When you buy commercial general liability insurance, you need to have proof of this type of insurance. A certificate of general liability insurance is a legal document issued by the insurer as proof of the insurance policy. In this document, the insurer indicates the terms and regulations as contained in the policy. A certificate of general insurance is essential as you will be required to produce it whenever it is required. It might be required by financial institutions, your business associates or even state authorities, among others. This certificate contains everything that you need to know about the policy that you have bought with a particular insurance company. Safepro provides this type of document to businesses or individuals who take out the general liability insurance with them.
Who needs a certificate of general liability insurance? Every contractor or business which has taken out the general liability insurance should be in possession of this document. Most state authorities will not provide you with a permit to work on a project, if you do not have proof of insurance against risks of damage or property and bodily harm on third parties. In that case, it is a must have when undertaking to work on a project, for contractors. With this document, you will be able to prove that you are adhering to the requirements of insurance that you have purchased. You can ask for the certificate of general liability insurance from your insurance broker.
A certificate of general liability insurance is issued by the insurer at no extra charge. However, for any additional coverage on the policy, there might be extra charges to it. This document is ideal when you want to know what is covered under the policy. It will contain the name of the insured and the insurer. In case there are many policy holders, their names will also be included. It will also indicate the date when the policy took effect and the expiring date. As the policy holder, you need to review your certificate of general liability occasionally. This will help you to keep track of the duration your policy. It contains limits and the requirements of the policy you have purchased. These limits are essential during the time of filing for a claim. They will help you to determine whether you qualify for compensation or not, when the risks covered occurs.
Critically analyze the contents of your certificate of general liability insurance to understand the risks covered. Talk to your insurance broker and find out what is not covered. At Safepro, we will help you to interpret some of the technical terms in the certificate of insurance. You will realize that, you need to take out additional coverage for your business. Some insurance companies are limited to cover some risks. You should thus study the policy before taking out the insurance policy. Also in the process, carry out a through risk analysis of your business to determine the insurance policy that accommodates the needs of your business. This will help you to meet insurance needs in covering the risks of damage or injury to third parties.