What is Worker’s Compensation Certificate of Insurance?
A Workers Compensation Certificate (COI) is also known as Certificate of insurance form or subcontractor certificate of insurance. If you own a business with at least three employers, then most of the states have an obligation of worker’s compensation insurance.
What Does A Certificate of Insurance Details?
A worker’s compensation certificate of insurance contains details about the insurance coverage of the company’s workers. The information included in the insurance certificate can be the name of the insurance provider and policyholder, how long is it useful, type of insurance and policy number.
Why do you need a Worker’s Compensation Certificate of Insurance?
Why do you need workers compensation certificate depends upon these factors:
– Maybe you are an independent contractor or subcontractor, the state laws in your state may legally necessitate getting worker’s compensation policy for your workers.
– Sometimes the companies who do business with your company can demand you to provide worker’s compensation certificate of insurance.
– Government entities, cities and counties who hire contract companies to perform work on their behalf may require worker’s compensation insurance certificates.
What information can be provided on an insurance Certificate?
The insurance certificate is a legal document that shares the details issued by the insurance company. It may include following sections
– Information about the coverage policy and its limits.
– Insurance company’s name and address.
– Restrictions about Employer liability coverage, accident disease policy about each Employ.
– Policy cancellation conditions and in which circumstances the policy will not cover.
– Information about the Owner’s compensation coverage; whether the Owner’s coverage is included in the policy or not.
How can you get worker’s compensation certificate?
First, is to secure coverage. UnderWrite Insurance Services specializes in workers’ compensation insurance. We will help you secure workers’ compensation insurance to ensure your employees and protect your business from financial loss. After we secure workers’ compensation insurance for your business, we will generate a certificate of insurance for you. Same-day!