What is a Certificate of Insurance?
A certificate of insurance (COI) is a document that summarizes your company’s business insurance coverage. It’s essentially proof that your business is insured, and it typically includes a summary of the different types of insurance you have, as well as the terms of your coverage.
Commonly included information on a COI includes:
- The business name, address, and phone number
- The business owner’s name
- The name of your insurance company and contact information
- Your policy number(s)
- Your policy expiration date
- The amount your insurance policy will pay for individual claims, as well as the maximum amount you’re eligible to claim for the year
- Names and contact information of any other individuals listed on the policy, such as a business partner or an additional insured
Why Do You Need a Certificate of Insurance?
A COI allows you to quickly show others that your business is insured. For example, a commercial lease application may require you to provide a copy of your COI so the owner can confirm that you have general liability insurance. Your company can also request COIs from other businesses to ensure that you’re working with equally trustworthy partners. If you hire subcontractors, for instance, requesting a copy of their COI can protect you from potential liability.
How to Get a Certificate of Insurance
Online business insurance companies generally allow you to view a digital version of your COI. You may even be able to share an electronic copy with businesses that ask for it. In other cases, you may have to request a copy of your COI via phone, email, or your online account. Getting a copy of your COI should be free.
If you don’t already have business insurance, you’ll need a policy before you can access a COI. Getting business insurance is relatively straightforward if you know what types of coverage you need. You can easily get several business insurance quotes online, then compare them to find the right coverage at the best price.
How Long Does it Take to Get a Certificate of Insurance?
Getting your COI should take no more than a day. Many insurance companies now let you access yours online right away. For example:
- Next policyholders can access their COI online and share it electronically with others.
- Travelers policyholders can obtain COIs online.
- With Hiscox, you can enter your email address and policy number online to generate a copy of your COI.
- If your policy is with The Hartford, you can request a copy of your COI online and receive it via email, typically within a few hours.
Adding an Additional Insured to Your Certificate of Insurance
When you add a person or company as an additional insured, your policy’s insurance coverage extends to them. It’s common for contractors to add the business that hired them as an additional insured. Some insurance companies allow you to add additional insureds to your policy online, while others require you to call and talk to a staff member.
Viewing Another Company’s Certificate of Insurance
If you need to see another business owner’s COI, you’ll have to ask them to show you a copy. Viewing another company’s COI lets you verify that their coverage is authentic and up to date, which is especially important when hiring subcontractors.
