One of the most effective ways to protect your Business Insurance from a potential claim is to require anyone providing a service to your business to provide you with a Certificate of Insurance naming your business as Additional Insured.

A Certificate of Insurance is going to list the types of insurance that they carry, the insurance companies, the effective dates, and the coverage limits.

If someone was to get hurt or the service provider damaged your property while they were working at your business, and they didn’t have insurance, the claim would fall completely on your Business Insurance. No one likes having a claim and no one likes insurance premium increases, especially if they were avoidable.

Being listed as Additional Insured on the service providers insurance policy extends their insurance coverage to you. This is an extra layer of protection for your Insurance Policy and Premium. If the service provider’s insurance covers the claim, it keeps the claim off of your insurance, protecting your insurance premiums from increasing.

Also working with a service provider that carries the appropriate insurance coverage demonstrates that they take risk management seriously, hopefully preventing a claim from happening in the first place. A business that carries the appropriate insurance may take extra safety measures to prevent claims on their insurance, like providing extra training for their staff and monitoring their work more closely.

I hope you found this tip helpful, if you would like us to review your Business Insurance and provide you with a no-obligation quote, give us a call 585-663-2004.

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