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?
Certificate Of Liability Insurance ACORD
Proving that someone has the insurance coverage in place that they say they do is […]
How Do I Ask for a Certificate of Liability Insurance?
When it comes to managing risks when working with vendors, contractors, subcontractors, and other third […]
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.
Personal Certificate Of Liability Insurance
At myCOI we get a lot of questions usually questions around a certificate of insurance. Sometimes it’s simple things like “where can I get a personal certificate of liability insurance?” or “can you tell me about cheap general liability insurance for contractors.” Sometimes the questions are more specialized, because we have one of the best teams of insurance experts around. We do our best to answer them, or to refer the questioners to the correct people to answer those questions, if it’s not us. That’s just who we are.
Certificates of liability insurance are one of the most common pieces of insurance paperwork in use. Across the United States, tens of thousands are requested, delivered, or reviewed every working day. These certificates are essentially certifications: strictly streaking, certifications from the agent or broker that the named insured carries the coverage the certificate states at the time the certificate was issued. In a more general sense, promises from one company to another that they can trust each other to do business.
There are almost no businesses that won’t have to deal with a certificate of liability insurance at least once during the course of business. Knowing how to accurately request, receive, verify, and track certificates is often specialist knowledge that teams don’t try to learn before it’s later than it should be. But we’re here to help.
Let’s get started.
Certificate Of Liability Insurance Template
You’re a contractor, a subcontractor, or another 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 liability insurance insurance form, and for new contractors, that can be a new and scary thing. But looking at a certificate of liability 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 liability insurance form example 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 its 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.
Do not fall prey to the temptation of doing this yourself. A certificate should be issued by your agent or broker. Just because you can go to the internet and download a certificate of liability insurance form PDF fillable by anyone with a computer, doesn’t mean you should. You shouldn’t. This is a legal document. It needs to be filled out by a professional capable of certifying what it says, not by you and your best guess.
ACORD Certificate Of Insurance Sample
It may be helpful to take a look at an ACORD certificate of insurance sample. You’ll want to start with an ACORD certificate of liability insurance PDF certificate example, the ACORD 25. It is the most commonly used general liability certificate template.
There are a lot of boxes out on this form. Whether you’re reviewing a certificate issued by your agent or other insurer, these include:
- You need to make sure your general liability insurance is listed. This typically includes the per occurrence limit and the aggregate limits of the policy.
- You also need to confirm the policy number. This includes the policy effective date and the policy expiration date.
- If you have automobile liability insurance, you need to include this as well. Again, make sure you confirmed the policy number, effective date, and expiration date.
- If you have workers’ compensation and employers t liability insurance, you should include all of this information as well. This includes the policy number, effective date, and expiration date.
- You may also have an umbrella or excess insurance policy. An umbrella or excess policy is a policy that kicks in if you exceed the maximum liability on some or all of the underlying insurance policies.
If you have questions about how an ACORD form should be filled out properly, you may want to take a look at an ACORD form sample for help. Like most things, as a year for searching for things like ACORD certificate of liability insurance 2020 was a good one; a quick Google search will turn up what you need, no problem.
How To Get A Certificate Of Liability Insurance
Answering the question of how to get a certificate of liability insurance depends entirely on who you are and what your role is in the certificate of insurance process, because it affects both sourcing and propriety.
Let’s imagine first that you’re a contractor, vendor, or other third-party who is being asked to provide a certificate of insurance before you can begin work. In this case, you want to start with your insurance agent or broker’s website. Many providers offer forms that allow you to request the correct certificate without having to make an appointment or make a phone call.
What you should not do, though, is start wondering how to get a certificate of insurance online yourself, so you can fill them out without your agent. Don’t do that. Never do that. Let your insurance agent or broker do that. It’s their job, they’re the experts.
If you’re a certificate holder (the person or entity who receives certificates of insurance) and you need to request updated certificates, you can also start at the insurer’s website, if you know which agent to check out. This can happen in some instances when a certificate holder needs a new or updated certificate because of discrepancies or questions.
Lastly, if you’re an insurer looking for form templates, or even sitting at your computer asking “how do I fill out an ACORD certificate of insurance,” check with your senior leadership or check online for resources. ACORD provides helpful instructions for agents and brokers about filling out their forms.
Certificate Of Liability Insurance Cost
Certificate of liability insurance cost usually comes up with a question like “how much does the certificate cost?” The short answer to that is it shouldn’t cost anything: most agents and brokers provide them at no charge and assume the cost out of the premiums you pay. It’s in everyone’s best interest for the insurance coverage you purchase to be clearly understood by all parties: the last thing anyone wants is to be held responsible for a claim because of something simple like the cost of a certificate.
We like to think about certificate cost from another point of view, however. We take the point of view of the certificate holder, the entity that will be receiving the certificate of insurance, and the idea of the cost of not securing and tracking certificates of liability insurance. Not insisting on and then verifying certificates can cost a company quite literally everything.
It costs money to maintain insurance, yes. And it costs money to require certificates of insurance, to insist that every contractor, vendor, or other third-party provide them. It costs money to verify the coverage details, to follow up and ensure the coverage doesn’t lapse, to confirm that when insurance requirements change that the vendors adapt their coverage. It’s often not an insignificant cost, either.
But the cost of failing to do it is potentially so much higher. Can you really afford not to do it?
Certificate Of Insurance For Small Business
The needs for a certificate of insurance for small business operators are the same as any other business. If your small business is hiring contractors, you will want to collect and verify a certificate of insurance for contractors you hire. Any contractor who will be working in or around your business premises should be providing you with proof that they carry the coverage you demand of them to ensure you’re not assuming liability for risk that they cause. It doesn’t really matter whether you have the best general liability insurance for small business: if you accept responsibility for risk you shouldn’t, it could cost you.
Sometimes small business owners consider not securing certificates of insurance because they’re concerned about costs, but this isn’t a valid concern. Any certificate of insurance cost is borne by the insured, but that cost should be zero. There have been some cases of insurers requiring fees to replace certificates of insurance, but almost every agent or broker will provide these at no cost.
On the other end of the spectrum, if you’re a small business owner wondering how you gain certificates of insurance for your own small business insurance, the process is the same. Speak to your agent or broker or see if you can request the necessary certificates online from their website. When it comes to liability insurance small businesses have just as much need as any other business.
Small Business Insurance Cost Calculator
myCOI is not an insurer, so we’re not going to offer you a small business insurance calculator that will, for example, allow you to enter X amount of coverage over Y amount of assets and get back Z, an estimated premium. That’s not our business. There are plenty of businesses that do that.
What we will talk about, instead, is the advisability of maintaining stable insurance coverage. We hear stories, sometimes, about businesses that look for very short-term policies. They want to know how to get a certificate of liability insurance for an event, right before the event. Many people sell short-term insurance, and if the work is far outside your normal zone of coverage, that may be a good solution. But don’t discount the first, the cost savings associated with a longer-term policy, and second, the benefits of a more stable relationship with your agent or broker.
The next time you feel the urge to Google “how to get a certificate of insurance for an event,” stop and think first. Consider changing your search to “how much does general liability insurance cost for a sole proprietor?” (if you are a sole proprietor, otherwise change it to ‘small business.’ Balance the short-term cost against the long-term cost. What if you need this coverage six times this year? Is the short-time cost still worth it?
Every dollar is precious when you’re a small or young business. Be a good steward of your money and do your due diligence.