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A Certificate of Insurance (COI) is a document that provides a summary of the business insurance that your company carries. It is typically one page long and is proof of insurance, containing information about the coverage, like the type of policy, expiration date, and individuals covered.
It’s a quick way for a business to show that they have the proper liability insurance coverage. A company might want to include a copy of their COI when submitting a proposal; it could be an advantage over the competition. From a customer standpoint, it is always a good idea to ask for a COI when another company works for you, be it a contractor, vendor, venue, etc.
What should I look for in a COI?
• Make sure the business name matches the name on the document
• Confirm that it is issued by a legitimate insurance company
• Check the expiration date, and make sure it covers the length of the project they might be working for you
• Make sure the liability policy provides sufficient coverage
• Verify the COI every time, even if you have worked with them before
Providing and asking for a COI is good business practice. It covers your bases in the event of an incident. It doesn’t cost anything to obtain, so it should always be included when working with a third party. Don’t hesitate to contact your independent agent any time you need to provide a certificate of insurance. Our Encharter business team is ready to help with all your insurance needs.
Chat with an Encharter agent about your insurance today:
413-475-7283
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Sources: https://www.farmers.com/learn/insurance-questions/what-is-a-certificate-of-insurance/ https://www.thehartford.com/business-insurance/certificate-of-insurance-coi
