offer software only or add on your own compliance review services.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

Certificate Insurance Platform

Let’s start with an example: let’s pretend your company hires subcontractors, maybe it’s a drywall installer. As part of your contracting you request a certificate of insurance (COI) to prove insurance coverage, but you don’t verify them. You just sort of glance at it, and throw it in the box. The job goes on.

During the work, a section of improperly installed drywall falls off the ceiling and injures one of your employees. There’s a claim. Since it was drywall, you refer to the drywall subcontractor’s insurance COI. But the claim is denied because of a mismatch in your requirements and the contractor’s insurance, so your own insurance has to cover the claim. Or worse, your company does.

If you’d only checked that COI, your company would have been spared this expense.

This is a simple example of why having a certificate insurance platform.

is such a critical part of corporate risk management. It’s more than just reading them, or filing the certificate of insurance online or offline. It’s knowing your company is protected. You may also want to consider agent sync contracting to track everything across all jobs. Also, if you’re wanting to work for Agenysync,  Glassdoor is a great place to start. Agentsync, inc is a company that manages job sites. You could get an Agentsync login, a shirt with an Agent sync logo, and you may use Agent sync salesforce. This doesn’t mean it will have insurance compliance software available to you or even an Oracle insurance compliance tracker, but that’s for another conversation. 

Let’s dig a little deeper.

Best Certificate Of Insurance Tracking Software

If your business hires a lot of outside help, in the form of subcontractors, vendors, specialists, commercial tenants, really anyone who interacts with your business in a way that generates risk, then you need the best certificate of insurance tracking software available. Certificates of insurance, or COIs, are the promise your vendors are making to you that they carry the insurance coverage you require for employment. If you’re not getting them, or worse not tracking them, you could be opening your business to incredible insurance risk. Certificate tracking helps mitigate that risk. The best way to manage this is by using COI tracking software, not a COI tracking spreadsheet. Some may call this insurance license tracking software. 

Certificate of insurance compliance software, like the expert tools and service that myCOI provides, can save your compliance team literally hours of work every day. It can save you from delayed job starts. It can keep your other employees from standing around, waiting for that critical vendor, while you’re confirming their insurance compliance. Knowing how to organize certificates of insurance, and track and verify them, can literally help your company make its quarterly or annual goals. It can also save you from having to pay out when mistakes happen that cause a claim against your business. 

How To Organize Certificates Of Insurance

You may be wondering how to organize certificates of insurance, especially if you’re doing them manually. Your certificate of insurance Acord forms may come to you on paper. If you’re only tracking a few subcontractors, you may choose to track them manually. COI (certificate of insurance forms) can also come in digitally. This is more ideal. Regardless of how they come to you, if you are managing COIs, you are the certificate of insurance certificate holder.

Just because you’re holding the COI doesn’t mean you’re actually covered. On the certificate of insurance additional insured has to be an endorsement you have designated for your business. One of the certificates of insurance best practices is to make sure that, in the additional insured, your company’s name is spelled out plainly there. It’s important to make sure it’s spelled correctly as this can cause issues if it isn’t. 

Sometimes people mention certificates of issuance, but that’s a different certificate. These testify to the issuance of certificates for things like bar codes or identification numbers. As it sounds, it’s a certificate of issuance meaning it certifies that something was issued.

You may be wondering how to request a certificate of insurance from a vendor. The easiest way is to contact their insurance agent/broker. Anyone can learn how to get insurance certificate online. 

Certificate Of Insurance Tracking Template Excel

If you’re looking for a simple and manual way to track the certificates of insurance in your business and you don’t want to use a COI tracking software, then use a COI tracking spreadsheet to track insurance policies on excel spreadsheet. Many companies begin by having their staff track insurance policies on certificate of insurance tracking template excel. And for smaller companies just starting out, that system works. For basic certificate of insurance tracking spreadsheets are not a bad solution. Maybe you’ve even tried lesser tools like Thimble Insurance with their Thimble certificate manager.

Many companies find spreadsheets a good training tool; for a certificate of insurance tracking template Excel has several basic templates that can be customized to what you need, but most companies scale past this very quickly.

The drawbacks of using an Excel insurance tracker are that they can be time-consuming to maintain and often require constant updating. What began as a simple project one person could track and easily snowball into a time-intensive process that’s impossible to scale as a company grows. Instead, companies might add more people and more spreadsheets, which leads to paperwork being lost or misplaced, which leads to increased chances for errors in the data. Spreadsheets lack certificate expiration reminder features unlike a dedicated tracking software solution. Some issues can arise around expiration reminder pricing, too. 

That is exactly the worry that myCOI erases. Our systems are industry-leading. Our insurance professionals are top-notch. If you’re tracking hundreds of certificates of insurance, we’d love the chance to show you just how much time and effort we can save you.

Certificate Of Insurance Tracking Services

Running a business is expensive, and sometimes the last thing you want to add is another expense, even when you have a need. We can’t tell you how many times we’ve heard companies tell us that they were doing their best: they knew about insurance tracking services, but the budget was just too tight, so they did it with Excel or a free COI tracking software. There are expiration date tracker apps. For a while, they did okay. Sometimes they tried to make do with free certificate of insurance tracking services by a less than reputable insurance tracking company. Can insurance tracking address vulnerabilities in your work? Most likely, yes. 

But their compliance percentage slipped down a little every month, as their business grew and more and more certificates were received. Each of those certificates had to be tracked and verified. Each month, more certificates than the last.

At a certain point, the amount of unnecessary risk they were assuming got to be too much, and they had to look for a more professional solution. Sometimes it’s because their risk management team or general counsel audits and realizes the exposure. Sometimes a new hire discovers a distressing reality that had gone unnoticed.

Unfortunately, sometimes it’s because the company just had to pay a damaging claim that they should have been covered for.

Free COI tracking software is not inherently bad, and almost no one sets out to make bad software. You don’t just want to search “insurance tracking services miami fl.” You need a real partner. It takes a dedication to customer service, a mission to erase worry, and a team of insurance professionals like the one we’ve assembled at myCOI to make sure your company is doing all it needs to with its certificates of insurance. At myCOI integrations we’ve built with other software make us a powerful option, and a key component people ask about in myCOI demos. Certificate of insurance tracking software isn’t often free, but it’s often much less than the cost of not using it.

Certificate Of Insurance Management

Even though you can track insurance policies on Excel spreadsheets, there is a better method. Certificate tracking usually refers to a process that a company uses after it receives its COIs. The common processes range from by hand, from a file cabinet or binder to full-fledged software and service solutions like myCOI.

You might be wondering how long to keep certificates of insurance, and the suggested retention period is approximately five years; however, every business and state has slightly different requirements. Therefore, it is vital to take a look at the requirements in your state. The right certificate of insurance management software can help automate this. This isn’t the same thing as managing human capital with tools like smart compliance ADP. 

What is insurance tracking? Even though manual tracking is how most companies start, a file cabinet or spreadsheet can get old very quickly. As your business grows, you will acquire more COIs that are going to make tracking them by hand nearly impossible. Therefore, you may start a project without the required protection. Instead, you should be using an automated solution, such as myCOI. That way, you have access to an expert insurance team to keep track of your certificates for you. You will know exactly what insurance coverage you have, what you need to verify, and what you require to start your next project.

Free Certificate Of Insurance Tracking Software

The competition among providers who track certificates of insurance is fierce, and we’d be being dishonest if we didn’t say you need to choose the right solution for your company. Obviously, at myCOI we believe we are the right solution nine times out of ten, but we don’t fit every company, and that’s okay. There are pieces of free certificate of insurance tracking software available, but as they say, “Nothing is really free.”

You’ll need to define what “success” means for your business. Is it the least expensive? That depends on how you measure cost. In pure dollars, a free COI tracking software may work, but is it reliable? Do its developers offer support? Are there regular product updates coming out? If not, check it carefully to make sure it isn’t out of date. You may even try more primitive solutions like a certificate of insurance tracking template in Excel or Sheets, sometimes called a COI tracking spreadsheet template. Regardless, you’ll want to verify certificate of insurance reliability if you aren’t using a good piece of software to check insurance certificate.

Is “best” the least of your precious person-hours consumed by tracking certificates of insurance? Then a managed solution like myCOI offers may be best. Our team of insurance professionals know what they’re looking at, and they’re experts in making sure your certificates are promising what they say they do, that they meet your business requirements for coverage, and our quarterly verification makes sure the coverage stays in effect.

Even if you already have a COI tracking solution you’re satisfied with, take a moment to consider whether the way you track certificates now is going to stay the best way forever. If your company scales and grows, will your current model hold up? Or do you need to get with your project planners early, and make sure your budgets include spending for the better COI tracking solution you may need to invest in?