Collecting certificates of insurance from vendors, suppliers, contractors and other entities is part of doing business. If your firm requires such entities to provide you with certificates of insurance, consider the following questions.
- When was the last time I requested a certificate of insurance from this entity?
- Do I have a system in place to audit/verify certificates that I receive?
- Are the limits/coverage that I am requesting sufficient?
- When was the last time I checked the financial strenght rating of the insurance carrier listed on the certificate?
- When was the last time I checked the version of the certificate that I am requesting? Is a newer version available?
The answers to these questions and other questions may help your firm evaluate the effectiveness of our certificate process.