You Need an Insurance Certificate Tracking System

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

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.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

Insurance Certificate Tracking System

Contractors and vendors can expose the companies that hire them to many risks, especially if they do not own coverage that helps defray claims or loss payouts. Companies that hire contractors and vendors usually mitigate liability risk by requiring their third parties to have proper insurance coverage. Those third parties must prove they have valid and active coverage.

A certificate of insurance, or COI, confirms the insurance coverage status of the named insured. Contractors and vendors (or their insurance agents) provide their COIs to the company that hired them to prove they are sufficiently insured..

Insurance tracking is a detail-oriented process that involves more than obtaining COIs. Managing COIs is an ongoing activity that takes time and insurance expertise to complete. If you are responsible for your company’s insurance tracking, then you probably know how much work goes into keeping your company safe from financial ruin.

You could track your company’s certificates of insurance via spreadsheets. Downloading a COI tracking spreadsheet template can get you on the right track. However, using Excel templates for insurance agents or any other type of spreadsheet software can present hassles and opportunities for mistakes.

You could also search online for insurance certificate tracking services in your area but you will only be wasting your time. Instead of entering search keywords like “insurance tracking services Miami FL” into your search engine of choice, you could investigate digital options that best handle your company’s certificate of insurance tracking.

You could reduce the time and effort that goes into certificate of insurance management by using a cloud-based insurance certificate tracking system like myCOI. With myCOI, you do not have to stress over how to organize certificates of insurance and how you will find time to verify them. myCOI also eliminates the need to use spreadsheets, thus reducing the number of mistakes that could adversely affect your insurance compliance and liability risk. Your COI requirements must be met at all times to ensure your company is sufficiently protected against financially-devastating claims and lawsuits.

Certificate Of Insurance Tracking Services

What is insurance tracking?

Insurance tracking helps ensure that each contractor and vendor have active, valid, and up-to-date insurance coverage. The process involves obtaining, verifying, and monitoring certificates of insurance to prove that a company’s insurance requirements are constantly met. One oversight can greatly increase a company’s risk of being underinsured or uninsured sued due to unfortunate circumstances.

If you are tasked with managing your company’s COIs, then you are probably well aware of the headaches commonly found in insurance certificate tracking jobs. The hassles of insurance tracking number in the dozens but they are enough to stress even the most seasoned risk management professional.

Fortunately, technology has come to your rescue. Certificate of insurance tracking services can help you if you:

  • Are swamped with paperwork.
  • Can not perform your other job duties because you spend too much time processing COIs.
  • Do not have the time to keep up with state and federal insurance regulations.
  • Have doubts about maintaining your company’s insurance requirements.
  • Struggle with requesting COIs when they expire.
  • Use insurance tracking spreadsheets.

Certificate of insurance tracking software like myCOI can change the way you work. This solution can help you manage your insurance tracking process so you can perform all of your duties without having to allot time to specific tasks just to get everything done. myCOI can also alert you about renewal and non-compliant issues. You can use the digital platform to access all of your company’s COIs.

You can get rid of all of the disorganized stacks of paperwork on your desk. You can become more confident that your company’s insurance requirements are being met.

You can research all of the various certificate of insurance tracking systems on the market. Although they might charge for their services, they can offer security and peace of mind that spreadsheets can not.

Insurance Tracking Spreadsheet

What is a certificate of insurance?

To answer this question again, a certificate of insurance is proof that your company’s contractors and vendors are meeting your company’s insurance requirements.

Using an insurance tracking spreadsheet to stay abreast of all of your company’s COIs is a risky business practice. Is there an insurance formula in Excel tracking documents? What if someone makes a typo in the spreadsheet? Will this one mistake trigger a disaster if the company is faced with a claim or lawsuit?

Excel for insurance tracking can only work well up to a point. Spreadsheets have to be accurately and promptly updated. Each time a company hires a contractor and vendor, someone has to obtain, verify, monitor, and store a COI. A COI tracking spreadsheet has to be modified every single time. This seemingly minor task can cost staff time that could have been better spent growing the company in other ways. Additionally, if your company has a large number of contractors or vendors, then it will have to manage an equal volume of COIs. Data entry time can skyrocket. So can the number of mistakes that could expose your company.

A certificate of insurance management system like myCOI is an automated COI tracking solution that can protect companies against the risk of underinsured claims, costly litigation, and failed audits. Companies can put away spreadsheets and simplify their workflows when they leverage COI tracking software.

Using spreadsheets to maintain your company’s certificate of insurance compliance can be less expensive than using COI tracking software. However, the practice carries risks that your company might not be able to afford in the long run. Certificate of insurance tracking services like those offered by myCOI can reduce these risks to an acceptable number.

Free Certificate Of Insurance Tracking Software

If you no longer want to track insurance policies on Excel spreadsheet documents and want to use COI tracking software, then you have to know what your company needs and can afford.

Free certificate of insurance tracking software can save your company money. It can work better than a spreadsheet, eliminating the opportunities for typos and other mistakes. It can keep your contractors and vendors compliant. It can meet your expectations.

However, free products and services might work against you. Free certificate tracking software might offer a few basic features that might not even work as advertised. Free software might also lack proper tech support and customer service. What good are free insurance tracking services if they do not work?

If you pay for COI tracking software, then you and your company should get comprehensive COI management. For instance, myCOI can provide you with a suite of tools and services that are backed by insurance experts. The platform can automate certificate requests, collection, and compliance resolution. When you partner with myCOI, you can receive the reliability, speed, and efficiency that can keep your company compliant and safer from liability risk. Can a spreadsheet or free alternative follow through on that claim?

Certificate Of Insurance Tracking Template Excel

Using a certificate of insurance tracking template Excel document can raise your chances of errors and oversights. A spreadsheet can only display what has been entered into it.

Free certificate of insurance tracking software might offer basic features but it might not be backed by insurance experts who provide constant support. They might not be supported at all.

When it comes to COI tracking, you should not be concerned with situations in which insurance certificate of reputation is required or the rules regarding insurance certificate for export transportation. You should focus on your COIs. You should know how to request a certificate of insurance from a vendor and contractors. You should know your company’s contractors and vendor certificate of insurance policies.

You have to focus on your company’s COIs when you are managing them. Your company’s certificate of insurance contractor and vendor requirements must be met at all times. An insurance certificate tracking system has only one focus: to verify and track your company’s COIs.

Insurance tracking software must effectively and efficiently handle each step of COI management. From affirming coverage to automatically contacting contractors and their vendors when their COIs expire, this solution can lower the risks that spreadsheets and free options present.

Best Certificate Of Insurance Tracking Software

How long is a COI valid for? Is this contractor’s COI valid? Was there a recent regulatory change?

The best certificate of insurance tracking software can rid you of these questions and more. Certificate tracking software can remove uncertainty, allowing you to process your company’s COIs practically with little effort.

The best COI tracking software lets you increase your company’s liability awareness. You will know who is covered and if they need additional riders written into their policy. Information is crucial in keeping your company’s contractors and vendors compliant with your company’s insurance guidelines.

myCOI’s COI tracking software enables you to manage the entire process from a single cloud-based location. You do not have to worry about finding your COI tracking spreadsheet amid all of the files on your computer. myCOI can also automate communications so your company remains protected against claims and lawsuits. You can use the platform to review COIs faster and more accurately.

myCOI allows you to delete your spreadsheets and get rid of the stacks of paperwork flooding your desk. You can store less paperwork when you have less to deal with. The best insurance certificate tracking system can optimize your COI management workflow, keep your workspace organized, and protect your company.