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Best In-Class Business Insurance for Technology Firms & IT Consultants
To put it simply, a certificate of insurance is a document that serves as proof of insurance coverage. Various business contracts, such as leases or work agreements, often require it to ensure that all parties involved are protected.. While it doesn’t guarantee the validity or extent of your insurance, it provides crucial information about your policy to interested parties.
Fortunately, the process is typically straightforward. Begin by reaching out to your insurance agent or carrier. They are well-versed in providing certificates of insurance and will guide you through the necessary steps. If you’re unsure about your insurance carrier, you can check your policy documents, invoices, or even past certificates of insurance to find the information you need.
At Insure Your Company, we’ve streamlined the certificate of insurance request process for our clients. We’ve established a dedicated email address and a convenient certificate portal. Making it quick and easy to request and receive certificates of insurance. We understand that time is of the essence, and we strive to deliver efficiency and peace of mind to our valued customers.
A certificate of insurance or COI is your key to doing business. This piece of paper gives you the power to win contracts, complete transactions and get paid.
By definition, a certificate of insurance verifies the existence of an insurance policy and summarizes the key aspects and conditions of the policy. That is the book definition in the industry but doesn’t really convey all that your certificate of insurance can do.
Like the definition states, it verifies the insurance your company has in place. The COI lists important information about your business, the insurance carriers and the coverages it represents. Like your auto ID card, it represents the active policies you have purchased and that currently protect your business. The type of information you will find on your certificate of insurance can consist of your business name and address or the policyholder information. It will have the contact info, name and NAIC number of the insurance carriers you purchased the insurance from. It will state the effective period, coverage type and limits of insurance that cover your business.
This is incredibly important for any company trying to do business. Certificates are usually requested by opposite parties in an agreement, contract, or transaction. This confirms to them or fulfills a contract requirement to make sure that your business has the proper insurance in place. An employer, vendor or contractor may require specific types of insurance to work for them. Your COI will show them what your current coverage portfolio consists of.
The main thing your certificate of insurance is going to do for you is get you paid. You can’t receive your compensation or even start a project without sending your COI to the party requesting it. Having your certificate available at a moment’s notice can mean the difference to win a job or losing one, getting paid or not. If you are in an industry that requires you to bid on available work then you are familiar with the certificate of insurance and how important it is to obtaining work.
Your certificate of insurance is sometimes the only document you have pertaining to your insurance details and coverages. Use your certificate to get info on your policy quickly. It tells you the insurance carrier of the policy in case you need to look them up and contact them. The COI provides a summary of your insurance policies and what they cover. This gives you one convenient place to see your insurance policy information when you need it.
The certificate of insurance is a convent, powerful and depending on your broker very easy to obtain. Though it provides the policy information it does not confirm that the information on the certificate is correct or active. So if you are on the receiving end of a contract requiring insurance coverage you may still need to contact the insurance carrier to provide proof that a business has insurance.
The insurance policy adds a party, typically through endorsement, to extend coverage beyond the original policyholder, which is known as an additional insured. When the insurance policy names an entity or individual as an additional insured, they receive protection for specified liabilities or claims that arise from the actions or operations of the policyholder.
The additional insured status is often requested in various contractual relationships to provide an extra layer of protection for the party requiring it. Common examples include landlords, contractors, subcontractors, vendors, and other entities. These parties may have a financial or legal interest in the activities of the policyholder. By being added as an additional insured, they can potentially access insurance coverage if they are held liable for damages or claims resulting from the actions of the policyholder.
When you receive a certificate of liability insurance, you’ll notice that it includes a certificate holder or additional insured. The certificate holder is the person or business that holds the certificate and serves as a means of tracking and accountability. While a certificate holder receives a certificate of insurance, it is important to note that being a certificate holder does not grant them any rights or coverage under the insurance policy itself. The issuer does not consider the certificate holder as an insured party and does not provide the same level of protection as an additional insured..
If you receive a certificate of liability insurance from a third party you’ve hired, you become the certificate holder. It’s essential for tracking purposes and clarifying responsibilities in the event of a claim. The certificate holder may be an entity with a business relationship to the policyholder or may have a vested interest in ensuring the policyholder has adequate coverage.
It’s important to note that not all insurance policies are created equal. Some policies may require an additional premium when adding an additional insured to the certificate. This means there may be associated costs if someone requests to be named as an additional insured or certificate holder on your policy. To navigate these complexities, it’s crucial to consult with your insurance agent, who can provide you with the necessary guidance.
In summary, a certificate of insurance is a vital document that acts as proof of insurance coverage. It ensures that you meet the insurance requirements specified in your contracts. By promptly providing a certificate of insurance when requested, you demonstrate your commitment to fulfilling contractual obligations and building trust with your business partners.
The next time you’re asked for a certificate of liability insurance, don’t fret! Reach out to your insurance agent or carrier, and they’ll guide you through the process. Remember, having a certificate of insurance not only satisfies contractual requirements but also provides you with peace of mind, knowing that you have the necessary coverage in place. Stay insured, stay protected, and enjoy the benefits of a certificate of insurance!
InsureYourCompany provides comprehensive Technology Business Insurance solutions to protect your company from potential risks and liabilities. Our policies are tailored to meet the unique needs of your technology-based business. Request a free quote today and ensure the future success of your company.
In the business realm, understanding the precise definition and significance of words and terms is crucial, especially when interacting with employees and clients. However, the challenge arises when, depending on the industry, similar terms, words, and phrases can take on diverse meanings. So, what exactly does being “Licensed, Bonded, and Insured” signify, particularly when discussing general liability insurance and contractor licenses with an insurance company?
You might have come across this phrase when exploring how to get licensed, or perhaps you’ve seen a variation of it emblazoned on work trucks, in advertisements, or within contracts. But have you ever paused to ponder its true meaning or questioned its relevance? Fortunately, our insurance professionals have nothing but insurance on their minds. They’ve sought answers to this very question and are eager to impart their insights.
The existence of the phrase “insured, licensed, and bonded” is deeply rooted in regulations. These regulations encompass industry standards, governmental directives, and public safety measures.Some sectors necessitate stringent regulation due to their profound impact on society or the environment. The consequences could be catastrophic if things were to go awry, especially when it comes to compensation insurance or the wrong type of bond. To mitigate such risks, our society has devised various types of regulations tailored to distinct industries. The aim is to ensure a foundational level of knowledge and experience, which in turn, ideally fosters a consistent standard of safety and professionalism.
One form of regulation is licensing. Requiring a license is very common If you work for the government or are under government contact. Each state has defined different minimum requirements that you must meet, forms to submit, and fees to pay to obtain a license. Individuals or businesses often require licensing to conduct operations in a specific state.
There are also hundreds of different professions that require a license to legally perform their duties. Every industry has different standards but the point is to protect the public from someone who has no experience or training and ensure that people put the time and energy to understand their industry and perform their tasks safely.
Licenses usually come with continuing education requirements. This requires the licensee to fulfill educational or other types of credits necessary to maintain the license. This is another attempt to help keep the public and workers as safe as possible.
The next common regulation is the need for a surety bond. This is the Bonded part of the term. The requirement is that the business must have something called a surety bond. A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
In short, the person doing the work pays a fee to a Surety Company and the Surety Company issues a piece of paper promising the customer that if the worker fails to do the job, the surety company will pay to make it right. When it comes to getting bonded, different levels of surety bonds will cost different amounts of money. To get a closer estimate of costs, you will need a quote from the bonding agency or an insurance agent such as the ones here at Insure Your Company.com to determine what your payments will be.
Next up, insured. When a person or entity says they are insured. They are representing that they have purchased an insurance policy that covers their work. Purchasing an insurance policy is different for every business. It depends primarily on the type of work you perform and where you are located while working. Insurance policies are very specific about what is covered and excluded. Be sure to read and review all the details of your policy.
Insurance aims to put the parties back in the position they were in before the loss happened. It’s like fixing a crack in the driveway, but not repaving the entire thing. You are no better than you were before but you are no worse. When an event happens that is included in your insurance policy the coverage will provide a dollar amount to fix, replace or cover fees.
A business owner and their employees are at risk every day from the unexpected, the unknown, and the unforeseen. Insurance is a tool to fix these issues and get businesses and individuals back to the place they were before the event happened. Insurance protects people and businesses and allows our society to grow and move forward.
By requiring a professional to have insurance, a license or a bond, governments and industries are trying to regulate the risk to business and the public in case something goes wrong. Some common industries that will require one or all of these items are construction contractors, motor vehicle dealers, freight or transportation, and the mortgage, finance, insurance, and tax industries.
It’s with good reason that these industries are highly regulated. Shortcuts, shady sales practices or incompetence can lead to a pretty huge mess. People could be injured, structures destroyed or personal financial life can be ruined.
So, the next time you see the term Insured, Licensed and Bonded you will understand that it is primarily to keep you, workers, and the public safe. And it’s always a good idea when working with professionals to get a copy of their documents or proof of their insurance, licenses or bonds.
Hired and Non-Owned Auto Insurance is coverage that business owners can purchase to protect themselves financially from damages caused by vehicles that they do not own, but which are used for business purposes.
This coverage provides liability protection for property damage or bodily injury to third parties involved in an auto accident with someone from your company driving a hired or non-owned auto.
HNOA can be purchased as a stand-alone policy or added as an endorsement to a commercial general liability policy.
Consider this scenario:
You ask your administrative assistant to pick up lunch at a local restaurant for an important business meeting. On the way back from the restaurant, they lose control of their vehicle, hitting a pedestrian and a parked car. Their auto insurance has lapsed.
Could your business be liable?
The simple answer is yes.
This is why it’s important to understand the different types of auto insurance coverages that are available and how they apply to your business.
Businesses use vehicles in many ways, whether it be driving a company-owned delivery van, renting a vehicle while on a business trip, or employees using their own car in the course and scope of their job.
It’s important to note Hired and Non-Owned Auto Coverage does not provide coverage for accidents that occur while an employee is commuting to or from work or while running personal errands. In most cases, it only provides liability coverage, meaning the insurance does not provide protection for any damage to the hired or non-owned vehicle involved in the accident.
In insurance policies, these different usage scenarios are specifically defined and affect coverage.
As used by insurers:
Owned autos – owned vehicles are vehicles that are owned by your business and are the most straightforward to cover.
Hired autos – hired autos are vehicles that are rented, borrowed, or hired. For example, if you are on a business trip and you rent a vehicle, this would be considered a hired auto.
Non-owned autos – non-owned autos are vehicles that are used in the business by an employee that do not belong to the business. For example, if an employee uses their own vehicle to run errands, their car is considered a non-owned auto.
Your business may benefit from reviewing your current coverage if you use hired or non-owned vehicles.
It’s also important to keep in mind that with Hired and Non-Owned Auto Coverage insurance policy, other coverage would apply first.
For example, if an employee were driving their vehicle to the post office, coverage under their personal auto policy would apply first. If the employee doesn’t have coverage or the policy limits are not sufficient for the claim, the HNOA policy would then apply.
Many contracts tech consultants enter into often require proof of adequate auto insurance, including coverage for hired and non-owned autos.
As you think about your business, consider if your business has hired or non-owned auto exposures. Do your employees ever use their own cars to do their job? Does anyone in the company rent vehicles while on business trips? Do you ever find you need to rent a vehicle to make a delivery to a customer?
There are many considerations when it comes to insuring your consulting business. Many of our clients are often surprised by how affordably they can get the coverage they need so their personal assets are not put at risk. Contact us today so we can help you determine if the coverages you currently have provide the protection you need.
This article is for general information purposes only. It is not insurance, tax, legal, business, or other advice. For specific insurance questions related to you or your business, please review your policy and contact our office.
The answer to this question is a straightforward one, and it’s one that could have significant consequences for the future of your business. In the world of entrepreneurship, unexpected events can happen, and they can happen fast. One misstep could mean the difference between success and failure. That is why it’s essential to consider insurance to protect your investment.
So, do you really need business insurance for your LLC? The answer is yes.
Let’s dive deeper into this critical topic and explore what types of coverage you should consider.
In a Limited Liability Company, the business itself is typically the entity that obtains insurance coverage and provides coverage for the owners, employees, any business property or other assets used to run the business. This type of business structure combines the liability protection of a corporation with the tax benefits and flexibility of a partnership. The Legal entity of the LLC is separate from its owners generally protecting personal assets. Even though you created an LLC and purchased commercial insurance it may be necessary for owners or employees to purchase their own individual insurance policies for extra personal asset protection.
Each insurance policy will have coverage for an array of risks and liabilities based on the industry your business falls under. It is important when you talk to an insurance agent to give a detailed description of your operations so you can properly protect every aspect of your business. Insurance covers evets that arise out of the operation of your business that result in a liability exposure, bodily injury or property damage. Each industry will have different risks and even laws or regulations that dictate what insurance will cover.
Insurance provides a dollar amount of coverage for different types of events. You will see this referenced in your insurance policy as limits of liability. Commercial Insurance Products are broken down into different polices that protect the various events a Limited Liability Company can experience.
Below is a list of policies every LLC should have and how they protect your business.
Commercial general liability provides coverage for slips, trips or falls and other liabilities while people are on your property or while doing business together. Property damage can also be added to this policy. Adding protection for property that you own and use for business. This is a must have policy if you are an LLC, it provides basic levels of coverage that you can modify depending on the needs of your specific vertical.
This policy protects against injury or illness of an employee related to your business. It provides medical benefits and income protection and can protect an employer from lawsuit. (This coverage is often required and regulated by the state, please confirm with your states labor department) If you have or hire employees in your LLC you need Workers Compensation. It is best to confirm with an insurance agent, such as the ones here at Insure Your Company. They can easily tell you what coverage is mandatory and how insurance will protect your LLC.
Professional liability insurance (or Errors & Omissions insurance) protects your limited liability company if it is sued for negligence or other errors related to the services you provide. Designed to cover the cost of legal defense, settlements and judgments that may arise from such claims. This coverage is essential if you provide a professional type of service.
Cyber-attacks are an ever-present threat to businesses of all sizes and their effects can be devastating. Cyber liability insurance provides coverage options to help protect your company from data breaches and other cyber security issues. Lost data, lost devices, lost money, notification requirements, and forensics are all potential liabilities facing your business. Cyber insurance can help.
Third Party and First Party Fidelity Crime Bonds protects your business when a criminal act is committed by a third party or first party depending on the type of policy. Crimes like embezzlement, Fraud, forgery and theft of money or property can be covered.
Commercial property insurance protects your LLC’s physical assets such as your building, equipment, inventory or other property that is essential to your business from covered events like fire, theft or natural disaster. The insurance coverage will help repair or replace your property after a covered event.
This insurance is designed to protect business including LLCs, from accidents involving vehicles used for business purposes. Commercial auto coverage includes Liability, physical damage, medical payments, underinsured/uninsured motorist. To obtain a commercial auto policy the vehicle must be registered to the LLC.
Also known as business interruption insurance, it provides financial coverage for lost income and expenses when your business is temporarily unable to operate due to a covered event. Events like fire, natural disaster and other unforeseen acts can leave your LLC shut down for an unknown period of time. Coverage can also help provide rent, utilities, employee salaries and other additional cost with getting your business back up and running.
Having business insurance is crucial for safeguarding you company against life’s uncertainties. While it is not a legal requirement for operating an LLC, not having insurance can leave you vulnerable to the unexpected mishaps. When crisis strikes, it often hits hard and fast, and an LLC is not immune to this. Whether it’s a natural disaster or a lawsuit against your business, you must prepare for the worse-case scenario.
While it is easy to create and maintain an LLC you can still be liable for damages resulting from a lawsuit or personal injury. This is why business insurance is as the best solution to protect your LLC, Your personal Assets, and your success. By investing in insurance, you can have peace of mind knowing your business is secure and you don’t have to bear the financial burden of unforeseen events alone.
It’s Important to note that the specific coverage and limits of all commercial business insurance will vary depending on the policy you choose, so it is important to review your policy carefully to understand exactly what it covers.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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