How Long Does it Take to Get a Certificate of Insurance (COI)?
Business Insurance | General Liability | Workers Compensation | Contractors
When working with subcontractors, vendors, or performing services with another business, you will often need to obtain a certificate of insurance. And when time is of the essence, it’s important to know how quickly you can expect to receive the certificate so operations can begin.
At Berry Insurance, we provide certificates of insurance for numerous clients, and are known for doing so in a timely manner, so we know exactly what the process looks like and how long you should expect to have a certificate in hand.
In this article, we will walk you through that process, as well as provide some more context as to what a certificate of insurance is, and why you may need one.
Table of contents:
What is a certificate of insurance?
A certificate of insurance, or COI, is either a digital or printed document that proves you have insurance coverage.
This could be provided for any type of business insurance, but are most often needed for general liability or workers’ compensation insurance.
The COI outlines details about your insurance policy including:
- Company name
- Insurer name
- Type of insurance
- Policy numbers
- Policy effective dates
- Coverage limits
Essentially, the COI serves as a proof of insurance so other businesses you work with know you have the insurance protections essential to minimize risks, providing peace-of-mind before entering any business agreements.
How long does it take to get a COI?
While requesting a COI can take only a few seconds with some basic information, how quickly you expect to get the certificate back will depend on the timeliness of your agent or insurance provider.
At Berry Insurance, our team prides ourselves on issuing certificates to our clients as quickly as possible, since we know your work and time is important! So, as long as the request form is filled out properly and no additional information is required, you can expect to receive the certificate within the same day as requesting it.
To request your own certificate of insurance, fill out our request form here: Request a Certificate of Insurance (COI). Requests for certificates are handled Monday through Friday, 8am-4pm. All requests will be approved with Berry Insurance’s client/insured prior to issuance.
Do I need a certificate of insurance?
Whether or not you need a certificate of insurance will depend on your role in relation to other businesses you work with.
If you are a subcontractor, vendor, or any business performing services on another business’ behalf, you will need to provide a COI. If you are instead hiring a subcontractor, vendor, or any business to perform services on your behalf, you will need to obtain a COI from the subcontractor.
If your business is working with subcontractors, you will also need to obtain COIs from them at the time of hire. If the certificate is not obtained, then your business will be charged for those subcontractors on your workers compensation audit.
For additional information about certificates of insurance, read this in-depth guide: What is a Certificate of Insurance and Why Do I Need it?
Receiving timely support
When it comes to your business, time is money - making it important to ensure you’re receiving the best support possible. Knowing you can quickly receive a certificate of insurance when you require one is just one aspect you should be looking for when selecting your insurance agency or carrier.
Wondering what else you should factor in when choosing your insurance carrier or agency? Then check out our informative guide breaking down everything from price, reputation, and more: What to Look For when Selecting an Insurance Agency or Company