Get the Best Construction Insurance Certificate Tracking App

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

Construction Insurance Certificate Tracking App

If you run a large construction company, then you need to make sure that your contractors and subcontractors have certificates of insurance. These are standardized forms that list the insurance coverage carried by the contractors, vendors, or other third parties you hire. When it comes to a certificate of insurance explained, this includes the carrier, the limits of the listed coverage, the effective dates, the expiration date, and may include any exceptions, limitations, and exclusions. Usually, this certificate of insurance is issued by an insurance agent and delivered to the contractor to provide to you, proving that they have the right protection before you start your project.

If you have numerous active third parties, it can be difficult to keep track of all of their certificates of insurance, which can make it difficult to ensure that your third-parties have the coverage you require. Therefore, you have to be able to quickly and efficiently review and verify your certificates of insurance so you can move forward with your project. That is why you need to follow all certificates of insurance best practices and store them in a manner that is easy to index. That is where a construction insurance certificate tracking app such as myCOI is helpful.

In order to comply with COI best practices, you need a high compliance rating. This means that all of your certificates of insurance need to match the coverage requirements set by your company. Traditional manual verification processes can be time-and-labor intensive, which makes certificate tracking software a common and powerful solution. Instead of having to worry about keeping track of all of your insurance policies on your own, you can automate this process by outsourcing this to a third-party specialist like myCOI. That way, you can complete your projects faster, keep your clients happy, and grow your business.

Certificate of Insurance for Business

If you’re a contractor, you need to have a certificate of insurance for business for the insurance policies your business has. There are probably lots of insurance policies you carry at your company. These include:

  • General liability insurance, which covers the potential liability you take on with each project, such as construction projects
  • Commercial auto insurance, which covers your vehicles and drivers during the job
  • Commercial property insurance, which protects any real estate you might have or lease for your business
  • Workers compensation and Employers Liability

When it comes to certificates of insurance 101, you need to make sure you have accurate certificates to represent all of your policies. A few critical elements include:

  • The limits of your protection
  • The effective and expiration dates, which define when that  policy is active
  • Your insurers or carriers, which are your insurance companies

You should not be creating your own COIs. Even though you should review your certificates, it is essential to rely on a specialized third party like your insurance agent to produce them. This is one of the services that your policy premiums pay for. That way, you know you have the proper protection for your company the next time you start a project.

How To Get a Certificate of Insurance

If you are wondering how to get a certificate of Insurance, you may want to start by looking at a certificate of insurance template. That way, you understand exactly what should be included in your certificate once it arrives. In general, there are several steps you need to follow to get your certificates of insurance. These might include:

  • First, the client hiring your company might state that they require COIs as a part of the contracting process.
  • Then, you should clarify the types of coverage the client needs.
  • Next, you should contact your insurance agent or broker and make sure your coverage matches the requirements.
  • Finally, ask your insurance agent or broker for a certificate of insurance listing all coverages you have.

This can turn into a long process that may delay the start of your project. If you need your certificates now, you need to work with your agent or broker. Many insurance providers have a simple online form you can submit to have the requested certificate of insurance sent directly to the requesting party. 

If you’re on the risk or contracts management team and your company doesn’t request COIs as part of the RFP or contract award process, your team or counsel probably already has a templated letter telling you how to request a certificate of insurance from a vendor.

Certificate Tracking

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.

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.

Managing Certificates of Insurance

When you first opened your doors, you may have used a manual solution when it comes to managing certificates of insurance. Unfortunately, manual certificate of insurance tracking is not going to scale as your business continues to grow. For example, if you use a certificate of insurance tracking template Excel spreadsheet, this may work well for a while but it’s so easy to lose track of the details as you receive more and more certificates of insurance, each one of which must be checked, verified, and tracked. A manual system increases your potential liability and opens the door to potential claims against your business.

Instead, you need to rely on specialized certificate of insurance tracking software provided by trained third parties, such as myCOI. That way, you can access automated tracking solutions that can make it much easier for you to keep track of everything your company has to do to ensure third parties remain in compliance. Furthermore, you will also be alerted if something appears off. That way, you can minimize your risk, reduce your liability, and protect your company accordingly. If you are still using a manual solution, you need to consider an upgrade to your systems by leveraging an automated certificate of insurance tracking system for your company.

How To Organize Certificates of Insurance

You need to make sure that you keep your certificates of insurance organized appropriately. Therefore, you may be wondering how to organize a certificate of insurance on a COI tracking spreadsheet. A spreadsheet might be a good place for you to start so that you can minimize the huge piles of paper that otherwise stack up on your desks and in your file cabinets. Remember that you have to keep these documents for approximately five years unless your company or your state has other retention policies. They are going to add up over time. Eventually, your spreadsheet is going to have issues keeping track of everything.

If you are wondering how to keep track of COIs, you need to use an automated system. Tracking your certificates manually increases the risk of loss and disorganization. Even though filing systems and scanning them to an electronic record can be helpful, this can also take a lot of time. Instead of trying to do all of this yourself, you should take advantage of myCOI. Instead of having to manage stacks of paper, you should rely on an automated solution such as myCOI if you are wondering how to keep track of insurance certificates.

Certificate of Insurance Compliance

You need to make sure that you are in compliance with all regulations. Certificate of insurance compliance ratings is lessened if you accept a certificate that does not actually meet your insurance requirements. You may want to use a sample letter requesting certificate of insurance from vendors to make sure you get the document you are asking for. Perhaps the insurers listed on the certificate are not acceptable to your company. Maybe the amount of coverage is too low. Perhaps the certificate holder has not been endorsed as an additional insured where it is required. These are all potential issues with certificates that affect compliance ratings.

Many businesses, including hopefully yours, have a system in place you can use, to confirm the necessary coverage shown on a COI. Check with your senior risk managers or a general counsel. Even though it is good to go to the insurance agency to verify the coverage listed on a COI, remember that the third party will need to modify their insurance if it does not meet the requirements. 

If you’re that third-party, even though you may be able to view your certificate of insurance online at a certificate of insurance website, you will need to modify your coverage if it does not meet the project’s requirements. The best practice is not to hire third parties if their insurance is not compliant—which means you won’t get the work. Therefore, you need to make sure that your insurance is compliant with the hiring entity’s requirements.