Best Certificate of Insurance Tracking Software
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.
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.
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.
What Are The Benefits of COI Software?
Certificate Management Tool
If you run a business, then you already know firsthand how valuable an investment insurance is. You have a lot of financial resources tied up in your business, so it’s worth doing everything you can to make sure this business is properly protected. This, of course, is where insurance comes in handy, especially for your third-parties.
However, it’s not quite that simple, either. Considering you probably manage multiple types of insurance coverage for your third-parties, from an insurance policy to protect your investments, or a building that is leased, to a policy that protects you and your third-parties against potential legal liability and another that handles workers’ compensation. There may also be commercial auto insurance and more. So here the question becomes: how are you going to keep up with all of these insurance policies? This is where a certificate management tool can be helpful.
There are plenty of certificate management tools out there, and the common goal of such programs is to help you keep your company and third-parties compliant with all insurance tracking measures, regulations, and more. In other words, you need to make sure you know where your policies and third-party’s policies are located, how much coverage they have, when they begin, and when they expire. . If you do not keep up with your third party’s insurance policies, then you are opening yourself up to a lot of liability.
But how are you going to keep up with the latest developments regarding insurance? As a business leader, you already have a lot to do over the course of the day, and it’s unlikely that you can keep up with these manually while also balancing everything else on your plate. Instead, you can rely on a certificate management tool. This is a tool that will automatically keep up with all of your third- party’s insurance. Then, if something happens with one of these insurance policies, such as one of them is about to expire, then the tool will let you know.
From this it should be clear just how much you can let the certificate management system work for you. However, if you are looking for a tool that can help you keep up with your third-party’s insurance policies, then you also have to find the right one. No two businesses are the same, and thus, no two business insurance tracking processes are either. So, what are a few factors that you should keep in mind?
Free Certificate Management Tool
Every savvy business leader is probably in the mode of trying to reduce overhead expenses right now. Because of this, it might be tempting to choose a free certificate management tool. After all, if there is a tool that can do this for free, then why would you want to pay for it? While this approach does make sense, it’s also worth knowing that if you decide to go with a free tool, you could end up making a big mistake.
Certificate inventory tools, better known as certificate management systems, can really help you save time and money in your business.
For example, if you decide to go with a free certificate tracking tool, then it is probably not going to provide you with all the features you require. It may only be able to track one of your third party’s insurance policies at a time. However, it’s worth thinking about the following: do you have multiple insurance policies that are active? If so, then you need to use a tool that can cover and manage all of them at once. Furthermore, is the free version of a certificate management tool going to automatically notify you if one of your policies is about to expire? If not, then what good does this type of tool do for you? After all, its lacking affordances will mean that you still have to manage checking each policy by hand, and you can’t depend on the tool to get you the information you need.
These are just a couple of the reasons why you should not go with a free certificate management tool. There are other options, though. For instance, if you have coding experience, then you may be able to use an open source certificate management tool, since you can then simply modify the coding to get the capabilities you want out of it. On the other hand, do you really want to go through this type of trouble, even if you do have the coding capability? If you want to always be your own product support for your certificate inventory tool open source solutions may work, but you probably want to focus on more important efforts for your business.
Clearly, it is usually just better to find the right tool for your business and to invest in a premium version of it so that you can access the features you require. Remember that the goal of this kind of tool is to help you remain up to date on all of your third party’s certificates of insurance. If the tool can do that, then it is worth the investment.
Internal Certificate Management Tool
If using a certificate management tool seems complicated, think of it this way: is there really another way to manage your third-parties’ certificates of insurance quickly, securely, and all in one centralized location? It’s hard to think of one that is as simple and easy to use as this tool.
Today, you probably have multiple insurance certificates that all need to remain current and active at the same time. Furthermore, insurance policies have become more detailed today than ever before in the past. You also need to know the individual details of each insurance policy represented on a certificate of insurance. Therefore, it is simply not practical to track these certificates of insurance manually and internally.
For these reasons, it is worth investing in a strong certificate tracking tool or certificate management tool instead. In fact, if you invest in the right solution for your company, then you will enjoy many benefits in the long run. Plus, when it comes to internal solutions, you may find yourself limited to using an open-source certificate management tool.
It’s also easy to understand that change can be hard, particularly change to internal insurance tracking processes. It is even more important to find a professional tool that has been specifically designed to help your business manage its third party’s insurance certificates. If you find the right tool, then it will be worth the investment. You do not want to worry about your third-party insurance certificates, and you just want them to protect your business from any risk of claims caused by your third-parties.
If you are serious about making sure you have the right type of protection, then it’s also worth staying up to date using a certificate management tool managed by trained professionals. When you’re looking at a certificate management tool open source solutions are sometimes subpar.
Certificate Management Software
When you find and invest in the right certificate management software, there are several benefits you will enjoy because of it. First of all, you will have access to a wide range of certificate management tools. In this way, you can customize your certificate management software program to meet your individual needs. For example, does it utilize all or just some of the insurance options in its ERP or accounting software tools? If you decide to go with a professional software program, then you should have access to certificate management solutions that you can tailor to meet your specific requirements.
Another major benefit that you will enjoy if you go with a certificate management software program is automation. By relying on automated options instead of worrying about manual tracking, you will be able to save considerable time. For example, you should no longer have to worry about trying to keep track of when your third party’s policies are going to expire; instead, your program should do this for you. This means that instead you will have a lot of time you can spend on other areas of your business. So, some questions to keep in mind: do you really want to spend all of your time tracking down your third-party’s certificates? Or do you want to spend your time growing your business? If you allow your software program to track your insurance certificates, then you can focus on more important parts of your company with that time instead.
Finally, if you decide to go with a strong certificate management software program, you will also be able to save a lot of money. However, if you go with a free option, this will actually cost you money in the long run because it cannot do everything that a premium option can. You may even end up letting an insurance policy lapse, so that then you have to deal with a major, expensive claim that is no longer covered by your third-party’s insurance company. This can be a serious issue, so it’s best to avoid the risk altogether. If you go with a premium paid option for a professional tracking software program that can manage these elements for you.
Be wary of less-powerful tools. When you’re evaluating certificate management software open source solutions are not often the best choice.
Best Certificate Management Software
So, if you are looking for a software program that can help you manage your insurance certificates quickly, securely, and automatically, then you are probably looking for the best certificate lifecycle management tools in the industry. When it comes to certificate management tools, though, each company has its own individual requirements. Therefore, there is no singular “best” option out there. Instead, you have to find the right option for your business. With this in mind, what are some factors you should consider?
First, you have to consider the industry in which the software program will be operational. There is a good chance that your industry has some very specific requirements, and your certificate management tool should be able to meet them. You need to make sure the software program you invest in can help you handle these unique insurance requirements.
Then, you also have to consider the learning curve of the software program. In other words, how long will it take you and your team to learn how to use this software program effectively? Having the best software program in the world won’t mean much if you aren’t able to use it properly.
Finally, you also have to consider the reliability of the program. How well does it work, and does it deliver what the developers promise that it will? Will the tool notify you in time if there was a problem with your third-party insurance certificates? If you think about these issues ahead of time, then you will place your business in a good position moving forward as a fully protected and fully-insured company.