What is a Certificate of Liability Insurance?

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56When securing a new business, you may be asked to see a certificate of liability insurance. If you’re a new startup or small business owner, discover what this type of insurance entails and common questions people ask about it.

Certificate of Liability Insurance

In short, a Certificate of Insurance is printed proof of your insurance coverage and limit of your policy. It summarizes the benefits of an insured party’s insurance policy and contains extensive details about a company’s policy. Learn more about what it details.

What’s Included in a Certificate of Liability Insurance?

Part of the value of this certificate is that it contains a sizeable amount of information condensed into one sheet of paper, which includes:

  • Insured party’s name
  • Insurance company’s name
  • Policy numbers and types
  • Insurance limits
  • Effective dates
  • Expiration dates
  • Coverage specifics
  • Insurance limits

A certificate of liability insurance also includes language stating that all certificate holders will be notified if an insurance policy is canceled.

Q&A on Certificate of Liability Insurance

Here are some commonly asked questions and answers about a certificate of insurance. If your question(s) isn’t addressed here, contact us and we’ll do our best to answer.

Q: Who counts as a certificate holder?

A: Those named in and insured by the insurance policy counts as a certificate holder. Sometimes, clients will ask to be named as a certificate holder for assurance they will be notified if your policy is canceled before the expiration date.

Q: Who counts as an “additionally insured?”

A: Anyone else besides the policyholder who is covered by an insurance policy. A certificate of liability insurance usually comprises a list of additional insured parties—if they exist. People who have this status on your policy can receive coverage benefits if the work you do on their behalf results in an injury or property claim against them.

Q: Why should I get a certificate of insurance?

A: It may be a good idea to have proof of insurance if a client asks for it, which could be the difference between a make-it-or-break-it deal. Since it showcases everything needed on one sheet of paper, it’s ideal for showing to clients.

Q: What limits does an insurance certificate have?

A: Even though the certificate acts as proof of insurance, it doesn’t grant any of the insurance benefits by itself. You will need your full insurance policy on file to access full benefits.

Q: How fast can I obtain a certificate of insurance?

A: When you contact Bear River Insurance, we’ll discuss with you your needs and get you started right away. If you already have a policy with us, it’s even quicker.

 

Call Bear River Insurance

For a certificate of insurance or other policy needs, please get in touch with us. Our staff will find the best coverage and rates available, so you can protect your employees and assets if the unexpected should happen. Contact us today.

 

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