As a business owner, it’s important to stay on top of your insurance requirements and ensure that your vendors and contractors are properly insured. One way to do this is by using COI expiration tracking tools or managed partnerships. These help you keep track of when your vendors’ or contractors’ insurance policies are set to expire, allow you to capture relevant data, and upload COIs so that you can ensure they maintain the proper coverage. However, with so many COI expiration tracking tools available, it can be difficult to determine which one is right for your business. In this article, we’ll compare some of the most popular COI expiration tracking tools to help you make an informed decision.
COI Software Tools
Some tools are just that – tools. This may be a platform or software your
organization has access to. These tools may be cloud-based and are designed to simplify the COI management process. It offers a range of features such as automated email notifications, custom report generation, and the ability to store reports in one central location. The user interface that is provided should be friendly, easy to navigate, and if appropriate, available as a mobile app.
Software offerings tend to be best for straightforward collection and storage of documents but are not typically suitable for complex insurance situations which may include specific language or endorsement requirements, multiple policy types, requirements, or participation in multiple programs by one vendor.
COI Management Partners
An alternative to a platform or software option is the use of a COI management service or third-party partner. Oftentimes, these offerings may be part of a more comprehensive compliance and risk mitigation product suite and include services like background and drug screening, license tracking, badging, or other business vetting options.
Working with a partner means much of the work can be offloaded to them, for a fee of course. Typically, this option will have a trained team with expertise in the COI space. They can spot a legitimate COI without effort, can provide typical coverage and policy expectations by industry, and have well-developed relationships with agents across the US. Their focus is on COI management, and it is fair to expect them to have an efficient and streamlined process for gathering (uploading) COIs, storing, tracking, reporting, and following up on the contents of the certificates.
Certificates should not just be a one-and-done approach and stored in some database. An effective partnership should vet the contents of the Acord25 form provided to ensure the appropriate policy coverage and limits are in place, that the policy is active, and that the required endorsements, language, and contact information are included. This quality check, so to speak, is one of the biggest differences between using a COI tracking tool and a full solution.
Additionally, the COI management solution should assume responsibility for automated alerts, reporting, centralized storage, and easy document retrieval, including historical documents, and even allow a self-serve portal for agents and service providers to submit any required documents securely and efficiently. These solutions should be scalable and available for small programs but can also be very helpful for more complex insurance programs. The opportunity for the partner to provide education and benchmarking, as well as larger companies with large networks or multiple requirements across various programs.
PlusOne is Your COI Management Partner
In conclusion, there are many COI expiration tracking tools available, each with its own set of features and benefits. The right tool for your business will depend on your specific needs and requirements. If you’re looking for a simple, user-friendly tool, a tracking or software tool alone may be the best option. For larger companies or those with complex COI tracking requirements, working with an experienced and knowledgeable vendor may be a better fit. Regardless of which tool you choose, using a COI expiration tracking tool can help you stay compliant with regulations and protect your business from unnecessary risks.
