Insurance Compliance Platform

Insurance compliance, specifically the certificate of insurance compliance of third parties like subcontractors, specialists, service providers, or other vendors, is a critical piece of any company’s risk management. Even if your own organization’s insurance is airtight, it can be undone by sub-par insurance on the part of people you allow to work for you.

That’s the primary worry myCOI seeks to erase when we say we erase the worry.

Let’s take a look at what goes into a solid insurance compliance platform, both from a “best” standpoint as well as from the concepts that surround it.

Certificate Of Insurance Compliance

Knowing how to organize certificates of insurance for tracking is a necessity for any company that hires third parties such as contractors or vendors. A certificate of insurance tracking solution allows businesses to track certificate of insurance compliance. It’s more than an expiration date tracker. And it’s a complicated practice that requires more nuance than “I have a stack of certificates now what?”

One of the most common mistakes that businesses make is not keeping accurate records of certificates of insurance. This puts them at risk for fines and penalties if they do not have up-to-date documentation on hand when requested by a third party, such as an attorney or law enforcement officer, sometimes even when they think they’re in compliance because they don’t check certificate of insurance requirements by state, which vary. In addition to having legal consequences, failing to keep track of your company’s certificates could lead to financial losses. It also increases the likelihood of liability lawsuits filed against your business. Knowing who needs to provide a certificate of insurance is one of the core components of risk management.

It’s not just those who hire contractors and vendors that need to track certificates of insurance. Property managers who lease space to commercial tenants also need to ensure those tenants are carrying the proper insurance. We often see the duty of securing and verifying these COIs fall on property managers, instead of dedicated teams tracking insurance risk, so we strongly suggest having on hand a sample letter requesting certificate of insurance from commercial tenants, so you can quickly request the COIs you need to manage your property’s risk.

Remember. If you find yourself asking which vendors need a certificate of insurance, the answer is usually “all of them.” The next step, knowing how to request a certificate of insurance from a vendor, is something your risk management team probably already has a process for.

Best Certificate Of Insurance Tracking Software

The competition for the best certificate of insurance 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 of insurance online tracking 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. 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? Do 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.

Knowing how to track certificates of insurance, and why you need something better than software to track expiration dates, is specialist knowledge. Many, many companies have that specialist knowledge on staff and they do incredible work. But if you feel like your team might be lacking some of that specialist knowledge, myCOI is here for you.

Certificate Of Insurance Template

You’re a contractor, a subcontractor, or other vendor who does business with other companies. You’re looking at setting up a new client relationship. And at one point, you’re going to hear “great, we just need proof of business insurance for our records.”  You’re going to hear that a lot. So it pays to be ready for it.

Proof of business insurance most often means a certificate of insurance, and for new contractors, that can be a new and scary thing. But looking at a certificate of insurance template, like an ACORD 25 example, will help you realize it’s a lot less intimidating than it seems. Plus, the best and safest way to get one is to request it from your insurance broker, not fill it out yourself. Just because you find a certificate of insurance example PDF doesn’t mean you should use it, and when you need an insurance certificate template Word is the worst choice.

What you should focus on, though, is checking that what the certificate says is what the client you’re trying to win requires. Each company, and each state, has their own requirements when it comes to insurance, so you may want to double-check what your broker provides to make sure you’re carrying the coverage required. Look again at that ACORD certificate of insurance sample and make sure you recognize what each box is talking about.

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.

How To Request A Certificate Of Insurance From A Vendor

If you’re a contractor or business asking which vendors need a certificate of insurance, the answer is pretty simple: any vendor that enters your business premises or project site to perform work and takes any actions that may generate any risk at all needs to give you a certificate of insurance. You want each vendor to have a certificate of insurance for delivery to you, in hand, before the work begins.

That sounds pretty vague, we know, but it’s a simple reality. Risk exists all around us, whether we generate it or not, and the last thing you want to do is assume the burden of risk your vendor opened you to because you failed to secure a certificate of insurance.

Now you may ask “what is a certificate of insurance for vendors?” and the answer is, the same thing you provide to other entities that you do work on behalf of. It should show the vendor’s coverage, any limitations or exclusions, and all the usual information. 

Knowing how to request a certificate of insurance from a vendor likely comes down to how your business works with vendors. In many cases, COIs with the required coverages are required as part of the vendor application process or were specified in the RFP, or in an agreement or contract. If not, it’s often a requirement before the vendor can begin working.

If you deal with a lot of vendors, you can often save a lot of time by having a sample letter requesting certificates of insurance from vendors on hand.

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. For basic certificate of insurance tracking spreadsheets are not a bad solution, but as a full-function insurance tracker Excel has limitations.

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 expiration tracker are that it 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.

Certificates Of Insurance Issues And Answers

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.

There are two parties you want to check within 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. 

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.