Certificate of Insurance for Business: Everything You Should Know

It used to be that it was really hard work to share your certificate of insurance with others, as and when they either requested it, or you ...

It used to be that it was really hard work to share your certificate of insurance with others, as and when they either requested it, or you had a need to, based on some other kind of business activity. There would likely be a string of phone calls, with an equal number of emails going to and from, until you finally satisfied whoever it was that needed confirmation of your official document insurance documents, certainly not user friendly, and may have been enough to put some people off even trying.  Nowadays, some companies have online services whereby you can share your document with whoever needs it, instantly, as, and when you need to. Not only that, but some of them also even have apps that you can use, which make it even easier to share your certificate of insurance whenever you need to.

What Exactly is a Certificate of Insurance?

Essentially, a certificate of insurance is proof that you have insurance cover for your business which protects you and those that you are doing business with, sometimes you may need to provide proof of insurance in minutes. The certificate can be either electronic or physical, and as mentioned, it demonstrates to anybody with whom you work that you have a legitimate company insurance policy. Most of these insurance certificates are licensed by a company called Acord, they are sometimes, also known as “Acord certificates”.

How to Obtain an Insurance Certificate

Depending upon which company your insurance is with, you should simply be able to log in to your account on their website or mobile app, and your Live Certificate will provide you with the evidence of insurance you want quickly, online, or you could download a copy instead. You may easily request that their system sends a copy to you via email, or to send your certificate to whomever you require, or you can share a link in an email, text message, or social media post that you send yourself.

You may view your live certificate at any time and add additional insureds if needed. There is no one to wait for, nor any printing to be done, and no fax machines anywhere in sight. As you already know, insurance protects your company, and a live certificate informs your clients that you are serious, which is a good thing.

What is the significance of a Certificate of Insurance?

Well, as far as business goes, massively. The whole point of a certificate of insurance is that it demonstrates to potential employers or clients that you are covered, they don’t need to search for anything. It confirms that in the case of an unanticipated incident, like an injury or property damage you or your customer face little danger of having to fork out for damages, or anything else that may occur during your relationship with your customer. 

The ability to produce evidence of insurance is so vital that it is frequently demanded as the first step during a tender process for a job, well before anything else. Before allowing a contractor to instruct clients, builders to build houses, or your local man in a van to step foot inside your property, many businesses need evidence of insurance in the form of an officially produced certificate of insurance. It could very well be the difference between you getting a job, or not.