At times, you may be required to prove that your healthcare practice has small business insurance and you'll have to supply a Certificate of Liability Insurance. What is a Certificate of Liability Insurance? Insurance Certificates are proof-of-insurance documents that show…
- Coverage limits.
- Exclusions not covered by your policy.
- Expiration dates for coverage.
- Additional parties covered by you policy.
In short, a certificate condenses all the important information about your policy onto one page and gives you a way to provide your business partners with proof that your healthcare business has insurance.
Each policy you sign up for — General Liability, Malpractice, Workers' Comp — will have its own Insurance Certificate. To help you understand how these certificates work, we'll go over…
- What an Insurance Certificate looks like.
- When you use Certificates of Liability Insurance.
- How to get an Insurance Certificate.
What a Certificate of Liability Insurance Looks Like
Check out our sample Insurance Certificate [PDF] to identify what a typical certificate will look like. This is an example of what you'll need to show clients, contractors, and landlords when they request proof of insurance.
When you look at the sample we've provided, you'll see a lot of information condensed on one page. This certificate looks less like a certificate you'd win for coming in first place at the pie bake-off and more like a dense summary of a complicated contract — because that's exactly what it is.
Insurance policies are usually between 40 and 100 pages long, so your Insurance Certificate has to condense a lot of technical information in a small space.
When Do You Need to Use a Certificate of Liability Insurance?
Because Insurance Certificates prove that you have insurance, you'll use them when you need to sign contracts with another party who wants to see that your business has a suitable risk management plan. Here are some examples of when a healthcare provider may need to use a Certificate of Liability Insurance:
- Before you sign a lease for a new medical office, your landlord requires you to have General Liability Insurance to cover fire damage.
- Your radiology business contracts with a larger provider that requires you to have Malpractice Insurance (also known as Errors and Omissions Insurance or Professional Liability Insurance).
- You need to verify that you have state required minimums of Workers' Compensation Insurance and post this information in your workplace.
Similarly, before you hire a contractor you may ask to see their Certificate of Liability Insurance. Say you're hiring an IT contractor to overhaul your network and install HIPAA compliant software. You may want proof that your contractor has Errors and Omissions Insurance to cover mistakes they make.
How to Get an Insurance Certificate
Providing a Certificate of Liability Insurance is a fairly common business practice, which is why we've made it easy for our customers to get access to a digital proof-of-insurance document. When you sign up for coverage with insureon, you'll be able to download a certificate whenever you need it.
Of course, in order to have a Certificate of Liability Insurance, you'll actually need to have insurance. If your healthcare company doesn't have business insurance, browse our sample insurance quotes to learn more about your coverage options.