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A Certificate of Insurance (COI) also known as proof of insurance is a document from an insurance company to prove you have Commercial Insurance. A COI can give your clients or another business the confidence that you have the proper level of coverage before they start working with you.
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Providing a COI is usually required if your business has a high risk of loss or damage. Commercial insurance protects your business and your clients from different risks.
For example, let’s say you’re submitting a bid to construct a new building. To have the winning bid, there’s likely a condition to provide a general liability insurance certificate that proves you have an active policy to protect against bodily injury and property damage claims.
Information included on a COI about the policyholder, the insured includes:
Conversely, before you choose to work with another company, you should request a COI from them to ensure they have the right insurance. If not, a person can file a claim against your business for damage you or your employees did not cause.
When reviewing a COI, make sure it has:
Once you have requested a COI, you become a certificate holder and your name and contact information will be on the document and you will be notified of any policy cancelations.
