Looking for Certificate Of Insurance Tracking?

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.

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.

"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 Of Insurance

The certificate of insurance form (COI) might be one of the most critical items in a company’s risk management portfolio. It’s a simple form, but it carries a lot of weight. If you receive a certificate of insurance for business protection, for example if you hire subcontractors and need those subcontractors to carry the insurance risk they generate through the course of their business, a COI is probably the mechanism by which you confirm that subcontractor is in fact carrying that protection.

Anyone can find a certificate of insurance online. There are easily available PDFs anyone can fill out, and plenty of examples to show them what should go in each box. This small chance for fraud, limited as it may be, is just one of the reasons that companies like myCOI help companies just like yours track and verify the certificates of insurance that you receive.

Whether you’re a certificate holder who receives COIs or a named insured who provides them (we’ll explain those terms below!), knowing the ins and outs of a COI form is key. Let’s take a look.

Certificate Of Insurance Template

You’re a contractor, a subcontractor, or other vendor who does business with other companies. You’re looking at setting up a new client relationship. And at one point, you’re going to hear “great, we just need proof of business insurance for our records.”  You’re going to hear that a lot. So it pays to be ready for it.

Proof of business insurance most often means a certificate of insurance, and for new contractors, that can be a new and scary thing. But looking at a certificate of insurance template, like an ACORD 25 example, will help you realize it’s a lot less intimidating than it seems. Plus, the best and safest way to get one is to request it from your insurance broker, not fill it out yourself. Just because you find a certificate of insurance example PDF doesn’t mean you should use it, and when you need an insurance certificate template Word is the worst choice.

What you should focus on, though, is checking that what the certificate says is what the client you’re trying to win requires. Each company, and each state, has their own requirements when it comes to insurance, so you may want to double-check what your broker provides to make sure you’re carrying the coverage required. Look again at that ACORD certificate of insurance sample and make sure you recognize what each box is talking about.

Sample Certificate Of Insurance With Additional Insured

IRMI—the International Risk Management Institute—defines an additional insured as “a person or organization not automatically included as an insured under an insurance policy who is included or added as an insured under the policy at the request of the named insured.” That translates quite often as “I need to extend the coverage I purchase from my insurer to the third-party hiring me to do some work.” 

A sample of additional insured endorsements is relatively easy to find online, wherever you look for certificate of insurance templates. A quick search will turn up a plethora of certificate of insurance additional insured samples. What you’re going to see is a standard certificate of insurance, but with the addition of the additional insured. Be careful that you don’t mistake a sample certificate of insurance with additional insured for an example of the kind of coverage you need to secure for your business; that’s a conversation you need to have with your agent or broker, not something you get from a PDF. 

If you’re on the other side of this conversation, as a business requesting additional insured status on the certificates of insurance you collect from your third parties, you already know the necessity of such endorsements. Transferring additional risk incurred by your third parties back to those third parties is a critical part of risk management, and few companies can afford to carry the risk of damaging claims on their own books.

Many companies that use a sample letter requesting certificate of insurance from vendors often have special versions of that letter that lay out the requirement for additional insured endorsements. It would include the specific endorsements sought, provide a list of limitations that your company will not accept, or other insurance-related notes like that. Risk management teams often have custom letters for different industries or verticals.

How To Get A Certificate Of Insurance

Answering the question of how to get insurance certificate online depends entirely on who you are and what your role is in this certificate of insurance process, because it affects both sourcing and propriety. We all know that poor tracking on a certificate of insurance costs more than just lost time, but also insurance risk. 

Let’s imagine first that you’re a contractor, vendor, or other third-party who is being asked to provide a certificate of insurance before you can begin work. In this case, you want to start with your insurance agent or broker’s website. Many providers offer forms that allow you to request the correct certificate without having to make an appointment or make a phone call. 

What you should not do, though, is start wondering how to get ACORD insurance certificates online yourself, so you can fill them out without your agent. Don’t do that. Never do that. Let your insurance agent or broker do that. It’s their job, they’re the experts. 

If you’re a certificate holder (the person or entity who receives certificates of insurance) and you need to request updated certificates, you can also start at the insurer’s website, if you know which agent to check out. This can happen in some instances when a certificate holder needs a new or updated certificate because of discrepancies or questions.

Lastly, if you’re an insurer looking for form templates, or even sitting at your computer asking “how do I get a certificate of insurance form template,” check with your senior leadership or check online for resources. ACORD provides helpful instructions for agents and brokers about filling out their forms.

Certificate Of Insurance Sample

If you’re a contractor or a vendor, a certificate of insurance ACORD form is only one of the many types of insurance forms you might be sharing with someone else, though. In general, then, it is helpful to see a certificate of insurance form sample. 

At its most basic, this certificate has all the relevant information regarding your insurance policy. There is a lot of information that could be included on this form. For example, this form might have information on when the policy comes into play, its duration, who owns the policy, what the limit on the policy is, and who you need to contact if you need to file a claim.

If you are looking for a sample certificate of insurance with additional insured, though, then you might be looking for a slightly different document. This certificate includes added endorsements in very specific situations. If you need a certificate of insurance with additional insured, you need to reach out to the insurance agent or broker to make sure you have this type of coverage.

If you’re looking for a certificate holder insurance form, well, stop looking. That’s not a thing. A certificate holder is the entity that receives the certificate of insurance from a contractor, vendor, or other provider. If you receive certificates, that’s you. If you provide them to companies that hire you, that’s the company hiring you.

Remember that even an ACORD certificate of insurance sample is just that: a sample. Not an example, and certainly not proof of coverage.

Which Vendors Need A Certificate Of Insurance

If you’re a contractor or business asking which vendors need a certificate of insurance, the answer is pretty simple: any vendor that enters your business premises and takes any actions that may generate any risk at all needs to give you a certificate of insurance. You want each vendor to have a certificate of insurance for delivery to you, in hand, before the work begins.

That sounds pretty vague, we know, but it’s a simple reality. Risk exists all around us, whether we generate it or not, and the last thing you want to do is assume the burden of risk your vendor opened you to because you failed to secure a certificate of insurance.

Now you may ask “what is a certificate of insurance for vendors?” and the answer is, the same thing you provide to other entities that you do work on behalf of. It should show the vendor’s coverage, any limitations or exclusions, and all the usual information. 

Knowing how to request a certificate of insurance from a vendor likely comes down to how your business works with vendors. In many cases, COIs with the required coverages are required as part of the vendor application process or were specified in the RFP, or in an agreement or contract. If not, it’s often a requirement before the vendor can begin working.

If you deal with a lot of vendors, you can often save a lot of time by having a sample letter requesting certificates of insurance from vendors on hand.

How To Check Certificate Of Insurance

Certificate of insurance compliance is the work a risk manager or compliance admin does to collect, verify and maintain the certificates of insurance provided to that company by its third parties: they are the experts who know how to check certificate of insurance compliance.

Each certificate of insurance has to be checked, first and foremost to ensure that it claims all the necessary coverages, amounts, limits, and exclusions that your company requires of its contractors. Sure, there is general liability insurance mentioned, but does it protect to the same amount that you require?

Also, what assurances do you have that the contractor didn’t let the policy lapse the day after they handed you the COI? Are you verifying with insurance agents that these contractors still hold the policies and protections that their COI claims? Are there exclusions to the contractor’s protection that will mean you’re held responsible for risk that should properly rest with the contractor?

Remember that there are varied certificates of insurance requirements by state, and you need to be aware of them. Certificate of insurance best practices in every case remind you to check your state requirements, and we’d be remiss if we didn’t do the same.

Certificates Of Insurance For Subcontractors

If you’re a subcontractor, or you hire subcontractors and have to track the certificates of insurance you receive from them, you may see a few oddities. Depending on what state you’re working in, certificates of insurance for subcontractors may sometimes lack evidence of workers’ compensation coverage. This is because several states do not require workers’ compensation coverage for what are called sole proprietorships, where the individual worker is the only employee of their one-person company. If you’re unsure whether or not there should be a workers comp policy by statute, consult with your state’s workers compensation board.

Even in states where it is not legally required, however, many companies that hire subcontractors still require the coverage as a necessity for employment. In that case, a workers’ compensation certificates of insurance for subcontractors will show the minimum necessary coverage required by the hiring entity. This is because many companies like a certificate of insurance moving risk off their books.

What’s fun about these one-person plans is that often they’re what are called ghost policies: they are workers’ compensation plans, but they have exclusions disallowing coverage for the single employee. They allow subcontractors to satisfy the requirement of needing workers’ compensation, but since they are excluded, the coverage only covers a ghost.

Or in reality, no one.

How To Request A Certificate Of Insurance From A Vendor

We’ve mentioned several times about generating prebuilt request certificate of insurance from vendor letters, for example. Having these kinds of documents handy can really save you time having to write the same letter or email over and over again. But they also have significant usefulness as training aids.

Let’s say you’re on the compliance management team, and you hire a new admin. Having a sample letter requesting certificate of insurance from vendors on hand to show them can save you a lot of time explaining the details of what they’ll need to know when they make a request. It sometimes leads to fun questions like “what is a certificate of insurance for vendors?”, and you’ll have to take the time to train on that, but it’s a step in the right direction.

Almost as important as knowing what to put in a letter, though, is knowing how to request a certificate of insurance from a vendor. Each business will have its own process: some places make it part of the application process, and some will handle it as a new vendor task after the vendor has been accepted. Your own business will have its own process.