What You Should Know About a Certificate of Insurance Form
When people hire your company to fulfill a service, they want to know that you won’t increase their legal liability. Similarly, when you hire vendors or subcontractors for your firm, you want assurance that hiring them won’t end up hurting you financially. Both parties can receive peace of mind by requesting a certificate of liability insurance form.
A certificate of insurance (COI) form, otherwise known as an ACORD certificate of liability insurance, is a document that establishes proof of insurance. On one page it clearly lists your liability insurance policies, coverage limits, and policy effective dates. This shows everyone involved that you have sufficient insurance.
Once you receive a COI, here are some things to look for:
- Make sure the business name matches the vendor that you believe you’re hiring
- Verify that the policy expiration dates do not come before the completion date of your project. If it does, you can ask the vendor to submit another COI to confirm the policy’s renewal.
- Make sure your company has sufficient general liability insurance and workers’ compensation insurance.
- See that the vendor’s liability limits meet or exceed the limits on your own insurance. You may be able to ask them to purchase additional coverage if necessary.
Do you have more questions regarding insurance? At Kneller Agency, we work with you to find reliable and suitable insurance to protect against the unexpected. Visit us today in New York to get started on your tailored coverage.
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