Category: Insurance 101

It’s Easy to Create Your Own COI. Don’t Do it

September 8, 2022

Are you a subcontractor or other third party that has been recently hired by a company that requires you to submit a certificate of insurance? Did you know you can easily download a certificate of insurance PDF from several websites? Did you know you can just as easily fill in a certificate of liability insurance […]

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5 Things to Do to Verify Your COI is Valid

July 28, 2022

Not every subcontractor can afford insurance coverage. Not every subcontractor will be honest. A certificate of insurance template in the wrong hands can make your company vulnerable to claims and damages. A false COI usually means an absence of coverage. While a certificate of liability insurance form example can help you do your job, it can also […]

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Software for Insurance Agents Can Help Grow Your Agency

July 14, 2022

General insurance software can help your agency achieve its potential. But what does that mean exactly? Agency management systems for insurance can automate typically routine tasks that take too much time for people to manually complete. Electronic insurance systems can also reduce the number of errors that occur. Software for insurance agents can increase productivity […]

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Why a Certificate of Insurance Is Not Enough (and What To Do About It)

June 28, 2022

Compliance managers and administrators have many tasks on the to-do list other than collecting certificates of insurance (COI) for every vendor and contractor—which itself can feel like a full-time job. Finding additional time to review insurance policies and endorsements is difficult, but extremely important. They say, “the devil is in the details” and when it […]

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Finding a Certificate of Insurance Online is a Risk

May 11, 2022

Finding a Certificate of Insurance Online is a Risk The availability of insurance forms online should make a compliance admin’s job easier than ever. However, this isn’t always the case. Since the untrained and unaware can easily download forms and try to fill them out themselves, compliance admins might struggle with all of the fraudulent […]

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Premiums Are On the Rise

March 8, 2022

A trend started in 2017 that has impacted every business. That year the insurance market quickly started to harden. The result was double-digit rate increases across nearly every insurance line. Projections show no signs of insurance costs going down anytime soon. If your business recently went through an annual renewal, you likely felt the pain […]

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Is Insurance Paperwork Crushing You? There Is a Better Way.

November 3, 2021

The process of managing vendor and subcontractor insurance documentation can be a nightmare for compliance and risk administrators. Receiving certificate of insurance (COI) paperwork on time, verifying every document, checking for contractually required endorsements, and reviewing accuracy—the job can feel like it requires an army. Yet most companies dedicate just a small portion of their staff to […]

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A Guide to myCOI’s Go-To Insurance Resources

September 13, 2021

When it comes to risk management, the myCOI team likes to consider ourselves pros. However, sometimes even the experts need…well…experts. The insurance industry constantly changes and good information is a must for keeping up. We surveyed our staff on their go-to resources for risk mitigation and insurance updates. Knowledge is worth nothing if not shared, […]

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Understanding Insurance Ratings: Why the Grade Matters

August 16, 2021

When selecting an insurance carrier, what is most important? Coverages? Price? A trustworthy recommendation? While all valuable, one factor outweighs them all: the insurance provider’s rating. All insurers are not created equal. Ratings provide valuable information on an insurance company’s financial ability to cover its claims. Are your insurance providers making the grade? If not, […]

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