Wisconsin Certificate of Insurance (COI). There are inherent risks involved anytime a contractor works on a client's property. Life is full of risks, and contract work is particularly risky. Contractors may become injured on the job or damage property belonging to the client. When individuals and companies hire contractors to work for them, they want to be assured that any ideuries or damage does not end up costing them.
They also want to be assured that they don't have to pay for substandard work. A Wisconsin certificate of insurance gives clients this assurance.
A Wisconsin certificate insurance provides verification of your business insurance coverage. Get a fast quote and your COI now.
An Wisconsin certificate of insurance is a document that's standard in the contracting business. It provides evidence that the contractor has insurance coverage and includes the type of coverage and the limits of the policy. It also lists the dates that the policy is in effect.
Around one out of every 25 claims resulting from errors and omissions involve a certificate of insurance. Around 36 percent of these cases involve contractors who failed to properly identify or add all parties who needed to be insured prior to commencing work. About 21 percent of the cases involve situation where the certificate's holder misrepresented the business' coverage or even claimed to have coverage that is nonexistent.
The Wisconsin certificate of insurance is important because your company can be held liable if you work with a subcontractor who causes property damage or other damage when working on behalf of your company. Even when you have a contract with the subcontractor spelling out the terms of the contractor, and that contract states that coverage is mandatory, if the coverage actually doesn't exist, then it does your business no good; you're still liable for damage. Proof of coverage from subcontractors is therefore vital.
As a business owner, you should seek a Wisconsin certificate of insurance from every subcontractor that you hire. Even among subcontractors that you know and trust, it remains vital that you get this proof of insurance prior to allowing the contractor to conduct business and provide services on your behalf. Each time you hire a subcontractor, even one you've worked with in the past, you should obtain a new WI certificate of insurance. This can prevent a situation where you absorb risk unwittingly when subcontractors do not have their own insurance in force.
Property owners should also ask for this certificate prior to allowing contractors to work on their properties when hiring contractors, landscapers and others. The reason for this is that:
The first thing to remember when looking at a Wisconsin certificate of insurance is to remember that it is that the certificate may not be valid. Forged or false certificates are not unheard of, and the contractor may have allowed the insurance to lapse after purchasing a policy. Best practice dictates requesting the Wisconsin certificate of insurance from the contractor's insurance company in lieu of taking the contractor at his word and assuming the validity of the certificate.
When reviewing a Wisconsin certificate of insurance, look at:
In addition, you should ask to be named as an additional insured during the span of the project. By having another entity add your business as an additional insured that sub contractor is protecting you against their potential negligence.
An insurance tracking firm can help you verify coverage throughout the job. These companies also provide notification of expiring certificates so that you don't have to keep track of the insurance and ensure it's in force. An insurance agent is also a good liaison in determining the validity of insurance and reviewing the Wisconsin certificate of insurance to ensure that it protects you from personal liability when working with contractors and subcontractors.
Location is one of the most important factors that determines the success of a business. It doesn't matter how high-quality the products and services of the business are, if it the operation isn't located in an area that offers a market that can benefit from those products and services, the business isn't going to succeed.
With that said, entrepreneurs that are thinking about setting up their headquarters or a branch of their establishment in Wisconsin should familiarize themselves with the opportunities that the state offers. They should also be aware of what types of rules and regulations are in place regarding commercial insurance.
Below, you'll find a brief overview of both the economic trends in the state of the Badger State, as well as mandated forms of business insurance coverage.
According to recent data, the economy in the state of Wisconsin has been strong over the past few years, and continued growth is projected through the end of 2019. As of March, 2019, the unemployment rate in the Badger State was 2.9 percent, a good indicator of the state's economy, especially when compared to the national unemployment rate, which was 4.0 in January of 2019. At present time, Wisconsin ranks 12th for states that offer the best job opportunities, and 8th in job market strength.
With tax policies that are beneficial for business owners and an increase in skilled labor, Wisconsin offers great promise for entrepreneurs that are looking to start a successful business in the state. According to the latest data, key areas for business development include major cities, such as Green Bay and Madison, as well as areas that are situated near these urban centers, including Monona, Ashwaubenon, Wakuesha, Plymouth, Hudson, and Waupaca; among others.
Several industries are flourishing in the Badger State in 2019, and are expected to see continued growth, including:
The Office of the Commissioner of Insurance regulates insurance in the WI. As with every other state in the country, business owners in Wisconsin are legally required to have certain types of business insurance.
In WI, any business that has one or more employees must carry workers compensation insurance, which provides coverage for employees for work-related injuries and illnesses.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Wisconsin Certificate of Insurance quote in Allouez, Appleton, Ashwaubenon, Baraboo, Beaver Dam, Bellevue, Beloit, Brookfield, Brown Deer, Burlington, Caledonia, Cedarburg, Chippewa Falls, Cudahy, De Pere, DeForest, Eau Claire, Elkhorn, Fitchburg, Fond du Lac, Fort Atkinson, Fox Crossing, Franklin, Germantown, Glendale, Grafton, Green Bay, Greendale, Greenfield, Harrison, Hartford, Hartland, Holmen, Howard, Hudson, Janesville, Kaukauna, Kenosha, La Crosse, Little Chute, Madison, Manitowoc, Marinette, Marshfield, Menasha, Menomonee Falls, Menomonie, Mequon, Merrill, Middleton, Milwaukee, Monroe, Mount Pleasant, Muskego, Neenah, New Berlin, Oak Creek, Oconomowoc, Onalaska, Oregon, Oshkosh, Pewaukee, Platteville, Pleasant Prairie, Plover, Port Washington, Portage, Racine, Reedsburg, Richfield, River Falls, Shawano, Sheboygan, Shorewood, South Milwaukee, Sparta, St. Francis, Stevens Point, Stoughton, Sturgeon Bay, Suamico, Sun Prairie, Superior, Sussex, Tomah, Two Rivers, Verona, Watertown, Waukesha, Waunakee, Waupun, Wausau, Wauwatosa, West Allis, West Bend, Weston, Whitefish Bay, Whitewater, Wisconsin Rapids and all other cities in WI - The Badger State.
Also learn about Wisconsin small business insurance requirements for general liability, business property, commercial auto & workers compensation including WI business insurance costs. Call us (608) 676-0031.