Owning a business can bring great satisfaction and rewards. Maybe that's why there are more than a million businesses in Pennsylvania, and 99% of them are small businesses. Maryland has nearly 500,000 businesses. State laws require that every company with employees have employee benefits and unemployment insurance. You can find out additional Pennsylvania-specific insurance laws here. Maryland's business insurance claims can be found here. Despite state laws, it is estimated that only 60% of companies nationwide have the right insurance coverage. This is why many customers do not let you start a job until you can prove insurance in the form of an insurance certificate (COI).
A basic COI provides a snapshot of the policy on the day it was issued. It is usually a document on a page that summarizes your company's coverage and contains the policyholder's name, the name of the issuing insurance company, the date of insurance, the type of coverage and the amount in dollars and restrictions. This type of COI may be sufficient for customers who simply want to verify that they are insured.
If you sign a contract with specific insurance requirements, you want to take further steps to ensure that you comply. Many of these requirements must be shown on the certificate. We call a certificate with a contractual language a non-basic certificate.
Protecting Your Business With A Review From Keller-Brown
Before signing a new contract with any insurance claims, let Keller-Brown evaluate the contract language regarding insurance. Taking this proactive step protects you and your business in a number of ways. For example, it is important that your insurance types and limits are equal to or exceed what is stated in the contract. Our process addresses what you currently have and compares it with what is required in the contract. The assessment may also indicate the need for additional insurance coverage. Knowing the cost of any additional coverage needs in advance allows you to include the cost in your bid or negotiate a higher price.
At Keller-Brown, we do not want to slow you down from doing your job. Therefore, we strive for a 24-hour round for contract analysis. Some reviews may take up to a week depending on the complexity of the document, so send the agreement as soon as it is available to you. Protect the company you 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 you start a job will provide peace of mind.
24-Hour Access to Your COI
Whether you need a COI to meet a contractual requirement or simply to have a registry, Keller-Brown is here to make your life easier. That is why we are pleased to announce a new customer portal where you can see 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 at any time by visiting the Keller-Brown website and selecting "Client Portal" in the top navigation. If you do not already have access to the client portal or have more questions about certificates, contact us or contact your commercial insurance coverage analyst.