Owning a business can provide great satisfaction and rewards. Maybe that's why there are more than one million businesses in Pennsylvania, and 99% of them are small businesses. Maryland has almost 500,000 businesses. State laws require every business with employees to have workers' compensation and unemployment insurance. You can find out about additional insurance laws specific to Pennsylvania here. Maryland's business insurance requirements can be found here. Despite state laws, it is estimated that only 60% of businesses nationwide carry the correct insurance coverage. That's why many clients won't let you start a job until you can provide proof of insurance in the form of a certificate of insurance (COI).
Two types of COIs available
A basic COI provides a snapshot of the policy on the day it was issued. It is typically a one-page document that summarizes your business coverage and includes the policyholder's name, the issuing insurance company's name, policy effective date, type of coverage, and dollar amounts of limits and deductibles. This type of COI can be sufficient for clients who simply want to verify that they are insured.
However, if you are signing a contract with specific insurance requirements, you will want to take additional measures to ensure you are in compliance. Many of those requirements will need to be shown on the certificate. We call a certificate with contractually required language a non-basic certificate.
Protect your company with a review from Keller-Brown
Before you sign a new contract with any insurance requirements, let Keller-Brown evaluate the contractual language with regards to insurance. Taking this proactive step protects you and your company in a number of ways. For example, it is essential that your types and limits of insurance are equal to or exceed what is mandated in the contract. Our process addresses what you currently have and compares it to what's required in the contract. The assessment may also point out the need for additional insurance coverage. Knowing the cost of any additional coverage needs beforehand allows you to include the expense in your bid or negotiate a higher price.
At Keller-Brown we don't want to slow you down from doing your job. That's why we aim for a 24-hour turnaround for contract analysis. Some reviews can take up to a week depending on the document's complexity, so send us the agreement as soon as it is available to you. Protect the business you've worked so hard to build by always getting a Keller-Brown review before signing the contract. Knowing that your business has adequate insurance coverage before starting a job will provide peace of mind.
24-hour access to your COI
Whether you need a COI to fulfill a contractual requirement or simply to have on file, Keller-Brown is here to help make your life easier. That's why we are excited to announce a new client portal where you can view all previously issued insurance certificates, both basic and non-basic. In some situations, you can even issue your own basic certificates, 24/7! Customers can access the COI portal anytime by visiting the Keller-Brown homepage and selecting "Client Portal" in the top navigation. If you don't already have access to the client portal or have more questions about certificates, just contact us or connect with your Commercial Insurance Protection Analyst.
