Five COI Tracking Tips for Risk Managers
One of the most important aspects of risk management is ensuring coverage to mitigate risks. Below we’ll give five tips for risk managers to keep in mind when working with Certificates of Insurance (COIs) to ensure coverage.
1. Request Certificates of Insurance
There’s no single policy a business can buy to cover every risk they encounter. A risk manager’s job is to find all the individual risks a company faces and figure out what policies will cover these risks.
There are lots of policies companies need to cover all the risks they face. Because of this, requesting proof of coverage in the form of a COI is the best way to ensure the requirements for all policies are met.
2. Ask Questions
Because there are so many details in insurance policies, it’s easy to make a mistake on a COI. When risk managers feel off about a COI, they must go back and ask any questions about the COI of concern.
3. Don’t Race Against the Clock
No matter when a project is scheduled to start, there’s no reason to rush the COI collection process. It’s important to make sure all COIs are up-to-date and correct and stay that way for the duration of the project.
It’s more important to make sure all risks are accounted for even if it means starting a project a day or two late.
4. Always Check Expiration Dates
Be aware of when policies expire and know when to request renewals. It’s much easier to ask for renewal before a policy expires than it is to wait for one to expire and have an accident to handle without the correct coverage.
5. Have a System in Place to Track COIs
Tracking COIs manually is time-consuming and prone to human error. With a system like SmartCompliance, risk managers can have automatic notifications sent to insureds for missing or expiring COIs and check for errors in the documents.
Our Certificate of Insurance Tracking Software
As a risk manager, having a system in place to aid in the COI collection and tracking process saves both time and money.
Schedule a free demo to see how risk managers, benefit from utilizing SmartCompliance in their COI process.