Easy To Use COI Tracking Software For Construction

Every company must prioritize its protection from physical, financial, and legal threats. Construction companies must especially be cognizant of this fact.

Construction is a contractor-heavy industry. Each project usually requires subcontractors with separate specialties. The size of the project determines how many subcontractors must be hired. This creates numerous opportunities for something to go wrong.

Even the most-skilled subcontractor can make a mistake that injures someone else or damages property. Therefore, construction firms must require subcontractors to be properly insured before they start work.

If a subcontractor agrees to provide comprehensive insurance and does not, their inaction can place their company at risk of litigation and claims, which can prove financially devastating. Requiring them to provide a certificate of insurance (COI) can remove accidental and deliberate oversights.

Construction companies must fulfill their responsibilities of proving their subcontractors are sufficiently covered. COIs are documents that prove insurance coverage. Tracking COIs for authenticity and validity can protect a company from lawsuits.

Certificate tracking involves collecting, verifying, monitoring, and storing COIs for each subcontractor. These tasks require acute attention to detail and insurance knowledge. Mistakes can happen when companies have to handle numerous documents. These mistakes can result in subcontractors working with lapsed or no coverage.

Companies can use free COI tracking software or a certification tracking spreadsheet to keep their COI processing organized and current. However, a large amount of COIs can overwhelm these basic tools as well as risk management specialists.

myCOI is easy to use COI tracking software for construction that automates certificate management, freeing staff to work on other jobs.

Built for the end-user, myCOI scans, reads, and organizes COIs to help companies make sure the collected data is consistently accurate and up-to-date. Companies that use myCOI can rest easy knowing they will remain protected with the appropriate coverage.

Free COI Tracking Software

If your construction company continues to track insurance policies on Excel spreadsheet documents, then you probably know how important it is to constantly maintain them.

Working from a COI tracking spreadsheet template can be a cost-effective method to manage your COIs, but what are you really saving if you have to spend time updating them each time your company hires a subcontractor? And what if you or someone on your team makes a typo? What if you think a subcontractor’s coverage is active when it actually expired last month? One data entry error can place your company in grave danger.

Certificate of insurance tracking software eliminates fretting over spreadsheets. The best software can scan COIs into a central repository. Policy dates can be error-free, strengthening your company’s insurance compliance.

Not all construction companies can afford COI tracking software. If they find their spreadsheets are more trouble than they are worth, they might choose free COI tracking software. There is nothing wrong with this option. Free products and services can save companies money.

But what guarantees can a free product offer? Can a free solution be as effective as it claims?

Free COI tracking software can work as intended. Not all successful platforms have to possess a price tag.

Do you want to gamble with your company’s future by using such a product? The price might be right, but have you considered the long term? Can it handle a larger number of COIs? Is it constantly supported by insurance experts who keep their fingers on the pulse of changing regulations and requirements?

You should want the best COI tracking software to protect your business, no matter the cost.

Best Certificate Of Insurance Tracking Software

What is the best certificate of insurance tracking software?

The answer depends on what you want to get out of it.

Physically managing COIs can be a tiresome and error-prone job. Examining each document to affirm the subcontractor has adequate insurance coverage can take time. Doing it right the first time requires current insurance knowledge.

Using a certificate of insurance tracking template Excel document can increase the chances of errors. A COI tracking spreadsheet only knows what has been entered into it.

Free certificate of insurance tracking software might offer you the basics of COI management but not much else. These platforms might also not be supported by people well-versed with insurance and COIs. They might not be supported at all, leaving users with half-realized software.

Insurance certificate tracking software should handle each step of COI management. From verifying coverage to automatically contacting subcontractors when COIs are expired, automated insurance tracking services reduce the risks that spreadsheets and free software create. And that is what COIs ultimately do: reduce risk. You should want to keep reducing risk until it becomes a non-issue even in the event of an incident.

myCOI’s insurance tracking center can empower you to:

• Manage the COI tracking process from one cloud-based location.
• Automate communications to keep your company protected at all times.
• Review COIs faster and more accurately.
• Increase your liability awareness.

When you use myCOI, you can delete your spreadsheets and reduce the amount of paperwork overwhelming you. Less data entry means you will have fewer typos to worry about. Less paperwork means you will have fewer documents to store. You can be left with an organized workspace that accurately represents the efficiency of your COI tracking.

Certificate Of Insurance Tracking Services

If you do not use certificate of insurance tracking template Excel documents, free certificate of insurance tracking software, or any COI tracking services, then you could be jeopardizing your company’s fortunes.

One lawsuit or a single claim can bankrupt your company.

Manually tracking COIs demands you to be at the top of your game. You have to know what to look for. You have to stay organized. You have to keep up with your overall workload, not just with COIs. If you feel overworked, you might take attention away from certain duties for the sake of others. You might also overlook your COIs.

Struggling with staying up-to-date with insurance regulations can also impact how you verify COIs. Stacks of paperwork can overwhelm you and cause you to rush through the process. myCOI can ease these burdens.

Certificate of insurance tracking services like those offered by myCOI can help you be more confident about maintaining your company’s insurance requirements. They can also free up time so you can perform other aspects of your job.

myCOI’s certificate of insurance tracking software can simplify insurance tracking and your workflow. From one insurance tracking center, you can process certificates, eliminate paper trails, and automate the COI communication process.

COI Tracking Software

Construction projects often require you to ensure all your compliance conditions are met. You need quick and effective results.

COI tracking software solves many issues that plague COI management. For instance, an insurance tracking center can help you avoid chasing subcontractors when you must collect their COIs. The platform can then compare the COIs to your project’s requirements.

COI software is one of the easiest methods to collect, track, and request documentation. An all-in-one platform can ensure compliance while presenting a central location to store and access COIs. It can also keep you informed regarding what coverage you have in the event of any incident that prompts the use of insurance.

Free certificate of insurance tracking software can open your eyes to the need for automated solutions. You can search for an insurance policy management software free download to begin to understand how different COI tracking is if you use such a tool.

Insurance policy tracking software can work alongside certificate of insurance tracking template Excel documents to help you keep your company secure and profitable. Paid solutions all but guarantee compliance.

Certificate Of Insurance Compliance

A certificate of insurance for business is a powerful document. As such, you should take action to acquire and verify them. A proactive approach can protect and prepare you for any unfortunate events well before they happen.

Certificates of insurance best practices include carrying knowledge about regulations. Certificate of insurance requirements by state sometimes vary. They also occasionally change. Knowing relevant ones can strengthen your compliance. Not knowing any can make your company vulnerable to liabilities on several fronts. Your company could be sued or fined if certain coverage is not in place.

Compliance also entails knowing how to request a certificate of insurance from a vendor. You can not verify what you do not possess.

When do you need a certificate of insurance from a vendor?

Any time your company hires one.

You can request a COI in their contract or use a sample letter requesting certificate of insurance from vendors to draft an official document. You could also guide vendors on how to get insurance certificate online instructions to facilitate them obtaining COIs.

myCOI streamlines certificate of insurance compliance.

When a construction company hires a subcontractor, the long process of collecting and reviewing COIs is automated via myCOI’s cloud-based platform. myCOI’s team of insurance specialists carefully reviews each document for compliance.

myCOI boasts the technology and knowledge that make COI tracking easier for construction companies as well as others across numerous industries, including healthcare, manufacturing, and real estate. You can use this technology to keep up with the insurance world as well as your company’s growing demands.

By offering real-time compliance, myCOI can build trust, align with your requirements, and exceed your expectations. You can relieve your company of the manual tasks associated with COIs. You can focus on other business functions. Your construction projects can continue on schedule no matter how risky they are.