Do I Need a Business Owner’s Policy Certificate?
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Certificates for BOP Insurance

When you sign up for a Business Owner's Policy, you receive a Certificate of Liability Insurance (COLI), which is also called your "proof of insurance." You use this insurance certificate a number of ways:

  1. To show clients, whose contracts demand you have business liability insurance.
  2. To distribute to people, such as a landlord, who need to keep a copy on file with their insurance companies.

Let's go over what these insurance certificates are and how you use them.

What Is a Business Owner's Policy Certificate?

A Business Owner's Policy is an insurance bundle containing General Liability Insurance and Property Insurance. When you receive a BOP certificate from your insurance agency, you actually receive two separate certificates — one for Property Insurance and one for General Liability Insurance.

If you want an idea of what this document looks like, take a peek at this sample BOP General Liability Insurance certificate.

These documents are typically one page and crammed with the basic facts about your coverage:

  • How much coverage you have.
  • When your coverage expires.
  • Who is covered under your policy.
  • Your policy number and insurer's contact information.
  • Other specific details about your coverage.

For instance, General Liability certificates break down how much coverage you have per incident, whether your policy offers medical coverage for people injured on your property, and whether you have auto liability coverage.

Property Insurance certificates list how much coverage you have for your building, personal property, and business income. Standard Property Insurance covers damage caused by minor weather events, but if you purchased additional coverage (such as for floods), your BOP Property Insurance certificate show this information as well.

Why Do I Need a Business Owner's Policy Certificate?

Sometimes when you sign a contract with another party, they want to know that you have insurance. In fact, many larger clients require contractors to have a minimum amount of General Liability Insurance (and proof of this) before they sign a contract with the contractor.

Clients want to know that if an accident happens and you're sued, an insurance company can cover your legal expenses. Before clients work with you, they need to know that you can deliver on your obligations — even in the midst of a legal dispute. Clients know that lawsuits bankrupt many small businesses, and they want to be assured that you won't meet the same fate.

Landlords and rental companies make similar requests. If your business damages a rental company's building, it wants to know that if it sues you, you'll have insurance to pay for the damages.

In short, Certificates of Liability Insurance prove to other parties that you have insurance, you're financially protected, and an insurance company is backing up your business.

How Do I Get an Insurance Certificate?

If you don't have business insurance, here's what you need to do get covered and receive a Business Owner's Policy certificate:

  1. Fill out a Business Owner's Policy application.
  2. Review insurance quotes and chose a policy that makes sense for your business.
  3. Sign up for coverage and pay your premium.
  4. Download a Certificate of Liability Insurance from your insurance agency.

We can't speak for other insurance agencies, but at insureon, we make sure you have access to insurance certificates whenever you need them. You are able to log on to your account and download a copy of your certificate 24/7. If you need a certificate to complete a last minute deal, we've got you covered.

If you don't have insurance yet but need to get covered in order to sign a lease or contract, we can get you covered in 24 hours. Contact us for more information.

Business Owner's Policy: Further Reading