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The Basics About your Certificate of Insurance

Author: John Elliott
by John Elliott
Posted: Mar 15, 2016

A Certificate of Insurance, sometimes also known as a Certificate of Currency, is something which most tradesmen will have to obtain in order to perform work on site. It is a document which is issued by an insurer to confirm that a particular type of insurance (generally Public Liability Insurance) has been granted for that business or individual for an outlined amount of time.

It’s not the policy

The important thing to remember about your Certificate of Insurance is that it does not replace the actual insurance policy. It is purely documentation, or a summary, of the most important parts of the insurance policy wording. It simply confirms your insurance if you need to show a third party that you have it so you can enter a work site or perform work. The certificate cannot be used to make a claim.

What does it do?

Your Certificate of Insurance will show:

  • The effective date of policy
  • The type of insurance purchased
  • Amount of money that is applicable to liability

Many tradesmen are asked to produce these so that the worksite can ensure they are paid back in the case of a claim or loss.

Who needs it?

If you are a tradesmen or tradeswoman, a contractor, or subcontractor, you will need to grab a Certificate of Insurance to ensure that any property damage or injury to third parties has insurance in place.

Most work sites will ask you if they need you to produce a certificate. When they do so there is often an urgency as you will be needed to produce it before being contracted to do the work. In this case a good insurance broker can organise for it to be sent to you right away. In the case of All Trades Cover you will have this in your inbox the same day you sign up.

If you need more information about a Certificate of Insurance, contact us at All Trades Cover today at https://www.alltradescover.com.au/ or chat to a friendly staff member on 1300 826 850 and we will more than happy to help out. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.

Summary

As important as obtaining insurance is for your business to minimise the financial risks associated with an insured event, it can also be a vital part of doing business. A Certificate of Insurance can mean the difference between access on site or no access and no work. Here you will find out the facts about Certificates of Insurance and how you can get one ASAP.

About the Author

AllTradescover is Australia's fastest growing trade insurance provider offering low cost tradesman liability insurance and public liability insurance packages. Request a quote today.

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Author: John Elliott

John Elliott

Member since: Feb 22, 2015
Published articles: 21

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