How to Request a COI to Prove Vendor Compliance
Requesting certificates of insurance (COIs) from vendors is a daunting task, especially when they don’t respond!
Chasing down COI’s from vendors or keeping track of your insurance documents are stressful tasks when you’re relying on emails, spreadsheets, or phone calls, why not alleviate the anxiety by investing in the proper tools?
Find out what a COI for Vendors is, and why you need to be collecting them to stay compliant.
What is a Certificate of Insurance for Vendors?
A COI for Vendors is an insurance document that shows proof of a vendor’s insurance coverage. The goal of a Certificate of Insurance is to show insurance coverage in an easily understandable, standardized format.
The vendor’s COI shows proof of insurance coverage for all parties working on a project. It is the vendor’s insurer who issues these documents.
The information on the COI includes:
- Name of the insurer and insured
- Type of insurance coverage
- Policy numbers
- Effective dates
- Endorsements
- Limits
When you request a COI from a vendor, you have access to coverage details, the information provides the assurance that protection is in place to reduce risk.
Why Do I Need a COI From a Vendor?
Any time you work with a vendor, they have the potential to create liability for your business. Whether the liability comes in the form of materials, equipment, or services, the Certificate of Insurance provides the insurance coverage to offset risk from your business to their insurer.
It is also important to collect COIs from vendors, so you have quick access to information when risks arise. Instead of begging a vendor to upload their entire insurance policy, you can request a COI that has all the essential information, saving essential time when it comes to mitigating damage from accidents.
How To Achieve Vendor Compliance
The best way to achieve vendor compliance is by requesting COIs. Vendor compliance can include requesting compliance documents from multiple third parties which can be tedious to manage manually.
Improve the response rates of your COI requests by sending emails your vendors will want to open. If you’re having a tough time getting insureds to open and respond to your compliance document requests, download this free guide to write request emails vendors will want to respond to!
