{"id":671,"date":"2023-10-19T14:47:29","date_gmt":"2023-10-19T14:47:29","guid":{"rendered":"https:\/\/businessyield.com\/ins\/?p=671"},"modified":"2023-10-19T14:47:31","modified_gmt":"2023-10-19T14:47:31","slug":"certificate-of-insurance-for-business-why-when-how-to-get-one","status":"publish","type":"post","link":"https:\/\/businessyield.com\/ins\/business-insurance\/certificate-of-insurance-for-business-why-when-how-to-get-one\/","title":{"rendered":"Certificate of Insurance for Business: Why, When & How to Get One?"},"content":{"rendered":"

A certificate of insurance (COI) is a document issued by an insurance company or broker. The COI verifies the existence of an insurance policy and summarizes the key aspects and conditions of the policy. <\/p>

It essentially summarizes your business insurance coverage details. It includes the most important, basic information related to your coverage, such as the policy\u2019s expiration date and effective date, who is covered by the policy, what type of coverage it is (general liability insurance, property insurance, etc.), and your policy\u2019s limits.<\/p>

A certificate of insurance is often requested in the case of a project or job in which liability concerns and the possibility of great financial losses are very real. In such a case, your client or partner will request a COI from you to prove that certain liabilities will be covered by your insurance program.<\/p>

To acquire a COI, you must first buy a small business liability insurance policy. After the policy has been issued, most certificates of insurance are available online.<\/p>

How Certificates of Insurance (COI) Work<\/strong><\/span><\/h2>

Certificates of insurance (COIs) are used in situations where liability and significant losses are of concern and require a COI, which is in most business contexts. A certificate of insurance is used to prove insurance coverage.<\/p>

The certificate of insurance was created in order to make it easier to show proof of insurance to your potential clients and business partners. Instead of sending them your entire insurance policy contract, you can send them a one-page document detailing all the most vital information related to your policy.<\/p>

Small business owners and contractors often have a COI that proves they have insurance that protects against liability for workplace accidents or injuries. When you purchase liability insurance, the insurance company will usually provide an insurance certificate. Some insurance companies allow you to access your certificate of insurance instantly online, but others may require you to request a copy.<\/p>

Keep a copy of your COI on hand so you can show it to anyone who asks. It\u2019s also a good idea to know how to have your insurance company send a copy to the person you\u2019re doing business with, in case they\u2019d rather receive it directly.<\/p>

Commonly included information includes:<\/p>