Tracking certificates of insurance (COI) is an important task for risk managers. Contractors are responsible for having the proper insurance to perform contract work, but if they do not have that insurance, then the legal and financial burden falls on you. If you hire ten contractors, then your risk manager is essentially tasked with handling ten different sets of insurance certificates and all the legalities that accompany them. Needless to say, the more COIs you handle, the more time-consuming and stressful things can become for everyone involved.

Subcontractor certificate of insurance tracking software exists to simplify this process, making it possible for risk managers to easily track multiple COIs. With subcontractor insurance tracking you can stay on top of your legal obligations and ensure the issuance of COIs in a timely fashion. myCOI is an easy-to-use, cloud-based solution developed and supported by a team of insurance professionals that can manage your entire insurance tracking process, allowing you to focus on running your business. 

With myCOI you can stop spending time requesting renewals. You can take advantage of the most robust online workflow that automates the COI communication process and ensures you remain protected. Most importantly, you can protect your business from costly claims. As every CFO and risk manager knows, claims and lawsuits can tank your business, and if you are collecting certificates just to confirm receipt, 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.

Large businesses managing large volumes of COIs can benefit greatly from tracking software like myCOI. The peace of mind knowing that your risk is being properly managed is invaluable. This kind of software can also save you time and help speed the COI process along.

Certificate Tracking

There’s no question that COI tracking is essential when working with subcontractors. Managing insurance and maintaining the proper paperwork can protect everyone involved, especially in a litigious world where data and documentation are required for just about everything. Certificate of insurance tracking serves a number of purposes. It can help you avoid missed renewals by notifying you of expiration dates and providing you with better insights into potential coverage gaps or lapses.

Further, certificate tracking can protect your organization as you scale projects over time. Contracts are bound to change, and it can be easy to gloss over certain terms and conditions, but by staying abreast of your COI management you can better prepare for events down the road. COI tracking is especially important in contractor-heavy industries like construction, which largely rely on the services of subcontractors. Each may be insured differently, so you should be aware of how they’re covered, what kind of coverage they have, how long that coverage will last, and how to best verify their services. Although certificate tracking can seem like a long, tedious process, it’s critical to ensure the safety of all parties. Taking the time to manage COIs can pay off in the long run and save you from future legal trouble. 

Insurance Tracking Services

myCOI is among the best insurance tracking services. No one enjoys the COI process, and sometimes you just don’t want to deal with it. myCOI’s team of professionals can take care of it for you, with their software and compliance services. You can engage with myCOI Insurance Pro to take advantage of the myCOI Certificate Management Team, a group of qualified insurance professionals who act as your extended compliance team. You stay protected by leaving COI processing to a professional who can verify that all COI requirements are met.

You can also ensure compliance issues don’t slip through the cracks. myCOI’s team of professionals reviews certificates and endorsements provided to confirm and verify critical standards. In addition, myCOI offers myCOI Care, a best-in-class, team of experts responsible for handling your support needs. You get to enjoy the flexibility of choosing the right level of support for your organizational needs. These services can be particularly useful for those still learning how to navigate certificates of insurance, or even those looking for a certificate of insurance tracking template for guidance on how to manage the process. Insurance tracking services make it easy for you to stay on top of your COI duties, while also leaving you time for managing other business operations.

Certificates of Insurance Best Practices

For information on certificates of insurance best practices, it can be good to speak with insurance professionals. These experts can provide great tips for managing COI tracking. Whether you’re looking for general certificates of insurance issues and answers, or even how long to keep certificates of insurance, you can benefit from speaking with someone who has experience in COI tracking.

Part of the reason it can be so difficult to learn best practices is that, for each industry, COI management works a little differently. COI processing in construction, for instance, may be different from COI processing in home improvement services. It’s important to be aware of the nuances of your unique industry and how you can remain in compliance with COI standards in your space. This is yet another reason to speak with a COI professional, as they can provide more personalized recommendations to suit your individual circumstances. COI is not something that should be left to chance or guesswork, so you should aim to seek professional guidance as much as possible.

Certificate of Insurance Tracking Software

Automating COI tracking using certificate of insurance tracking software can help you save time and keep risk managers more organized than they would be managing spreadsheets. After all, a COI tracking spreadsheet can only do so much—it can’t send you notifications pertaining to important dates, nor can it automatically track critical changes. Insurance tracking software can do both of those things and more, which is why those dealing with multiple COIs can benefit from this type of system.

With the right COI tracking software you can avoid many of the pitfalls associated with manual insurance tracking. The naked eye has its limits, and specialized software can make it easier for you to manage all of your COI responsibilities and stay on top of the changes that accompany the certification process. While a general spreadsheet can be useful for logging numbers and organizing different COIs, it can’t manage those COIs in a way that’s truly useful. As such, the burden of responsibility is shifted to you. COI software can do much of the organizing for you, keeping you informed on the state of your documents and alerting you to new developments.

Vendor Certificates

Oftentimes, risk managers have many different COIs to track. Between subcontractors, vendors, and other suppliers, the workload can really stack up. There may also be times that they have to request certificates of insurance from vendor partners, or a more specific certificate of insurance for suppliers. Thankfully, myCOI makes it possible for risk managers to easily track multiple vendor certificates. 

With myCOI’s Certificate Hub you can eliminate paper trails and manage all of your certificates and documents in a central repository. You can also take advantage of the Communications Director tool, which is built on a foundation of insurance industry logic to automate the COI communication process and ensure your protection. The Risk Insights solution leverages insightful and centralized dashboards, reports, and application features to allow you to quickly understand your organizational compliance. 

Users can take advantage of one of myCOI’s pre-built integrations or API and scheduled reports to keep their insurance compliance in sync with their accounting software. Also, with the Insurance Agent Portal, you can streamline renewals and ensure timely responses to insurance requests. Agents receive information and personalized reports to take action on behalf of their insured and make sure they provide compliant COIs.

Certificate of Insurance Management

Certificate of insurance management can be difficult, especially if you’re responsible for several different COIs from different subcontractors. Nevertheless, certificate of insurance compliance is a must for any person or business operating in the subcontractor space. Although you may be tempted to jump right in and get to work, it’s important to sort out the legal aspects of the process in order to remain compliant with industry standards. Managing COIs can be a tedious but critical process for those working with subcontractors. COI software can help make the job of risk managers easier, freeing up time that they can spend on other things. The right COI software for your business should address your unique needs and provide a solution that couldn’t be achieved otherwise. 

Those seeking out the best certificate of insurance tracking software may want an easily accessible solution that leverages smart technology to help users manage their COIs. Fortunately, myCOI provides a smart compliance management system for companies looking for an easy, cost-effective way to collect certificates and confirm compliance, but still manage the process themselves.  Still, evaluating COI management software can be daunting, which is why myCOI has put together a comprehensive buyer’s guide to picking the best COI tech for your business. This guide contains self-assessment questions and important considerations for selecting the best solution to protect your business.