COI (certificate of insurance)

Ask to be named as additional insured, so the vendor’s policy can cover your company too. Certificates expire, so track the dates and ask for the new one before the old one runs out.

A certificate is a summary, not the policy. It lists the insurer, the policy numbers, the coverage types such as general liability, auto and workers’ compensation, the limits and the dates. It also names the certificate holder, which should be your company, and says whether you are an additional insured.

An example

An electrician sends a certificate showing general liability with a $1,000,000 limit per occurrence, valid until March 31. The manager checks that the company name matches the W-9, that the dates cover the job and that the management company is listed as additional insured. A reminder goes on the calendar for March 1 to ask for the renewal.

What to check on every certificate

• The vendor’s legal name matches the W-9 and the invoice
• The policy dates cover the day of the job
• Your company is the certificate holder, and additional insured if you require it
• Workers’ compensation is listed, or the vendor has a state exemption on file

How Now Ours handles it

Vendors get jobs by text, or in the vendor app, in your company’s name. Which vendors are on your list, and what paperwork they need first, stays your call. The vendor onboarding checklist has the full list to collect.