Ask yourself this question: Is your broker providing you with exemplary service beyond issuing you a policy? Virtually every business has insurance needs between renewals, and they should be met in a courteous and expedited way. And issuing Certificates of Insurance is just one of them.
We recently sat down with George Gavaris, the owner of Central Insurance Agency (also known as CIA), to discuss the importance of having a broker that remains connected with a client throughout the year. George is a longtime insurance industry expert who believes that ongoing client contact can help facilitate any insurance-related needs that may arise in the future.
“I can’t tell you how many times I’ve been told by our clients that they used to wait days, and sometimes weeks, for a Certificate of Insurance from their previous broker,” says Gavaris. “I never understood that kind of unnecessary delay. After all, you have a business to run, and that Certificate can hold up a new job – and potential profits.”
To avoid any delays in the Certificate of Insurance process, it’s important to have periodic check-ins with your broker, Gavaris explains. That’s because a broker must follow specific steps to ensure compliance with industry standards and regulatory requirements. Therefore, for example, any operational changes or other updates you provide over the course of the year can help facilitate the issuance of a COI. The goal: to accurately expedite your request and ultimately help grow your business.
The issuance of a Certificate of Insurance process includes the following:
- Understanding Client Requirements
A broker must understand a client’s specific insurance needs, including the types and limits of coverage required as well as the purpose of COI (e.g., contractual requirement, proof of coverage for landlords, lenders, or clients). - Collecting Necessary Information
Information is then gathered about the insured, details of the insurance policies, and who will be receiving the COI (the certificate holder). - Verifying Coverage
The broker verifies that any insurance policies are active and the coverage details match what is required by the certificate holder. - Preparing the Certificate
A broker uses a standardized COI form, fills out all relevant details and includes any additional insureds if applicable. - Delivering the Certificate
The COI is delivered via the agreed-upon method (e.g., email, mail, or electronic delivery systems).
Brokers that keep an open line of communication with clients – and are well versed in the contents of their policies – will have all this information at their fingertips and can execute requested Certificates of Insurance promptly.
“Brokers should support your business growth – not thwart it. That’s why we issue Certificates of Insurance in less than a day and, oftentimes, in mere minutes,” says Gavaris. “In my opinion, you should only settle for service that supports your business 100%, and 100% of the time.”
To learn more about CIA, please go to https://ciainsures.com/request-a-policy-review/