Finding a Certificate of Insurance Online is a Risk

May 11, 2022

Finding a Certificate of Insurance Online is a Risk

The availability of insurance forms online should make a compliance admin’s job easier than ever. However, this isn’t always the case. Since the untrained and unaware can easily download forms and try to fill them out themselves, compliance admins might struggle with all of the fraudulent and incorrect forms that hit their desks.

Finding a certificate of insurance online is a risk that can expose companies to expensive claims and lawsuits. General contractors and other third parties should not take it upon themselves to download one and use it. Compliance admins should not suggest they do that either. Issuing agents or brokers should be the only ones to provide certificates of insurance.

Why Would I Need a Certificate of Liability Insurance?

A certificate of liability insurance helps reduce risk. They contain information about the insurance policy like policy numbers and limits as well as effective and expiration dates.

Certificate of liability insurance tracking can help separate fake forms from authentic ones, adding another layer of protection between companies and the risks associated with their businesses.

What is certificate of liability insurance tracking?

This process involves compliance admins collecting, verifying, and monitoring each COI (certificate of insurance). One invalid certificate of insurance could place a company in danger of having to pay an injured party in the event of a claim or lawsuit. An invalid certificate of liability insurance form typically means the named insured does not own coverage or owns the wrong type. Dishonesty and innocent errors can eventually devastate a company’s fortunes in the worst circumstances.

Companies should require official COIs before a contractor begins work. The form should be issued by the named insured’s agent or broker. It should also be a certificate of insurance ACORD form, the insurance industry’s most-used and trusted document. ACORD is the organization that issues and archives standardized insurance forms like the ACORD 25 fillable form.

Where Do I Go for a COI?

If you are a compliance admin and know how to get a certificate of insurance online, then you can probably assume that your contractors and other third parties know how to also. There are a few barriers to learning how to get certificate of liability insurance downloads. All one has to do is perform a quick online search and go to any of the resulting websites.

Knowing how to get a certificate of liability insurance is essential in finding the proper one to help reduce review times. When you have a template to work off, you can spot inaccurate and false forms easier and quicker. A certificate of liability insurance sample can be an effective guide.

Contractors don’t really need to know how to get insurance certificate online instructions. They are not permitted to create one themselves or even sign one. Although it’s easy to find a blank COI online and fill it out, it needs to be issued by the insurance agent or broker.

Always Go To Your Agent

If you’re a compliance admin, then you should request your company’s third parties contact their agents to receive a COI. The certificate of liability insurance cost is usually free and can sometimes be downloaded from the issuer’s website. Receiving COIs directly from agents ensures that the policy and COIs will be the right ones. You can only trust agents to know exactly what a policy covers. Therefore, you can only trust them to deliver a correct certificate.

Agents should also only use ACORD forms. While anyone can download those forms, only insurance agents should obtain them and complete all the necessary fields. The form should also come directly from them.

Reduce the Risk

COI tracking can be a heavy responsibility. Managing legitimate COIs can be a burdensome task in itself. Rooting out dishonest forms is another trying aspect of the job. You must validate every COI you collect. You must know what an authentic COI looks like and what information should be included on each one. You have to spot the signs of fake COIs.

The ease of getting a certificate of insurance online is a huge risk that you can reduce when you partner with an automated insurance tracking solution like myCOI. The cloud-based platform can verify the authenticity of every certificate of insurance for small business. myCOI can alert you when a COI is invalid for whatever reason.

Designed with built-in insurance logic, myCOI is backed by a team of insurance experts who can validate your COIs, mitigating the amount of time you normally spend manually processing them. You do not have to examine every form for legitimacy. myCOI automatically verifies COIs to ensure your insurance requirements are constantly met. With myCOI at your disposal, you can make sure third parties remain compliant and your company is free from disreputable certificates.

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