What do you need to know about a Certificate of Insurance?

There are a number of questions you should be asking yourself about that certificate of insurance that you worked so hard to get from your supplier. Now that you have it:

What does it mean in terms of coverage for your business?
What is "evidence of insurance" vs "additional insured"?
Do you still need your own policy?
If so what type and at what rate?
What is a rate and how can I properly compare one rate with another?
What good is the certificate if you obtain your own policy?
What are the terms of the policy(ies) listed on the certificate?
How can I find out?
What do you know, or need to know, about the insurer?
Who else has the same certificate on this policy?
What rights do you have and not have under the policy?
What is a vendors endorsement and what does it have to do with your certificate?
Where can you get one, and why do you need to?
What is the deductible or SIR of the policy mentioned in this certificate?
Is the policy claims made or occurrence based?
What does that mean and why do you need to know?
What are the limits of the policy vs. the limits on the certificate?

If you don't have answers to these questions and your broker or agent did not explain them to you then you need our service before you move forward relying on that certificate you are holding. Never pay thousands of dollars for insurance without understanding exactly what you are buying, what you need, what you don't and what you can expect.

Example of a Certificate of Insurance: