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.
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.
