Best COI for Businesses

Wondering what is a COI? A Certificate of Insurance (COI) is a document that shows your customers that your business has insurance.  Although the ultimate goal of commercial insurance is to protect your business, you also want to confirm to your customers and partners that they are protected too.

The COI makes your customers feel safer working with you because it reduces the chance that they could be held liable for accidents or mistakes. The COI provides you with a portable and convenient way to prove that you’ve taken steps to secure the necessary business insurance you need to stay protected. 

Want to learn more about getting this proof of coverage for your business? Our guide to COIs and what they include will help you begin.

Best Insurance Providers for a Certificate of Insurance

 A wide range of companies offer a variety of business insurance types and policies, and prices can vary dramatically among providers. The best way to ensure that you aren’t overpaying for coverage is to collect a few quotes from competing insurance providers.

Below, you can browse a list of a few of our favorite business insurance providers and quickly retrieve a quote from each. We recommend collecting at least 3 quotes from competing companies in your area before making a decision. 

The Hartford

The Hartford stands strong as a tried-and-true commercial insurance provider you can count on. They don’t play games in making sure you have easy access to your COI when you own commercial insurance with The Hartford. You can pull your COI from your account portal anytime or request it through your agent, and The Hartford charges no additional fees.

If you don’t have an insurance policy yet, you’ll need to contact The Hartford to purchase business insurance first. There’s no one-size-fits-all policy, so insurance costs vary. Your cost can depend on different factors and will be unique to your company.

We also like The Hartford because of their deep understanding and knowledge of business insurance backed by a solid financial rating. You can get same day coverage and there is an online application but you won't have a solid understanding of what you'll pay until you get close to finalizing a policy.

Thimble

You might not think it would be possible to insure your business for a single event lasting just a few hours, but with Thimble, you can. Getting a quote takes minutes, and setting up your coverage is fast too. As soon as you pay the premium, your coverage is in force, and you can pull your online COI.

Thimble issues industry-standard COIs based on an the ACORD (Association for Cooperative Operations Research and Development) template, and you can easily name certificate holders or additional insureds as necessary.

Note: you’ll often hear a COI referred to as an ACORD certificate or ACORD 25 form.

Get a custom quote from Thimble in less than 60 seconds and get your Certificate of Insurance instantly.

Coverwallet

Coverwallet’s combination of cloud-based insurance access and real people who can explain things to you over the phone make them a reliable insurance clearinghouse that can find your perfect insurer for a shareable Certificate of Insurance. 

With Coverwallet, you’ve got insurance experts available 24/7 by phone, chat, and email. You can pull and/or request certificates of insurance and track them easily, Worried you haven’t nailed down the best insurance deal? Coverwallet helps you compare against others in your industry to make sure you're fully protected for the best rates.

Coverwallet is available 24/7 for quotes and questions.

The process of issuing a Certificate of Insurance is easy, and Coverwallet will help find the best insurance company. Keep in mind that your proof of insurance should only come from the issuing agency, and not from other sources.

What is a Certificate of Insurance?

A COI is a document issued by your insurance provider that proves you have insurance for your business activities. Your actual insurance policy consists of multiple pages of legal jargon. The COI sums up your coverage in a readable, 1-page form for your clients, which demonstrates  to your customers that you’ve taken steps to protect your business with insurance. 

Your COI will include a summary of your policy, your policy limits and info about the specific types of insurance you purchased. You can think of a COI as similar to an auto insurance or health insurance card that proves that you have a certain level of coverage with a reputable insurance company.

When you pay for your policy, your business insurance provider will make your COI available to you via email or in your portal. Most clients will ask you for a copy of your COI; surprisingly few of those clients will take the extra steps to verify coverage with your insurer to ensure that your insurance is current and up to date.

Savvy, careful clients may request to become  a “certificate holder” or an “additional insured” on your policy. Both of these statuses offer additional protection for the entity you are providing service to as well as to your own business.

To become a certificate holder, your client or vendor would contact your insurers and request that action. Some insurers charge for this service; others do not. Your COI would show that certificate holder’s name and contact information in the bottom left of the COI.  A certificate holder has the right to be notified if your policy changes or is cancelled, but that certificate holder cannot make a claim through your policy.  Another status, that of “additional insured” would make a client part of your policy for the duration of the job.

If you and your client decide that naming that client as an “additional insured” is beneficial, then that additional insured party could make or defend claims through your policy. As a result, the cost for your policy may increase. . 

 The addition of an additional insured is required in many contracts, and a business would lose the contract if they refused to comply with the additional insured request. That updated COI proves to the additional insured that you have adequate coverage and have appropriately added them to the policy as an additional insured.

Regardless of whether your COI just proves that your business is properly insured, shows your new client as a certificate holder or names the client as an additional insured, the COI confirms that  you have adequate insurance to cover damages.Carrying a COI is an easy and convenient way to set clients’ fears at ease while you search for new business opportunities. 

COI form

What Does a Certificate of Insurance Include?

Your certificate of insurance includes a few essential details about your policy and the types of coverages you have. Some of the most common information you’ll see on your COI may include:

• Your contact details: This section includes the name of your business, the insurance policyholder, your business mailing address and an email or phone number to contact you.
• Names and contact information for anyone else included on the policy: If you add a vendor or client as a certificate holder or additional insured, their name, business name and address will appear on the COI.
• Type of insurance you have: This section details the type of coverages you’ve purchased from your insurance provider (for example, general liability or workers compensation).
• Your policy limits: You can only claim damages up to your policy limit. For example, if you have a policy limit of $200,000, you cannot claim more than $200,000 from your insurance provider on a single claim, regardless of your actual damages. This inclusion is crucially important for clients who have high-value materials or property you’ll be working with.
• Your policy expiration date: Insurance policies are only valid for a set period of time. Your policy expiration date tells your client that your insurance won’t expire shortly after you begin the job.
• Details of your insurance provider: This information may include general contact information for your insurance company’s main office or your agent’s contact information.

The specific details included on your COI will vary depending on which company you choose to service your insurance. Request a COI from your insurance company directly to learn more about the information offered by your coverage provider.  

Cost of Certificate of Insurance

Most insurance companies provide you and your clients with a COI at your request free-of-charge. While you probably won’t have to worry about an additional cost for copies of  your COI, several  factors will affect the total price you pay for the insurance that the COI summarizes. Some of the many factors that might influence the total price you’ll pay for insurance may include:

• Type of insurance coverage you have: From general contractor liability to railroad protective liability insurance specifically for railroad contractors and companies, there are many types of business insurance coverage. The type and number of policies you have play a major role in the price of your insurance.
• Number of employees you have: The more employees you work with, the more you’ll pay for your insurance coverage. This factor affects your workers compensation insurance price.
• Your policy limits: The higher your policy limits, the more potential loss an insurance company will incur if you file a claim. As your policy limits increase, so do your monthly premiums.
• Your deductible: A deductible is the amount of money you need to pay toward your claim’s cost before your insurance will offer you a payout. For example, if you incur $1,500 worth of damage to your business and your insurance policy has a $500 deductible, you’ll need to pay $500 toward the damage out-of-pocket. The insurance provider would cover the remaining $1,000 of damage up to your policy limits. A higher deductible means less risk for insurance providers. You may be able to save money by choosing an insurance policy with a higher deductible.
• Your industry: Some industries carry a higher likelihood of needing to file an insurance claim due to the nature of their work. For example, a restaurant owner is much more likely to file a claim for fire damage than a tutor. If you work in a higher-risk industry, expect to pay more for your insurance protections.

Your location, property type, revenue and equipment cost also may play a role in your insurance costs. The best way to predict exactly what you’ll pay for insurance is to request  quotes from a few competing business insurance providers in your area.

What Types of Businesses Need a Certificate of Insurance?

Any business that offers a service or product should keep a COI on hand to prove that it can cover the cost of a liability claim. From chefs to nail salon owners, nearly every business owner works with suppliers or clientele in some capacity. These outside business partners need to know that you have the insurance necessary to cover a liability claim. 

Most people who have worked in a professional capacity on any kind of project understand how fast a collaboration can deteriorate when accidents, mistakes or other costly problems surface. Commercial insurance forms a protective shield against the slinging arrows of accusations of wrongdoing, and the COI is its herald.  

Many contractors and business owners include their COI with business proposals they send to prospective clients. If you don’t share your COI, your partners or clients might assume that they’re taking on a major financial risk by working with your company. Your voluntarily given COI can give you a competitive edge when hunting new partners or customers, as clients won’t need to wonder about your insurance status. 

Finding the Coverage Your Business Needs

Getting your COI begins with finding the right insurance provider. Use our convenient quote tools above to start exploring insurance options for your business. Even if you currently have a policy, it can be a good idea to research new companies operating in your area every few years. You have no idea how much money you could be saving until you get a quote!

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