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BUSINESS INSURANCE FAQS
A certificate of insurance (COI) also known as an acord certificate is a one pager that provides policy details on your liability insurance coverage, verifying that you have the business insurance you claim to have. It summarizes essential information like the types and limits of coverage, the issuing insurance company, your policy number, insurance limits, the named insured, and the policy’s effective and expiration dates.
Sometimes referred to as a certificate of liability insurance or accord certificate of liability insurance, it is often required in order to win contracts. This way, your potential client can know for sure whether you have business insurance. Many companies and individuals that hire contractors need to know that they won’t be held liable for damages, injuries, or substandard work, and therefore require that you have insurance.
These certificate of insurance forms contain checkboxes and pre-printed areas that clarify important insurance details – sort of like IRS forms. When all insurance carriers and agents use the same forms, everyone benefits from reduced ambiguity and increased accuracy. This is why having an ACORD certificate of liability insurance on hand to provide to clients will help you and your clients do business more effectively.
The certificate of insurance are governed by the Association for Cooperative Operations Research and Development, a nonprofit insurance industry organization that provides the standardized forms and certificates. The certificate of insurance is issued along with your policy and should be one of the documents your receive when you purchase insurance for your business.
Don’t be alarmed if the client also requests that they be added to your certificate as a certificate holder. This is a common request, and complying does not give them any legal rights under a certificate, because the certificate simply establishes that an insurance policy exists.
If you need a certificate of insurance to fulfill a contract requirement or would just like to have a copy on file, contact your insurer. When you purchase small business insurance from Hiscox a certificate of insurance is included in the documents you receive within 1 hour of purchasing your policy.
It’s important to know that clients aren’t the only ones who can use certificate of insurance to their advantage. These certificates, which are widely accepted in both the United States and abroad, are useful tools for small business owners, too. Take advantage of the legal security and peace of mind that a certificate of insurance can provide for you as a small business owner and your clients. Make sure you have a certificate of insurance on hand, ready for when a client asks for it.
Liability insurance, also known as Commercial insurance protects you in the event you are sued for claims that come within the coverage of your liability insurance policy. There are three types of liability insurances and the type of insurance you choose depends on the details of your business.
General liability insurance also known as Commercial General Liability (CGL) protects your business from another person or business’s claims of bodily injury, associated medical costs and damage to property
Professional liability insurance sometimes called errors and omissions insurance (E&O insurance) is coverage for another person’s claims against businesses that provide professional and personal services.
Business Owners Policy (BOP) is a combination of general liability and business property insurance.
Get a fast, free quote now and get that Hiscox confidence behind your business, too. If you prefer, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday thru Friday from 8am-10pm EST.
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You really helped us realize our needs and kept costs low!
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The representative answered the phone quickly, listened to my questions and explanations, then was able to zip me through the questions.
Rachel, New York
The price is perfect for what I need. It was easy and simple to make my claim and I got my COI immediately after purchase. Great!
Gerald, Birmingham, Al
“Service was quick and informative”
Service was quick and informative.
“Great, simple experience.”
Straightforward, the agent was very helpful.
Jennifer, Mill Valley
It took only minutes to get insured. Quick and easy!
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