Certificate of insurance management is a complex collection of processes and details. Collecting certificates of insurance for subcontractors can be the easy part. You have to be aware of the certificate of insurance requirements by state. You have to know what to look for on a certificate of insurance for business.
If you manually track your certificates of insurance (COIs), then you might use COI templates and spreadsheets. If you don’t, then you can discover how to get insurance certificate online instructions.
Where to Find COIs Templates
A quick online search can yield many websites that offer COI templates. Anything can be uploaded on the Internet with impunity, even COIs. Downloading the first template you see without noting the website’s reputation can give you an outdated or inaccurate sample. If you use this subpar document for training or actual use, then you run the risk of overlooking important information that must be verified to ensure compliance.
You can trust the ACORD 25 form, the standard liability insurance certificate used in multiple industries. ACORD, the Association for Cooperative Operations Research and Development, is recognized as a reliable resource for companies seeking to improve their insurance practices. Their forms are widely used because they are supported by industry guidelines, encouraging across-the-board compliance.
Certificates of Insurance Best Practices
If you follow the certificates of insurance best practices, then you protect your company from expensive claims and audits.
Know your company’s requirements
You need to know what coverage protects your company best and to make sure each COI reflects that protection.
Track coverage and limits
Knowing what type of coverage your company needs is one piece of a larger picture. You have to make sure that your subcontractors and vendors are constantly covered.
Stay updated with regulations
Insurance requirements may vary by state. They sometimes change, complicating compliance if you don’t use COI tracking software to help you keep the facts straight.
Require additional endorsements
Endorsements add or remove coverage s to insurance policies, effectively changing the original terms. Some construction firms might want subcontractors to name them as additional insureds. This would necessitate an amendment to subcontractors’ policies.
Stay organized
Maintaining accurate records in any business is a smart practice. Having fast access to COIs can expedite any data requests and minimize any delays. An organized system that handles information like policy renewal dates can be just as important. Coverage gaps can put companies at risk.
Keeping paperwork orderly and manageable can be difficult. Depending on the method and workload, manually processing COIs can be difficult. Oversights that harm business can happen. A software solution can help maintain order and facilitate access.
You Need a Software Solution
Automating COI tracking can make your job easier, especially if you:
- aren’t sure about your company’s insurance requirements.
- can’t keep up with regulations.
- struggle with tracking your third parties’ coverage.
- are disorganized.
- spend too much time handling COIs.
- use certificate tracking spreadsheets.
Time and money are two of the world’s most precious commodities. Your company probably doesn’t want you to waste both. Insurance certificate tracking software can be a gamechanger.
Technology backed by insurance experts can accelerate compliance. Automating your COI processing can cut time and risk. You can second-guess yourself, but you can count on people who have the experience and expertise to take your COIs beyond a stack on your desk.
Manual COI tracking will only take you so far. When your COIs start piling up, their priority might slip. When they are not properly dealt with, your company’s liability risk rises. What if a subcontractor isn’t covered and injures someone on the job? Can your company absorb a potentially devastating financial blow?
You can manually track your COIs and still follow the best practices. However, you might find yourself lost amid a large volume of COIs with only a hastily-produced spreadsheet to guide your way.
Spreadsheets can be useful tools when it comes to certificate of insurance management, but they can’t automatically verify how effective a subcontractor’s insurance coverage is. Plus, a COI tracking spreadsheet usually needs frequent updating. The time spent modifying spreadsheets alone could be spent accomplishing more important tasks.
Let Lumie handle the paperwork
Keeping every certificate current is a lot to ask of any team. illumend, from myCOI, reads each certificate and endorsement against your requirements, flags what’s missing, and follows up with your third-party partners for you. You’ll see who’s covered, and who isn’t, without chasing a single email.
Want to see it in your workflow? Schedule a demo and we’ll show you how illumend fits.
