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Commercial Liability Insurance

– Hi. My name is Lonny Ladouceur, the insurance medic, coming to you with another video. This one is gonna be targeted for commercial general liability policies. More importantly, certificates of insurance. So I must say to you that the insurance information that I’m sharing is targeted for Alberta as I am licensed in Alberta, can only sell in Alberta. So a lot of this information pertains to the insurance companies in Alberta.

So with that being said, most times I get a call, especially from general contractors, or sub contractors. The only reason why they buy insurance policy is because they need a certificate of insurance. Okay well that’s a good reason to get insurance policy. But you should get one in the first place anyways because you’re out there and there could be claims against you.

More importantly, the reason why a person should buy commercial general liability, is if someone else gets hurt, or someone else’s property gets damaged, instead of you having to come to bat and the person working with you and suing you directly, let the insurance company pick it up. So you can go to work and keep making the money that you need to make. So with certificates of insurance a lot of times when you are contracted and someone contracts out your services, they ask for a certificate of insurance.

So basically a certificate of insurance is what’s called evidence of insurance. It is not a guarantee. Every certificate of insurance states on there that you must be referring to the actual insurance policy for the coverages. But what a certificate will outline is your dates of coverage and your amount of coverage. And then also that the person, the third party is listed as an additional insured, or a certificate holder, meaning that if you’re named as an additional insured, commonly a 30 day clause is included.

That before the insurance policy were to cancel, that certificate holder would get a letter saying that the policy is going to cancel. So if you’re still contracted with that provider, they may call you and say hey we’ve got notice that your insurance policy is gonna expire, what’s going on? They still have a job with them.

But more importantly, what a lot of people don’t do, and I have this conversation with a lot of clients, is that yes I give certificates of insurance to other people, but I’m not in a habit of asking for certificates of insurance for my own protection. Why is that so important? Well exactly that is if you’re on a job site, take for example you’re on a very, very large company’s job site, and there’s a loss that you have nothing to do with, you want to make sure that you’re protected and that you can’t be dragged in.

So it’s good practice to ask for a certificate of insurance, listing your organization as an additional insured on their insurance policy, so if anything happens you know that their insurance policy is going to kick in, their lawyer is going to kick in and you can keep working which is what’s most importantly.

So I’m having fun with a lot of these videos. I hope that you’re having fun listening to them and I’m offering information that you may not hear from your current insurance provider. And if that’s the case, please call me. I’m available 24/7. My number’s 403-619-6311, and look for me at all my social media. But most importantly my website, theinsurancemedic.ca. Insurance medic coming to you, over and out.