As you know all too well, the Certificate of Insurance (COI) is a very important document, and as someone who is tasked with tracking the certificates, you know there is a lot of pressure associated with the process. From collecting and reviewing all of the documents and policies, to following up with the subcontractors and 3rd party vendors until they are compliant, to internal communication and so much more, there’s a lot of pressure to make sure everything is taken care of—and in an efficient and effective manner.
Your organization relies on you and the tasks you perform to ensure that each and every certificate of insurance is compliant. This serves as proof of the types of insurance coverage and liability limits those you do business with have. When things don’t go smoothly with tracking, it can affect everyday workflow for not only you, but those that are managing the subcontractors and 3rd party vendors, the insurance agents, and even the workers preparing for the job.
The Daily Pains of COI Tracking
As a COI administrator, it’s likely you’re constantly overloaded with daily tasks. Ensuring that COIs are compliant is just one of your responsibilities. The process is not only difficult to manage, but the typical process is extremely manual, relying on memory, sticky notes, Excel files, and so much more. In addition, other team members are waiting on you to ensure compliance, so you have double the pressure to make sure the process is efficient and also accurate. Because many subcontractors or 3rd party vendors are restricted from working until a certificate is deemed compliant, the organization may have to delay a project until compliance is achieved.
As a COI administrator, you’re often the “middle man”, working with the subcontractors or 3rd party vendors, their insurance agents if changes are needed, and internal stakeholders that are waiting for approval. These individuals often get impatient, but it seems unfair that those you’re working to protect are constantly on your back. But you know better than anyone that if something goes wrong, then it comes back to them (and you) and could severely impact the organization.
What Happens if You Get Behind on COI Tracking?
If you get behind with COI tracking, for instance, projects can be delayed or even halted altogether, which can in turn affect everyone else on the team. And not only that, without the proper documentation of the certificates in place, you also leave yourself open to all kinds of risk.
All of this pressure related to COI tracking on top of everything else you deal with every single day can be a big source of stress. What if there was a tool that could help you keep up with COI tracking—without manually having to do it yourself OR wading through piles of paperwork? Are you ready to get others off your back about COI tracking and transform your current process to eliminate paperwork, automate processes, and work with a professional team that has vast experience in the insurance industry?
Are You Ready to Get Your Team Off Your Back About COI Tracking?
Certificate of Insurance Management Solutions such as myCOI exist for one reason: to help you handle the everyday tasks and associated stresses of managing COIs and protecting your company against underinsured claims, costly litigation and failed audits.
MyCOI’s software is an easy-to-use, cloud-based solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the COI communication process and ensure you remain protected.