A workers’ compensation certificate of Insurance is a form that showcases proof of the workers’ compensation insurance coverage. It is issued by insurance providers and lists several things, such as the policyholder, period, policy number, and the effective dates of the range.
It allows all parties involved within a business to go back and confirm insurance details if any issues occur within the company. It summarizes all benefits your insurance policy will include. However, it is necessary to know that the certificate of Insurance and the insurance policy differ.
Having a certificate of insurance for workers compensation provides proof of Insurance but does not necessarily give any of the benefits of your policy; thus, the company must acquire an insurance policy to allow its employees receive their benefits.
How to Get a Certificate of Insurance
The steps required to get a certificate of Insurance for workers’ compensation depend on the insurance provider. However, below are the general steps in obtaining a COI for workers’ compensation.
1. Enquire about the Minimum and Limit of coverage
To get the certificate of Insurance, you must request the insurance provider about the minimum and the limit of coverage to know if your financial pockets will enable you to receive the needed premium rate.
If you need an increase in the premium, you must have the name, address, and tax identification details on hand while consulting with the insurance provider. For all your inquiries on the limited coverage for your certificate of Insurance for workers’ compensation, call us or visit our offices for the best premium rates.
2. Call and Request Proof of Insurance.
Suppose your business insurance policy meets the requirements stipulated. In that case, you can call the insurer and request them to give you the proof of Insurance, that is, the certificate of Insurance for the workers’ compensation. Also, if you wish to buy coverage, you can do it when requesting proof of Insurance.
However, it’s good to note that different insurance providers have other minimum requirements that a business should attain; hence it is necessary to make transparent consultations to avoid making penalties payments.
3. Receive the Printed Certificate
Suppose you requested the certificate of Insurance for workers’ compensation and have attained the minimum requirements. In that case, all you have to do is to wait and receive a printed certificate at your address which you can scan or copy and give to the person requesting proof of Insurance.
It is necessary to know that receiving the document takes a few days, depending on the insurance provider. Thus, requesting the certificate of Insurance for workers’ compensation before you begin working with the contractor, vendor, or even the customers is essential.
Having a certificate of Insurance is vital as it assures the client that if any employee experiences a work injury or illness, the company will be able to cover the costs of medical treatments, lost wages, and any lawsuits.
The certificate of Insurance for workers’ compensation is vital for your business; hence it is necessary to acquire it to secure your business and employees.