Best Certificate of Insurance Tracking Software
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.
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.
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 […]
What Are COIs? A Guide To Certificates of Insurance
Any business that works with third-party vendors opens itself up to new risks that could […]
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.
Do Subcontractors Need COIs?
Operating a business involves more than dealing with clients and customers and balancing budgets. Managing all the risks that come with a business plays such a significant role that it can seem like a second full-time job. Insurance is probably the most common risk management technique that companies use when they want to protect themselves against claims of negligence that results in some form of injury. Insufficient insurance or the wrong type can jeopardize a company’s finances and reputation.
Subcontractors carry risks like any other employee. They should carry their own insurance so your company does not have to pay for their alleged negligence. Furthermore, your subcontractors should prove they are covered. Anyone can claim they have an insurance policy. However, you need a valid proof of coverage otherwise your company might be on the hook if a subcontractor injures someone or damages property while on the job. A certificate of insurance is the best evidence of appropriate coverage.
What Is a Certificate of Insurance for Subcontractors?
The document is basically no different from a certificate of insurance for small business or vendors. A certificate of insurance confirms the insurance coverage of the named insured. Requiring certificates of insurance is just one step toward proper insurance tracking. You must verify all the information contained in the document not just once but throughout the subcontractor’s tenure with your company.
Any coverage lapses can expose your company to expensive claims and lawsuits. Managing one certificate does not seem like a complicated task. However, you should collect one for each subcontractor your company hires. The total can add up. You can become overwhelmed with the burden and overlook certificate of insurance management. It can take too much time and labor. Just informing your subcontractors on how to get insurance certificate online information can eat up most of your workday. Partnering with myCOI can help your company confirm its subcontractors are constantly covered. By automating the entire process, myCOI can free you from the heavy responsibility of insurance tracking.
You can easily request a COI from a subcontractor. You can verbally ask for them for one. You can also write an email or letter to them. You can also insert the request into the language of the contract. Better yet, you could request one before they are allowed to bid on a job. Making your intentions clear from the beginning should show your subcontractors where you stand when it comes to insurance. Plus, requesting proof early can give vendors time to produce the document.
If they have enough time to learn how to get a certificate of insurance for an event or other job, then they can promptly comply with your company’s insurance requirements. If your company automates insurance tracking with a solution like myCOI, then you do not have to worry about learning how to request a certificate of insurance from a subcontractor. The process is automatic. When a certificate is not valid or expired, then myCOI will notify them. If your company has to obtain a hundred certificates, then they must get in touch with a hundred people. With myCOI, the number of certificates of insurance for subcontractors really no longer matters since the platform scales to your demand.
Of all of the certificates of insurance issues and answers, one persists: When do you need a certificate of insurance from a vendor? It is highly recommended that you request a certificate of insurance from any vendor or subcontractor as soon as possible, preferably before they start working for you. New hires contain just as much risk as long-time employees. Your goal should be to mitigate every risk your company carries at all times. Any lapses of coverage can create opportunities for misfortune. This is why it is essential that you make it clear from the start that the vendors your company hires must be able to present valid proof of coverage.
If they refuse to adhere to your insurance requirements, then you can replace them with someone else who respects your wishes. Hurt feelings cost less than a payout if that vendor hurts someone while under your company’s employ. You need a certificate of insurance from every vendor as soon as possible. You also need to ensure it is authentic and shows coverage that aligns with your company’s insurance requirements. myCOI can authenticate certificates of insurance, taking a painstaking step from your long list of things to do.
Consistent coverage is critical when it comes to protecting your company from having to pay damages for something its vendors allegedly did. A certificate of insurance for vendors is a major piece of the protection process. What is a certificate of insurance for vendors? A certificate of liability insurance form typically contains the insured’s name, the name of their insurance company, the policy number, the type of insurance protection, and more. Although certificates of insurance should come from insurance agents or brokers, some vendors might submit theirs personally to the company that hired them. These companies must scrutinize each detail on the document.
At first glance, certificates of insurance can appear legitimate. However, a close look can reveal little hints that are common signs of a fraudulent form. Fake certificates of insurance protect the people who submit them and endanger companies that accept them as real. When you use myCOI to process your vendors’ certificates of insurance, you are reducing the chances of dealing with false forms. myCOI can alert you when something does not appear right so you can take swift action to rectify the issue.
There are a few other things you should know about certificates of insurance. The ACORD certificate of insurance is the widest-used form of its kind. Although you can download a sample from many online sources, it might be best to obtain one from the ACORD website. Anyone can create and upload anything, claiming it is the real thing. A sloppy sample could mislead you, teaching you the wrong things to look for on a certificate of insurance for contractors and vendors. A certificate of insurance cost should either be free or included in the price of the policy. It can be acquired by the insurance issuer either online or physically.
Asking an insurance agent or broker about how to get one is usually the best thing to do. A certificate of insurance for business should become a necessity, not an option. In today’s volatile business world, companies can struggle to maintain their market shares. They do not need to worry about whether or not their contractors and vendors are insured. Having an automated solution in place to manage their insurance tracking should be integrated into their risk management strategies.
Business insurance can only protect your company so much. If you entered “commercial insurance near me” into a search engine, you will probably be inundated with business and home insurance companies. However, those search results will probably not drive the importance of certificates of insurance best practices. Your company must collect, verify, monitor, and store each certificate of insurance it receives. Knowing what to look for on each form is crucial. Working to maintain that knowledge is equally important but can also tax busy office staff. Since risk management needs to be done right for it to work as intended, you should not take any shortcuts or avoid insurance tracking altogether.
myCOI can help you solve the time and labor drain that goes into managing certificates of insurance. Backed by insurance experts who stay updated with insurance regulations, you and your team do not have to spend time reading up on news and training. The platform removes that responsibility from your shoulders, letting you focus on your other duties. A certificate of insurance for subcontractors carries a lot of weight that you no longer have to bear alone.