Construction isn’t as simple as some people might think. Contractors have to be hired. Materials must be delivered and assembled. Permits must be acquired and timelines followed.
Anything can go wrong during a project. Equipment can malfunction. Weather can delay progress. On-site injuries can send projects spiraling beyond budgets and deadlines.
A construction company has many responsibilities to ensure the safe and timely completion of a project. One often-overlooked duty is the tracking of their contractors’ insurance coverage.
Construction companies, including general contracting businesses, are responsible for proving the contractors they hire are insured. Contractors who cause damage to others or themselves can put their companies at risk of expensive litigation. Businesses can face bankruptcy if they are held accountable for any damage their third parties commit.
Tracking insurance coverage involves collecting certificates of insurance from contractors and verifying their authenticity. A valid certificate of insurance (COI) can protect a company from costly claims.
Tracking COIs can be a painstaking chore that requires attention to detail and insurance knowledge. Construction companies need to collect, certify, monitor, and store COIs for each contractor they hire. This amount can quickly overwhelm a busy or short-staffed company.
A construction insurance certificate tracking platform automates COI tracking, saving companies time and money as well as reducing claims. A prime example you can use now is myCOI.
Built for the end-user, myCOI is powered by insurance experts who can provide superior compliance management. Its simple usability and deep functionality make it a viable option for general contractors who wish to mitigate their risk.
General Contractors Prefer myCOI
A national construction company achieved over 90% compliance with myCOI. At any given time, the company had to track 250 to 1,800 COIs for each of its subcontractors.
Before using myCOI, the company’s office staff feared they were lacking on the insurance side of things. They knew they weren’t experts, but they did the best they could. The workload became too much. They didn’t have time to perform their other duties.
They needed a better way to manage their COI processing.
myCOI streamlined their collection and review processes, removing the tasks that dominated the staff’s workday. The staff now takes 1 hour a week instead of 1 hour a day to manage their COIs.
This is just one example of how myCOI changed the way a company works. myCOI reviews reflect the impact a construction insurance certificate tracking platform can have on multiple businesses.
Companies Use myCOI to Connect Directly With Agents
myCOI tracking might be the primary draw for beleaguered office staff, but another feature can alleviate headaches. myCOI allows companies to directly communicate with agents, keeping compliance timely and as precise as possible.
Companies no longer have to search for contact information for every one of their subcontractors’ insurance agents or brokers to verify coverage. myCOI users can send subcontractors and their agents requests for missing certificates and renewals.
Simpler and quicker communication is only one feature myCOI gives its users.
Our Customer Service is Unbeatable
myCOI CEO Kristen Nunery founded the company after seeing the need to strengthen insurance risk management across many industries. myCOI customer service continues her mission by supporting businesses that seek compliance. Tenured professionals review and verify policies, using their deep expertise to protect companies against the risk of underinsured claims, costly litigation, and failed audits.
Service aside, myCOI also strives to effortlessly solve technical issues. If a user forgets their myCOI vendor login or myCOI agent login username or password, they can easily fill out a short form to receive that information via email. For more complicated issues with myCOI registration or the myCOI agent portal, users can contact customer service so they can get back on track.
How myCOI Works for Construction
When a subcontractor is hired for a project, the automation of collecting, reviewing, and working with insurance agents is automated through myCOI’s cloud-based platform. myCOI’s team of insurance experts meticulously reviews each document for compliance.
Construction and general contracting are not the only two fields that can benefit from myCOI. Any business that hires third parties has the extra burden of validating COIs. myCOI has the technology and knowledge to make certificate of insurance tracking easier for real estate management, manufacturing, and healthcare organizations, among others.
myCOI’s passion for innovation and service fuels the industry’s most efficient and effective COI processing. myCOI’s commitment to its users can build trust and exceed expectations.