A certificate of insurance is a document that sums up your company’s business insurance coverage. Your potential clients and business partners may ask to see a copy of it. That way, they can verify that you have insurance.
You’ll need to buy business insurance to get a COI. If you already have coverage, you may be able to access your certificate instantly online or you might have to request a copy from your insurer.
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What is a certificate of insurance?
A certificate of insurance is proof that you have business insurance coverage.
COIs usually include:
- Your 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 and the maximum amount you can claim for the year.
- Names and contact information of any other individuals listed on the policy, like business partners or additional insureds.
Why do you need a certificate of insurance?
A COI lets you quickly show others that your business is insured.
For example, a commercial lease application might 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. If you hire subcontractors, for example, request a copy of their COI. If they don’t have adequate insurance coverage, you and your business could be held liable for their mistakes if anything happens on a project you oversee.
How to get a certificate of insurance
Online business insurance companies usually 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.
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 instance:
- Ergo Next policyholders get access to an online certificate of insurance that you can share electronically with others.
- Travelers policyholders can obtain COIs online.
- With Hiscox, you can enter your email address and policy number online and generate a copy of your COI.
How much does a COI cost?
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. Here's how to get business insurance.
Save up to 30% on business insurance
NerdWallet Small Business helps you get real-time quotes from 30+ insurers, and instant access to your Certificate of Insurance (COI) through our partner, Coverdash.
How do you add 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.
For example, say you’re a fitness instructor teaching classes at a local studio. The studio may require you to carry general liability insurance and ask you to add their business as an additional insured. That way, if a client accuses you of hurting them and files a lawsuit, it’ll be your insurance policy that pays for the legal defense — not the studio’s.
Some insurance companies allow you to add additional insureds to your policy, and therefore your COI, online. Others require you to call and talk to a staff member.
How do you see 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. The business owner or their insurance company can share it with you.
This lets you make sure their coverage is authentic and up to date. Checking COIs is especially important when you’re hiring subcontractors, since you could end up being held liable for their work if they’re uninsured.
If you asked a business partner to add you as an additional insured, request a copy and make sure you see your business’s name listed.
