COI Tracking Platform

Uninsured vendors and contractors that your company hires pose a serious risk to the health of your business. If they injure another person or damage private property while on a job, then your company is highly vulnerable to costly claims and litigation. Therefore, they must be covered by active insurance policies.

A certificate of insurance (COI) confirms third parties’ insurance coverage. Proof of coverage can support companies in the event of an incident that causes injuries or damages. However, obtaining COIs is only one piece of this vital risk management function. Insurance tracking is an ongoing process that necessitates diligence to keep companies protected.

What is insurance tracking?

Regarding COIs, insurance tracking helps make sure that every third party’s coverage is active, valid, and up-to-date. The process involves obtaining, verifying, and monitoring COIs to demonstrate that a company’s insurance requirements are constantly met. One lapse can increase a company’s risk of being uninsured in the event of a loss or claim. 

Insurance certificate compliance can only be fulfilled by accurate and frequent insurance tracking. Depending on the number of COIs a company must manage, the amount of time can overwhelm risk management staff. Speeding through the process can cause oversights and errors. How can staff keep up with the demands of certificate tracking?

COI tracking software can simplify the process and cut the time it takes to manage COIs. Free certificate of insurance tracking software exists but if companies want to take advantage of a proven solution, then they should invest in myCOI. This COI tracking platform can help you monitor your third parties’ insurance statuses, automate renewal requests and non-compliance notices, and digitally store COIs so companies do not have to.

Companies that make insurance tracking number one on their list of risk management duties can stay safe in an unpredictable world. Accidents can happen at any time. When vendors and contractors are adequately protected and their companies have proof, a business can continue operating as usual. myCOI streamlines COI tracking to accurately and promptly confirm compliance cost-effectively.

Requesting COI From Vendors

What is a certificate of liability insurance? When do you need a certificate of insurance?

A certificate of liability insurance is simply a document that proves valid insurance coverage. If you work for a company that hires vendors, then you need to acquire a certificate each time you hire a vendor.

You should request a COI whenever a vendor or contractor is hired, preferably before they begin working. Any actions they take at any time generate risk. You have to mitigate your risks at every juncture.

Certificate of insurance contractor and vendor requests are not difficult to create and give. You can send vendors and contractors a request email or letter. You can also verbally ask for one. A more common method might entail requesting one in their contract.

Knowing the additional insured language on certificate of insurance is important but all your efforts can be in vain if you do not know the importance of additional insured status when  requesting COI from vendors.

Equally essential is certificate of insurance tracking. Some companies track insurance policies on Excel spreadsheet documents. This can work for smaller companies that hire a handful of vendors at a time. One vendor certificate of insurance can probably be easily handled via spreadsheet. 100? 1,000? A larger company might struggle with a rudimentary spreadsheet. Such a company needs a solution that scales to its size. That solution is COI tracking software.

Free COI Tracking Software

Companies that track insurance policies on Excel spreadsheet documents probably know that their spreadsheets have to be accurately and promptly updated each time a vendor or contractor submits a COI. This can take time away from performing other tasks that could better benefit the company. A large number of COIs means more data entry time. COI tracking can quickly get out of hand. Other tasks might be ignored in favor of COI management.

Small businesses might not have room in their budgets for COI tracking software. They might opt for free answers to their problems. This is not always a bad thing. Free products and services can let people try things they do not usually use. They can also save companies money.

Free COI tracking software can be more effective than a COI tracking spreadsheet template. Not all free COI tracking platforms are inferior to their commercial counterparts.

Can you take that chance? Do you want to place your company’s future in the hands of a free yet untried solution? Would you rather use a proven platform that helps companies across numerous industries?

You could be increasing your company’s risk by using free certificate of insurance tracking software that is not developed and supported by insurance experts. Additionally, you might be wasting time and energy that could be better spent improving how your company runs.

COI Tracking

“I can’t keep up with my COI tracking,” one risk management professional might say amid stacks of paperwork. “I give up.”

“My COI registration is too complicated,” says another. “I’ll keep using this spreadsheet.”

These attitudes can doom a company.

A COI tracker like myCOI that automates certificate requests, collection, and compliance resolution can change mindsets. One myCOI upload can show you how simple COI tracking can be.

myCOI has industry expertise built into it, making it more reliable than someone lacking genuine COI tracking experience or an expert who can not keep up with their workload. The highly-functional platform can get the job finished faster, improving staff productivity and giving them more time to work on other tasks.

Reliability, speed, and efficiency can keep companies compliant and safe against the risk of underinsured claims and expensive litigation. COI tracking should not be intimidating or neglected. myCOI can handle any number of COIs a company needs to manage, removing the hassles of manual insurance tracking.

Certificate Of Insurance Tracking Services

Collecting COIs and not verifying them can be seen as a dangerous business practice. Claims and lawsuits can cost companies a fortune. The worst-case scenarios can find companies shutting down because they can not withstand the strain of litigation. You have to guarantee your company’s insurance requirements are fulfilled, not just once but constantly. myCOI was built with this in mind. Their certificate of insurance tracking services help ensure companies remain protected with the necessary coverage.

COI compliance involves several intricacies that can seem complicated to the uninitiated. From collecting and verifying COIs to contacting vendors and contractors in the event of noncompliance, insurance compliance requires attention to detail and specific expertise. Certificate of insurance tracking software can help eliminate some of the complexities while streamlining the rest. COI tracking can be transformed from a job that no one wants to tackle to something that can be completed with a few mouse clicks.

Certificate of insurance management services enable companies to collect COIs and confirm compliance while reducing manual errors and the time spent physically handling paperwork. A cloud-based insurance tracking center is a lifeline that can save a company from drowning under the burdens of insurance compliance.

Best Certificate Of Insurance Tracking Software

Choosing the best certificate of insurance tracking software can be a chore in itself. The benefits can be more than worth the initial time and financial investment.

The best certificate of insurance tracking software can save companies time, money, and headaches stemming from worrying about liability risks.

Manually managing COIs entails physically inspecting each document and knowing what information must be confirmed. It also involves requesting certificates from each vendor and their insurance agents. Skipping any step can increase a company’s risk. 

Maintaining adequate coverage can save your company from having to pay damages should a lawsuit occur. An insurance tracking center like myCOI can make sure your company stays protected with appropriate coverage so it can weather any claims and legal actions.

Automated certificate of insurance programs can perform all of these functions and more, removing much of the human element and the mistakes they could make. You can make them work for you so you have less work. COI tracking can become second nature when you have the right tools at your disposal. Insurance tracking services can provide simpler, faster, and accurate certificate of insurance compliance.

COI Tracking Spreadsheet

If you know how long to keep certificates of insurance and how to request a certificate of insurance from a vendor, then you might know that using a certificate of insurance tracking template Excel document might result in complications that negatively impact your company. You should also know that you can solve your COI tracking problems with the right solution.

What is a certificate of liability insurance tracking solution?

myCOI can help you sustain your company’s certificate of insurance compliance.

Certificate of insurance contractor and vendor requests can automatically be sent via email. You do not have to figure out who to contact and when. You do not have to keep up with all of the new and changing insurance regulations. myCOI has insurance expertise built into itself.

There are many certificates of insurance issues and answers are available if you know where to find them. myCOI can unravel the mysteries surrounding COI tracking. Clear minds can perform more effectively and efficiently, especially when they are not inundated with tedious work.

myCOI removes the need to use a COI tracking spreadsheet. You do not have to worry about learning how to organize anything about COIs. myCOI introduces an industry-leading level of simplicity to the entire process. Your contractor and vendor certificate of insurance tracking problems can become non-issues.