Construction Insurance Certificate Tracking Software
Construction insurance certificate tracking software might be one of the most important investments any construction company can make. Every contractor you let onto your jobsite to do work: every builder or carpenter, every electrician or drywaller, any of the myriad specialties it takes to turn a patch of land into an amazing building; they all need construction insurance, and to provide you with a construction insurance certificate.
Don’t stop with the bare minimum. Don’t think that once you have a system for how to request a certificate of insurance from a vendor, you’re covered. A sample letter requesting certificate of insurance from vendors that you just recycle over and over may not be serving your needs. You’ve received a stack of certificates now what?
Let’s take a look at what you can do to ensure you’re getting accurate and compliant certificates from your vendors. The ease with which anyone can find a certificate of insurance online, download a certificate of insurance PDF, or just plain make mistakes in today’s busy world means there’s no better time than now to work on your compliance rating.
Certificate Of Insurance Tracking Template Excel
If you’re looking for a simple and manual way to track the certificates of insurance in your construction business, then using a COI tracking spreadsheet is an option worth considering. Many companies begin by having their staff track insurance policies on Excel spreadsheets. And for smaller companies just starting out, that system works. For basic certificate of insurance tracking spreadsheets are not a bad solution. Certificate tracking can be something you do in iterations, getting better each time.
Many companies find spreadsheets a good training tool; for a certificate of insurance tracking template Excel has several basic templates that can be customized to what you need, but most companies scale past this very quickly.
The drawbacks of using a certification tracking spreadsheet are that they can be time-consuming to maintain and often require constant updating. What began as a simple project one person could track and easily snowball into a time-intensive process that’s impossible to scale as a company grows. Instead, companies might add more people and more spreadsheets, which leads to paperwork being lost or misplaced, which leads to increased chances for errors in the data.
That is exactly the worry that myCOI erases. Our systems are industry-leading. Our insurance professionals are top-notch. If you’re tracking hundreds of certificates of insurance, we’d love the chance to show you just how much time and effort we can save you.
Certificate Of Insurance Tracking Software
The competition for the best certificate of insurance tracking software is fierce, and we’d be being dishonest if we didn’t say you need to choose the right solution for your company. Obviously, at myCOI we believe we are the right solution nine times out of ten, but we don’t fit every company, and that’s okay. Certificate tracking online could be a critical part of your business no matter what solution you use, whether that’s a fully managed partner solution, myCOI competitors, or something else.
You’ll need to define what “best” means for your business. Is it the least expensive? That depends on how you measure cost. In pure dollars, a free COI tracking software may work, but is it reliable? Do its developers offer support? Are there regular product updates coming out? If not, check it carefully to make sure it isn’t out of date.
Is “best” the least of your precious person-hours consumed by tracking certificates of insurance? Then a managed solution like myCOI offers may be best. Our team of insurance professionals know what they’re looking at, and they’re experts in making sure your certificates are promising what they say they do, that they meet your business requirements for coverage, and our quarterly verification makes sure the coverage stays in effect.
Track Certificates Of Insurance
Even though you can track certificates of insurance 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.
Remember also that certificate of insurance requirements by state can be very different. If your company operates in different states, you may need to ensure that your insurance tracking services are capable of telling the different state requirements and laws.
Certificate Of Insurance Compliance
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. Almost anyone a business hires to do work on its behalf can be asked to provide some form of proof of insurance. And on the face of it, that sounds like a pretty easy ask.
Collect a piece of paper? A standardized form? And store it? Simple.
Except 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?
If you have any questions as you’re reviewing, contact the vendor or their insurance broker and have the certificate of insurance explained to you. Certificates of insurance issues and answers can be complicated because insurance is complicated, but being able to ensure compliance with your vendors is well worth the effort.
Insurance Certificate Issuance Software
Insurance certificate issuance software is not something non-insurance companies typically have to worry about. The insurance company is responsible for issuing certificates of insurance to the company. If you’re an owner or manager, it’s crucial that you know what your responsibilities are and how those differ from someone in this role at another firm. Whether it comes down to handling employee-related matters or discussing business strategy with clients, a basic understanding of these roles will go a long way when forging relationships within your industry.
Sometimes people mention certificates of issuance, but that’s a different certificate. These testify to the issuance of certificates for things like bar codes or identification numbers. As it sounds, it’s a certificate of issuance meaning it certifies that something was issued.
Instead of wasting time asking “what is certificate of issuance?” focus on tracking your own certificates of insurance. With a COI tracking application, you’ll never need to worry about tedious paperwork again. You can also make sure that your records are always up-to-date thanks to automated updates from vendors.
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 certificate of insurance for subcontractors will show the minimum necessary coverage required by the hiring entity.
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.
One question we get a lot at myCOI is “which vendors need a certificate of insurance?” and the answer to that is “all of them.” Anyone coming on your job site to do work needs to provide you with a COI; otherwise, you’re assuming the risk of any claims they may generate or cause while they’re there.
Free COI Tracking Software
Running a business is expensive, and sometimes the last thing you want to add is another expense, even when you have a need. We can’t tell you how many times we’ve heard companies tell us that they were doing their best: they knew about COI tracking software, but the budget was just too tight, so they did it with Excel or a free COI tracking software. They know how to organize certificates of insurance manually. For a while, they did okay. Sometimes they tried to make do with software to track expiration dates.
But their compliance percentage slipped down a little every month, as their business grew and more and more certificates were received. Each of those certificates had to be tracked and verified. Each month, more certificates than the last.
At a certain point, the amount of unnecessary risk they were assuming got to be too much, and they had to look for a more professional solution. Sometimes it’s because their risk management team or general counsel audits and realizes the exposure. Sometimes a new hire discovers a distressing reality that had gone unnoticed.
Unfortunately, sometimes it’s because the company just had to pay a damaging claim that they should have been covered for.
Free COI tracking software is not inherently bad, and almost no one sets out to make bad software. But it takes a dedication to customer service, a mission to erase worry, and a team of insurance professionals like the one we’ve assembled at myCOI to make sure your company is doing all it needs to with its certificates of insurance. At myCOI integrations we’ve built with other software make us a powerful option, and a key component people ask about in myCOI demos.