Best Certificate of Insurance Tracking Software
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.
What Are The Benefits of COI Software?
ACORD Insurance Certificate
If you’re running a business today, there are many steps you need to take to […]
What Are COIs? A Guide To Certificates of Insurance
Any business that works with third-party vendors opens itself up to new risks that could […]
How Important Is a Certificate of Insurance?
As a small business owner in the construction industry or another field where work-related accidents […]
How Much Does a COI Cost in the USA?
Any business with an insurance policy, such as general liability insurance or workers’ compensation insurance, […]
What Is an Insurance Certificate for a Business?
An insurance certificate, also commonly referred to as a certificate of insurance or COI, is […]
What Our Customers Say
OUTSTANDING!! In my opinion, this has been the best program I’ve had the pleasure of using. From all the services provided within the program and the exceptional customer service, this has made my job duties very manageable. I cannot say enough good things about this program. I highly recommend it!
Having one place for our customers to upload their insurance certificate makes tracking insurance certificates much easier. We use to internally file and collect insurance certificates from customers and it was a challenge to collect all of that paper and to effectively track the insuarnce certificates.
We switched to myCOI from another insurance tracking system because we were looking for a more involved vendor that could do more for us than just track certificates. We needed help with compliance and having a system that could contact vendors and keep on them until they became compliant with insurance. myCOI does this for us and we have very few non-compliant vendors compared to the number we had in our last system.
The product has met our expectations in that it has allowed us to regain some time that was previously spent doing all of the administration of insurance cert requests, reviews and acceptance. With that, we have been able to reallocate resources to more pressing business needs rather than insurance certificate management.
Our clients are thrilled with myCOI and how their compliance levels have been elevated beyond expectations. The reports and analytics are so valuable in measuring activity and compliance achievements. The system functionality is easy to use. The team are true partners.
MyCOI is a very great portal, a space where to keep organized all our certificate of insurance for our vendors. With the advantage that are online, always accessible and no paper backup is needed.Once you learned how to navigate into the portal and how to use the report tab you will have a world opening to you. In just one place you can access all the vendor information, policy expiration date, non-compliant policy line and see the last date when a document was updated.Our Senior Client Success Manager, [sensitive content hidden], she is always on top of our requests, and she replies promptly.
MyCOI has been a fantastic partner for our company. With frequent meetings with our dedicated account manager, ongoing communication, and the ability to customize our insurance needs with precision, we’ve seen exceptional outcomes throughout our portfolio. [sensitive content hidden] has provided invaluable assistance, and the review team is exceptionally competent and amicable, even when we inundate them with urgent requests. Overall, it’s been an excellent experience, and we’re eagerly anticipating our continued collaboration with them.
myCOI has helped our company go from drowning in unreviewed cois to getting our insurance review under control. Their team has been an amazing support and resource, and helped us to navigate the Essentials program, later transitioning to Concierge service as the workload was more than our team was able to manage. The beauty of this platform is that it provides a single, central hub for clients, agents and vendors to access, update and communicate. Every myCOI team member with whom I have worked has provided excellent service, been pleasant, knowledgeable, and provided quick response times. The quarterly meetings are beneficial to recap what is going well, where we need to improve and have questions answered. I highly recommend myCOI.
myCOI provides amazing custom support and they make the platform very easy to navigate. The myCOI team is always very helpful and quickly responds to my questions or goes out of her way to direct me to the correct team member who is able to assist me.
myCOI has amazing customer support. Our account representative meets with us quarterly to keep up-to-date on how our group is feeling about utilizing the system and interfaces with us day-to-day, as needed, to address any issues we encounter with agent notes, reviews, etc. It has been an incredibly efficient and beneficial relationship since day 1.
The myCOI platform has been so easy to work with from multiple angles. Because there are multiple stakeholders, we are all notified and kept in the loop if there are any COI tracking issues that need to be revised.
Insurance Certificate Compliance Software
We know this can be a complicated topic because we get asked about certificate of insurance issues and answers all the time. Insurance is a complicated field with nuances around every corner, and almost every situation has some kind of unique aspect. Understanding coverage, understanding what the certificates of insurance actually say—and what they don’t say—can be, and often is, a full-time job, and it often takes more than glancing at a certificate of insurance template. Sometimes it takes compliance software.
There are two parties you want to check with in almost any instance of questions around certificates of insurance. First, for questions like which vendors need a certificate of insurance, check with your company’s risk management department, or when that doesn’t exist, your company’s general counsel about what your vendor insurance requirements are. In many cases, these departments or people can give you a certificate of insurance review checklist to help you ensure that the COIs you review have all the necessary coverage. They are trained to know how to organize certificates of insurance requirements, and they’re experts at certificate of insurance best practices. If you’re asking “what is insurance tracking?” they’re the people to ask.
The other party will be the agent or broker who issued the certificate of insurance. When you have questions about the coverage, exclusions, or limitations shown on a certificate of insurance you receive, the only safe source of information is the agent or broker itself. Don’t ask the third party who provided you with the certificate; not only does this give them the opportunity to be dishonest, it also sets you up to be taken advantage of out of ignorance or a mistaken belief about coverage. Go to the source. Ask the agent or broker. Certificate of insurance compliance is complicated enough without adding more chances for mistakes.
Certificate Of Insurance Tracking Template Excel
If you’re looking for a simple and manual way to track the certificates of insurance in your 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.
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 an Excel insurance tracker 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 Compliance
If your business hires a lot of outside help, in the form of subcontractors, vendors, consultants , commercial tenants, really anyone who interacts with your business in a way that generates risk, then certificate of insurance compliance is a key part of your business. Certificates of insurance, or COIs, are the promise your vendors are making to you that they carry the insurance coverage you require for employment. If you’re not getting them, or worse not tracking them, you could be opening your business to incredible insurance risk. Certificate tracking helps mitigate that risk.
Certificates of insurance best practices require you to do more than receive a COI. You must verify the coverage. You must verify the details. You must ask for clarification on places where it’s unclear, and you must ensure your business is protected. That’s just certificate of insurance management best practices. You’re probably already starting to see that this is more complicated than a software to track expiration dates.
Certificate of insurance compliance software, like the expert tools and service that myCOI provides, can save your compliance team literally hours of work every day. It can save you from delayed job starts. It can keep your other employees from standing around, waiting for that critical vendor, while you’re confirming their insurance compliance. Knowing how to organize certificates of insurance, and track and verify them, can literally help your company make its quarterly or annual goals.
And it can save you from having to pay costly insurance claims when, inevitably, there are accidents.
Best Certificate Of Insurance Tracking Software
The competition for the best COI 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 when considering certificate management software. 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? Does 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.
What Does A Certificate Of Insurance Look Like
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. Don’t just trust a certificate of insurance PDF. Know what you’re looking for. 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.
And remember that certificate of insurance requirements by state can be very different. Let’s imagine you’re headquartered in Cincinnati, which puts you within working distance of both Indiana and Kentucky. All three of those states could have differing regulatory requirements around insurance and compliance, and it’s your responsibility to be compliant. You can find requirements for each certificate of insurance online pretty easily.
Insurance Policy 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 insurance tracking services, but the budget was just too tight, so they did it with Excel or a free COI tracking software. There are expiration date tracker apps. For a while, they did okay. Sometimes they tried to make do with free renewal tracking software or apps.
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. Certificate of insurance tracking software isn’t often free, but it’s often much less than the cost of not using it.
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.