COI tracking is a tedious and exhausting job for any company, let alone a government agency. These agencies must make sure that all their workers are protected, no matter what job they signed up for. Even the teeniest jobs must be protected by insurers.
Government agencies have hundreds, some of them even thousands of employees, who need to be insured properly. Some of them may even be insured multiple times, which results in more paperwork.
Government Agencies and COI Tracking
Government agencies face somewhat greater responsibilities than any other company. These agencies are almost always directly or indirectly responsible for the physical safety of civilians, public investments, and other public-related issues such as managing debt. Of course, it is only natural that insurance for such agencies is more complex since their policies are more advanced and descriptive to avoid any kind of exposure.
What are the main points that government insurance covers?
1. Injuries due to improper maintenance – offers coverage for physical injuries, and property damages that happen within their municipal area
2. Crime and recovery – municipal and government agencies benefit from complete coverage for any loss that they encounter due to a crime. Compensation for screening and background checks on employees is also available to public officials and officers.
3. Employment practices – disputes between employers and employees or even between two employees are unavoidable. Insurances for such cases not only cover the financial losses but also covers the employee’s losses as well.
4. Automobile damages – a municipal or government agency certificate of insurance protects products inside and outside of their jurisdiction. All the vehicles that are assigned to any of the employees and even the cargo will benefit from complete coverage in case of damage.
What To Look for On Certificates of Insurance?
Every state has its own power and receives all power that is not granted to the federal government. Therefore every state has its own set of regulations that differ from state to state. This applies to driving rules, and schooling methods, and it applies to insurance policies as well. It is totally up to the person who receives the insurance to understand the insurance liabilities and policies of the respective state, in other words, expertise in insurance coverages.
One such perspective is a monopolistic state as it refers to worker’s compensation. The definition of a monopolistic state, according to Investopedia, is:
“A monopolistic state fund is a government-owned and operated fund that is set up to provide insurance coverage in specified states and territories. Employers must purchase coverage from the state fund and no private parties may compete for the business.”
Monopolistic Fund States Include:
- North Dakota
- Ohio
- Washington
- Wyoming
- Puerto Rico
- U.S. Virgin Islands
Companies and agencies that operate in these states may have to purchase Stop-Gap insurance. Stop-Gap insurance is an endorsement that is primarily used to provide employers liability coverage for work-related injuries. In order for an organization, an agency, or for a company to be fully protected in a monopolistic state, they should have a Stop-Gap endorsement.
If an employer has an organization in a non-monopolistic state, the endorsement is attached to the worker’s compensation policy, providing coverage in those states as well. However, if an employer is operating in a monopolistic fund state, the endorsement is attached to the employer’s general liability policy.
Needless to say, these processes require a multitude of paperwork. Paperwork always requires close attention but even those who are the most careful make mistakes. In this case, a COI tracker is your best solution, which can help in tracking and managing COIs to avoid any errors.
Using a COI tracker is especially beneficial for government agencies for many reasons. These agencies have many people working for them, doing a wide range of activities, working in a wide range of different risk levels. All these people need to be insured and all those insurances need to be accounted for properly.
This means a lot of paperwork for one person, but luckily, with the help of a great COI tracking system, the whole paperwork process gets easier. COI tracking systems are great because they don’t need everyday monitoring, can and will remind you of expiration dates and renewals, and come with customizable dashboards that will remind you of all your tasks.
One of these great COI tracking systems is JDI’s very own CTrax. It employs a two-step data intake process which always ensures accuracy. The system is fully autonomous, it reminds you of renewals and expiration dates sends out e-mails to customers, and manages all insurances. On top of that, you get a customizable dashboard to stay on top of everything you must do!
