The ACORD - Understanding Certificates of Insurance

Whether your Massachusetts business is small, medium, or large one of the main components for success is having adequate business insurance.

And whether you are renting space in the mall or hiring contractors to build or improve your headquarters, you're going to run up against insurance requirements.  These requirements can translate into various documents that explain the often complex terms of your business insurance policy. A much less cumbersome way to communicate your insurance status is with a certificate of insurance.

What is an Accord Certificate of Insurance and why do you need it?

The Purpose of a Certificate of Insurance

The most common Certificate of Insurance forms are provided by the Association for Cooperative Operations Research and Development (ACORD). The certificate itself is not insurance coverage, it is a brief summary outline of whatever insurance the business holds at that moment.  Changes in the actual policies can only be negotiated between the insurance company and the policy holder. In addition to being a snapshot of whatever policies are in place, the certificate of insurance may also include terms that will let landlords, contractors working with subcontractors, or other interested business associates stay informed about any change in insurance coverage.

Determining What Insurance You Need

The biggest concern for Massachusetts businesses who are beginning a professional relationship with another business is that that business is covered at least by liability insurance. Some clients, landlords or contractors may want more.  In these cases, you will want your Certificate of Insurance to outline other policies you hold as well, including property insurance, product liability insurance, disability insurance, business interruption insurance, worker's compensation and more.

When setting up or expanding a Massachusetts business, you need to be sure you have the insurance you need not only to keep yourself protected, but you may also need to take into consideration any concerns that might arise from the businesses you work with. At Elliot Whittier Insurance Services, LLC in Danvers and Winthrop, Massachusetts, we work with several different insurance providers, and can help get you the insurance program that's right for your business and the Certificate of Insurance that will provide peace of mind for those you do business with.

Call Elliot Whittier Insurance today at 617-846-5000.   Your Massachusetts Business Insurance Agency and Trusted Advisors Since 1882.

Elliot Whittier Insurance Services, LLC is a local Trusted Choice® agency that represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs.  You can visit Elliot Whittier Insurance at www.elliotwhittier.com, email info@elliotwhittier.com, or call 800-696-3947 and ask for Chris Millerick

What to do Next?

Have us review your insurance policies and check that your limits are sufficient. Ask what the cost is to bump it up under higher limit scenarios.

Call today 617-846-5000 or click here 24/7/365 and we will get back to you same day or the next business day