No matter your industry, no matter your role, it’s rare to find someone who enjoys preparing for an audit—especially regarding the validity of certificates of insurance (COIs). And what ends up being the biggest crutch isn’t the sheer volume of certificates to locate and review, but rather that contracts aren’t compliant, have expired, are fraudulent, or worse yet—they were cancelled soon after they were submitted.
Any of the above scenarios means your vendors/tenants aren’t insured. And having uninsured third parties—whether you’re aware they’re uninsured or not—reduces the value of your indemnification agreement.
You also become responsible for any payment for injury or damages. If an audit finds that a third party does not have the proper insurance (or no insurance at all), you will be charged the extra premium based on the third party’s payroll, as if that employee were on your payroll.
So what if we told you there was a way to automate—and shorten the frequency—of reviews?
With Quarterly Tracking, you have a system working behind the scenes that checks and confirms that policies haven’t lapsed and coverage hasn’t changed. Every 90 days the myCOI software sends an email to the third party’s agents to verify coverage is in place. Without lifting a finger, you know with certainty that your database is constantly checking to see if anything needs to be addressed, which is critical to the vitality of your business.
So stay protected and increase your liability awareness in real time with myCOI Risk Insights. More than Quarterly Tracking, this solution leverages centralized dashboards, reports, and application features so you can quickly understand your organizational compliance. Plus it acts as a robust database that shows a history of all overrides for a more complete perspective on requirement exceptions.