Best Certificate of Insurance Tracking Software
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.
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.
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?
Insurance Certificate Compliance System
Companies across every industry have a lot to contend with in today’s volatile business world. From competitors to external factors like public health emergencies, many obstacles can stand in the way of success.
Uninsured contractors and vendors can expose the companies that hired them to numerous risks. Companies must mitigate their risks in every way they can. Insurance can be strong protection against unfortunate events that can devastate their fortunes.
A certificate of insurance (COI) confirms the insurance coverage of the named insured. A contractor or vendor would give a COI to the company that hired them to prove they carry sufficient insurance. This can protect the company that hired them from claims and lawsuits.
Acquiring COIs is only one part of insurance tracking. Managing COIs is an ongoing process that necessitates diligence and expertise. The process also takes a lot of time depending on the number of contractors and vendors your company hires. A few COIs can probably be manually processed without much of a time drain. What if you have to manage a dozen? A hundred? Or more?
You can search online for insurance tracking services in your area but you might be wasting your time. Instead of plugging search phrases like “insurance tracking Miami, FL 33197” and “insurance tracking services Miami FL” into your favorite search engine, you should look for cloud-based digital solutions.
Using an insurance certificate compliance system to verify, track, and store your company’s COIs can make sure your third parties are meeting all relevant insurance requirements. Certificate of insurance management software like myCOI does away with spreadsheets and other so-called “aids” that could do more harm than good. Certificate of insurance tracking does not have to be a stressful, complicated affair. Automating the entire process reduces redundancies, errors, and the time it takes to manage COIs. myCOI can make sure your company’s COI requirements are met.
myCOI can help you manage the COI tracking process from one cloud-based location. You and other designated team members can review COIs faster and more accurately with myCOI. COIs occasionally expire. The platform automates communications to keep your company protected at all times. Your company’s third parties will be contacted when a problem with their coverage arises. myCOI can increase your liability awareness.
Certificate Of Insurance Tracking Template Excel
Some companies still use spreadsheets to track the COIs they receive. Although small companies that hire only a few third parties at a time might find this practice suitable, spreadsheets sometimes require a lot of attention.
They have to be accurately updated promptly. Each time a company hires a new third party, someone has to get, verify, monitor, and store a COI. Spreadsheets have to be modified, costing staff time that could have been spent growing the company’s reputation and revenue in other ways. Plus, spreadsheets do not automatically scale with a company’s growth. Some companies do not stay small forever. They find success, requiring them to hire more contractors and vendors. If they still use spreadsheets, their data entry time can skyrocket. Additionally, more information would be entered into an insurance tracking spreadsheet. This information must be recorded as accurately as possible. Mistakes could make a company believe their contractors and vendors are covered when they are not.
Excel templates for insurance agents, brokers, and insurance compliance specialists can help make jobs and lives easier. A certificate of insurance tracking template Excel document can help ensure your company’s contractors and vendors are complying with your insurance requirements.
Certificate of insurance tracking software can make spreadsheets obsolete. COI tracking software like myCOI is backed by insurance experts who know the ins and outs of COIs. You do not have to fumble with spreadsheets, worry about how long to keep certificates of insurance, or any of the many issues that plague COI management.
The best certificate of insurance tracking software can automatically send COI requests to contractors and vendors. Spreadsheets can not do this nor can they keep up with all of the new and changing insurance regulations. myCOI has insurance expertise built into itself. Spreadsheets have whatever formulas are programmed into them.
Certificate Of Insurance Management
Collecting COIs and not tracking them can be seen as a poor certificate of insurance management practice. You have to guarantee your company’s insurance requirements are fulfilled, not just one time but regularly. myCOI was created with this idea in mind. Their certificate of insurance tracking services help make sure contractors and vendors regularly comply with their company’s insurance requirements.
From collecting and verifying COIs to contacting vendors and contractors in the event of non-compliance, insurance tracking is a detail-oriented task. One oversight could expose a company to costly claims and litigation. Certificate of insurance tracking software can help eliminate some of the oversights while streamlining the process’s workflow. Certificate of insurance management does not have to be a job no one wants to do. The best certificate of insurance tracking software can make it a simple task that can be completed with a few mouse clicks.
myCOI enables companies to collect COIs and affirm compliance. Reducing manual errors and the time spent physically handling paperwork are two more advantages companies can leverage when they partner with the platform. As previously mentioned, one more advantage is you can quit using spreadsheets to track your company’s COIs.
An insurance tracking spreadsheet might have worked once upon a time, but if you have to manage a large volume of COIs, then you might drown under a lot of data entry. You have to make sure every insurance tracking email address, expiration date, and more are accurate and up-to-date. You also have to make sure you are using the correct spreadsheet. myCOI takes the guesswork out of nearly every aspect of certificate of insurance management.
If there is no room in your company’s budget for such a powerful tool, then you can search for and use free alternatives. However, doing so carries risks that will do your company more harm than good.
Free Certificate Of Insurance Tracking Software
If your company used to track insurance policies on Excel spreadsheet documents, it might have found more viable and effective options. An insurance tracking spreadsheet has limitations. Certificate tracking software can overcome those boundaries.
Insurance certificate compliance systems eliminate playing with spreadsheets. Some of the best platforms allow users to scan COIs into a central repository. Policy dates and other essential information can be error-free, strengthening your company’s insurance compliance.
You should want the best certificate of insurance tracking software to protect your business, no matter the cost. However, that cost could be too high to bear.
Free certificate of insurance tracking software can work better than a spreadsheet. However, you might get what you pay for or, in the case of free software, what you do not pay for. Prices can reflect functionality. Free software might only offer a few basic features that are barely supported. Paid alternatives can provide you with an entire suite of tools that are backed by industry experts. If your company wants comprehensive COI management, then it might want to invest in paid COI tracking software.
A wise action is to assess your company’s COI demands and budget. If your company can afford insurance tracking services, then invest in them. If not, then seek a free alternative until there is room in the budget.
COI tracking software could pay for itself in the long run. You could be increasing your company’s risk by using free software that is not developed and supported by experts who know insurance inside and out. Overworking your company’s risk management professionals could make them laxer when it comes to verifying COIs. A solid and functional solution that never gets tired or burned out will rarely, if at all, make any oversights that place your company in financial danger.
How To Organize Certificates Of Insurance
When do you need a certificate of insurance from a vendor or contractor?
Preferably, before they begin working for your company.
That question is just the tip of the iceberg when it comes to all of the issues concerning COI management.
Insurance certificate compliance systems can automate the tedious and time-consuming process of tracking COIs. When you use the right one, you do not have to worry about how to organize certificates of insurance. You also do not have to stress about how you will manage all of the COIs that hit your desk.
A digital solution can protect your company better than a spreadsheet or a free, under-developed application.
As a certificate of insurance certificate holder, you have to be aware of and follow the certificates of insurance best practices to keep your company safe from unwanted expenses. A certificate of insurance for business is a critical weapon that transfers risk to another party. Wouldn’t it help you and your company if you had a platform at your disposal that does the hard work?
You would not have to stay current with all of the certificate of insurance requirements by state. You would not have to remember how to relay to contractors and vendors how to get insurance certificate online instructions. You would not need to know how to request a certificate of insurance from a vendor or other third party. You would not need to find a sample letter requesting certificate of insurance from vendors to draft one for official use. A COI tracking solution like myCOI can help you when manual methods fail to meet expectations.