Have you ever found yourself at the brink of signing a major contract, about to show your product at an exhibition, ready to sign a significant client, or jetting off to a photoshoot at an exotic location, only to be asked, among other pertinent documents, to supply a Certificate of Insurance before the contract can be signed or the project can commence?

Before you panic, simply give us a call and one will be furnished to you if you have the necessary insurance.
What is a Certificate of Insurance?
The certificate of insurance is a document that provides brief information about the insurance policy you have purchased for your business or project. It will have basic information from your insurance policy such as the policy dates, the insurers’ names and participation levels, the policy limits, deductibles, a brief description of the insured’s business, and it must be signed by the issuing entity. It is proof that you have the insurance that is shown on the document. Thus, it is sometimes referred to as the evidence of insurance.
What a Certificate of Insurance is not or does not do.
It is not the declaration (Dec) page of your insurance policy although, it shows similar information that will be found on your Dec page.
It does not provide you with coverage beyond what you have in your policy.
It does not provide coverage to loss payees or additional insureds if, they are not identified in the policy as such or if there are no blanket coverage wording affording them the coverage.
It does not provide coverage to entities who have no insurable interests even if they are indicated as additional insureds or loss payees.
It does not supersede the insurance policy contract.
Who needs to have one?
Every business could be required to supply one at any point in the course of their business dealings.
Your business partners or stakeholders could ask you to show that you have protection for your potential liabilities if you are going to do business with them or for them. In lieu of providing your entire insurance policy, a certificate of insurance will often suffice.
Whoever requires you to show the evidence of insurance may have special stipulations and wording that they would like to see on the certificate. Remember that no matter what they request, if you do not have insurance for it, it will not be listed on your certificate. If by error you receive a certificate that has followed their request to a T, but it turns out that you do not have the broader coverage or stipulations they have requested, your policy contract will always supersede the certificate of insurance.
It is important to note that a certificate of insurance is only a representation not the insurance policy.
In what instances will I need one?
There are many instances where you could be required to furnish evidence of insurance.
In addition to the scenarios illustrated in the introduction, the following are examples where you could be asked to provide evidence of a general liability, professional liability, workers' compensation, special events policy, business owner's policy, or a commercial property insurance. if you are,
• a contractor on a project,
• a curator or an artist at an exhibition,
• a vendor at a fair or a convention,
• a subcontractor hired by a contractor on a project,
• a business renting or leasing a space for business,
• a handyman, plumber, or technician hired by a consumer,
• a service provider partnering with other agents or businesses.
The list can go on and you can envision other scenarios under which you or your business could be required to supply a certificate of insurance.
The key point to note is that you must have the insurance required before you can have a certificate of insurance reflecting the coverages requested. Therefore, if you need a certificate of insurance to do business, give us a call. We will help you find the right insurance for your business or project.
At Axios Risk Solutions, LLC., we help small and medium-sized enterprises, families and individuals minimize and manage their business risks through tailored risk management strategies and protect their business and assets through a variety of insurance solutions in the market. To request a quote or speak to us, call (404) 480-0272. ​
Author: Sandra Owusu-Fianko
Sandra Owusu-Fianko, is the Principal and Risk Advisor at Axios Risk Solutions, LLC.
She has extensive experience in the insurance industry and a MS degree in Enterprise Risk Management. She is passionate about finding appropriate risk management and insurance solutions for her clients.