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 Of Liability Insurance ACORD
Proving that someone has the insurance coverage in place that they say they do is […]
How Do I Ask for a Certificate of Liability Insurance?
When it comes to managing risks when working with vendors, contractors, subcontractors, and other third […]
How Important Is a Certificate of Insurance?
As a small business owner in the construction industry or another field where work-related accidents […]
How Much Does a COI Cost in the USA?
Any business with an insurance policy, such as general liability insurance or workers’ compensation insurance, […]
What Is an Insurance Certificate for a Business?
An insurance certificate, also commonly referred to as a certificate of insurance or COI, is […]
What Our Customers Say
OUTSTANDING!! In my opinion, this has been the best program I’ve had the pleasure of using. From all the services provided within the program and the exceptional customer service, this has made my job duties very manageable. I cannot say enough good things about this program. I highly recommend it!
Having one place for our customers to upload their insurance certificate makes tracking insurance certificates much easier. We use to internally file and collect insurance certificates from customers and it was a challenge to collect all of that paper and to effectively track the insuarnce certificates.
We switched to myCOI from another insurance tracking system because we were looking for a more involved vendor that could do more for us than just track certificates. We needed help with compliance and having a system that could contact vendors and keep on them until they became compliant with insurance. myCOI does this for us and we have very few non-compliant vendors compared to the number we had in our last system.
The product has met our expectations in that it has allowed us to regain some time that was previously spent doing all of the administration of insurance cert requests, reviews and acceptance. With that, we have been able to reallocate resources to more pressing business needs rather than insurance certificate management.
Our clients are thrilled with myCOI and how their compliance levels have been elevated beyond expectations. The reports and analytics are so valuable in measuring activity and compliance achievements. The system functionality is easy to use. The team are true partners.
MyCOI is a very great portal, a space where to keep organized all our certificate of insurance for our vendors. With the advantage that are online, always accessible and no paper backup is needed.Once you learned how to navigate into the portal and how to use the report tab you will have a world opening to you. In just one place you can access all the vendor information, policy expiration date, non-compliant policy line and see the last date when a document was updated.Our Senior Client Success Manager, [sensitive content hidden], she is always on top of our requests, and she replies promptly.
MyCOI has been a fantastic partner for our company. With frequent meetings with our dedicated account manager, ongoing communication, and the ability to customize our insurance needs with precision, we’ve seen exceptional outcomes throughout our portfolio. [sensitive content hidden] has provided invaluable assistance, and the review team is exceptionally competent and amicable, even when we inundate them with urgent requests. Overall, it’s been an excellent experience, and we’re eagerly anticipating our continued collaboration with them.
myCOI has helped our company go from drowning in unreviewed cois to getting our insurance review under control. Their team has been an amazing support and resource, and helped us to navigate the Essentials program, later transitioning to Concierge service as the workload was more than our team was able to manage. The beauty of this platform is that it provides a single, central hub for clients, agents and vendors to access, update and communicate. Every myCOI team member with whom I have worked has provided excellent service, been pleasant, knowledgeable, and provided quick response times. The quarterly meetings are beneficial to recap what is going well, where we need to improve and have questions answered. I highly recommend myCOI.
myCOI provides amazing custom support and they make the platform very easy to navigate. The myCOI team is always very helpful and quickly responds to my questions or goes out of her way to direct me to the correct team member who is able to assist me.
myCOI has amazing customer support. Our account representative meets with us quarterly to keep up-to-date on how our group is feeling about utilizing the system and interfaces with us day-to-day, as needed, to address any issues we encounter with agent notes, reviews, etc. It has been an incredibly efficient and beneficial relationship since day 1.
The myCOI platform has been so easy to work with from multiple angles. Because there are multiple stakeholders, we are all notified and kept in the loop if there are any COI tracking issues that need to be revised.
Certificate of Insurance Sample
If you run your own business, then you know a good business involves so much more than just making money. It is also about helping your customers and clients address pain points and meet needs. This also represents a valuable investment of not only your time but also your money.
That’s why you protect your business and everything you have invested in it with the right insurance. For example, if you run a construction company, then you are probably required to have a certain level of liability insurance. You might be required to have malpractice insurance if you work in the healthcare field. There are countless other industries that require insurance as well.
Despite its importance, insurance is probably not the main reason why you started your own business, and you probably have better things to do with your valuable time than track down your insurance certificates for your third-parties. This is just one reason why you need to have constant, secure access to certificates of insurance. In instances where you need to provide proof of insurance, you can; and if you work with other businesses that are required to prove their coverage and liabilities to you, they can also.
What is a certificate of insurance, though, and how can it serve this key function for your business? To answer this question, let’s take a closer look at a certificate of insurance sample. This is different from your own insurance, like what you get for your car. You carry that certificate holder insurance sample in your glove box. That’s not what this is.
A certificate of insurance sample should include the name of the company providing evidence of the insurance policy, the identification number of the insurance policy, the type of insurance policy that is included, and the limits of the liability of the insurance policy. Industry-specific examples, such as a certificate of insurance sample, might also show additional information. For example, if you work in the manufacturing or commercial real estate industry, then you may be required to have multiple types of insurance, which creates additional difficulties for keeping track of them all.
Certificate of Insurance Explained
So, what is a certificate of insurance, and why is it so important? To answer such questions, it may be helpful to take a closer look at what a certificate of insurance actually is. Likewise, when it comes to certificates of insurance 101, it may be helpful to understand several certificates of insurance best practices. There’s a big difference between being the certificate holder vs additional insured.
The first step in managing your certificates of insurance is to collect documents from your contractors, vendors, and anyone else who may be providing you with insurance information. You also have to make sure that you organize these documents in a way that makes sense and enables you or your team to find important information quickly. If you have any questions, concerns, or deficiencies related to your third party’s insurance, then you will need to reach out to those third-party’s and ask for clarification or adjustment of those deficiencies. Having information at hand and ready to reference will make this process so much easier for everyone.
Next, look over the certificate immediately after you receive it. You have to make sure all relevant information is present. Check names, coverage limits, and expiration dates. Also, make sure the policy printed on the certificate matches what your third-party’s insurance requirements.
You may also need to go through your vendor’s endorsements to make sure these meet coverage you require. Double-check the type of endorsement you are getting and make sure that the language is clear. In addition, verify that there isn’t any exclusionary language in it.
Finally, you need to understand the difference between being a certificate holder versus additional insured. This is because there may be an additional insured present on your third-party’s insurance certificate. If there is an additional insured listed, that person or organization may have legal rights under your third-party’s insurance policy and could make a claim against it. This difference is worth knowing because you may need to be added as an additional insured, depending on the type of insurance policy your third-party’s carry and their operations e.
How to Request a Certificate Of Insurance From A Vendor
If you work in an industry such as banking or construction, then you may be wondering how to request a certificate of insurance from a vendor or contractor you are considering working with. Here, a vendor certificate of insurance is incredibly important because it is the proof that the vendor or contractor is carrying the protection they claim to be. Or if you are wondering which vendors need a certificate of insurance, then the answer is that you probably need one no matter the industry in which you operate.
When you get your certificate of insurance from your third-party, you also have to make sure all the required information is present on that certificate. Even though different industries have different regulations, there are certain pieces of information that should be included on just about every certificate of insurance. Your third-party’s company name is one such piece of information: by including that, anyone looking at it can tell at a glance that this certificate pertains directly to their company. Then, the name and contact information of the insurance company itself should also be present. That way, you know which company is providing the policy and how you can get in touch with them if you have any questions. The dates of the policy should be present as well. When does the policy go into effect, and when does it expire? Finally, the type of insurance and the amount of coverage should also be included on the certificate of insurance.
Sample Certificate of Insurance with Additional Insured
If you do require an additional insured, as discussed above, then you need to take a closer look at the certificate of insurance when you receive it. In this way, you can ensure that the additional insured has the legal rights that they require.
You may also be wondering why you should even consider requesting additional insured status for someone else on your own insurance. After all, this may end up costing you more money. The main reason for requesting additional insured status is because there is someone else who needs protection under your insurance policy. If your business is doing work under contract for another business, for example, then your own insurance should be responsible for the risk you incur. Each company you work with may have its own unique certificate of insurance additional insured wording standards and requirements.
As you work on this process, it may also be helpful to take a closer look at a sample certificate of insurance with additional insured information included. This will demonstrate that, in addition to having your name printed on the certificate as the policyholder, there should be another section listing any people who might be additionally insured by the coverage. By checking for this set-up, you will know that you have the exact protection required of you and paid for.
Workers Comp Certificate of Insurance
No matter the industry in which you operate, there is also a high chance that you will need to get a worker’s comp certificate of insurance. Or, if you find yourself asking, “how do I get a copy of my workers’ comp certificate?” The answer resides with the company where you purchased that insurance in the first place. Reach out to the insurance company’s service or solutions team and let them know that you are required to have a certificate of insurance for your worker’s compensation insurance. They should know exactly what this is, and they should be able to send it to you relatively quickly. Still, once you get it, check over this certificate and make sure that all the important information is included. A good reference is a workers comp certificate of insurance sample.
Or, you may very well be wondering, “when do you need a certificate of insurance?” The answer is that it depends. Even though you are required to provide this certificate, to other parties you are under contract with, there could be a grace period between when you purchase a policy and when you need to have your certificate of insurance in hand. Either way, the most important thing to remember is that after you purchase this type of insurance, you will need to get a certificate at some point, and usually the sooner you do this, the better. So, make sure that you get a certificate of your workers’ compensation insurance as quickly as possible.
How to Get A Certificate Of Insurance
The process of actually getting a certificate of insurance often varies from company to company. Every insurance provider and business handles these certificates differently, even though the general process is usually about the same. A good first step if finding a certificate of insurance example pdf, like an ACORD 25 form.
There may be a template or a form you have to fill out in order to request your insurance certificate. Take a look at the insurance company’s website and see if that form is listed there. You may find a certificate of insurance request form template or a certificate of insurance example PDF. Then, once you have this certificate of insurance request make sure you fill it out completely and correctly. If some cases its best to generate your own certificate of insurance request template, so you’re asking for exactly the information your company requires.
Verifying this important document is also always useful. Once you have filled out the form, take a look and check it over carefully one last time. If everything is correct, you can send it off and wait for the insurance company to email your certificate of insurance