How Do I Read a Certificate of Insurance?

John Doe
John Doe

Technical Writer & A Civil Rights Activitist (TEST)

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Reading COIs is easy using CTrax’s Plus Services

Reading a Certificate of Insurance can be difficult if you are not familiar with terms used in the insurance industry. It goes without saying that the more you use these documents, the more comfortable you will become reading a COI.

Those responsible for reading, tracking and managing COIs are usually office managers and those working in the purchasing and risk management department who may or may not have specific training reading insurance documents. Most employees in these positions are not licensed insurance agents so they may need a little bit of help. In the case where there is a singular person working in a department it can be difficult to navigate the workflow without support from a fellow employee.


The Basics of Reading A Certificate of Insurance

In its simplest form, a Certificate of Insurance is a snapshot of the coverage of an overall policy of someone working for you. It shows that a person or company has an up-to-date insurance policy. You want to ensure that your company name and address is correct and the named insured matches the name on the contract. After those basic details there can be a lot of intricate information in each COI. For example different COIs can have different amounts of coverage required, have a need for additionally insured and other coverage limits specific to each vendor.

Over 80% of the time an Accord 25 is the document used for creating a Certificate of Insurance. In some cases, a provider will create their own document. In this situation, would your employee be able to read, understand and transfer the information correctly? Our automation can.


How To Get Help Reading Your Certificates of Insurance

Any reputable software program should have a system for helping their customers, whether it’s an email or chat messaging system or a phone number to call. If you are researching companies and software tracking systems, make sure that they have a help desk option. At the bare minimum a company should offer an email to use when asking for help, with a promise to return your email within 24 hours. Other methods for helping your questions get answered would be a chat bot for simple, generic questions or the opportunity to talk to a person via email, chat or on the phone. A real live human being will be extremely helpful in answering intricate questions specific to your needs.


What If I Need Extra Help Reading All the Details?

This is where CTrax’s Plus Service comes into play. This service may not be necessary if your employees are comfortable reading COIs and working with the software. For organizations who do not have the capacity to manage the software this is a great option as you can leave it all to the experts to ensure your company is in compliance and to lower your risk. This service allows you to have a dedicated Account Manager who works with our team of insurance professionals to act as an extension of your team. Initially your employees set up your company’s insurance requirements and vendor profiles then our staff does the rest. When a new vendor uses the portal, they scan their documents and it is processed through the system, then our team ensures everything is working correctly. If there are any irregularities, our team takes care of it.

There always needs to be checks and balances through human intervention when using any automated software. This can be achieved with your organization’s employee if they are familiar with how to read a COI or through our Plus Services where our team guarantees 99.9% accuracy with all documents.