As a contractor, you generally don’t have an employer to arrange insurance on your behalf – it’s all up to you! So, what do you need to provide if a potential customer or employer wants to ensure that you have up to date insurance cover in place? That’s where your certificate of currency comes in. Let’s take a look at the purpose of your certificate of currency.
What is a certificate of currency?
A certificate of currency is a document which confirms that the insurance cover you have in place is up to date. It also has additional details related to the sum insured, details of the policy and the expiry date of the policy. The certificate of currently provides assurances to third parties that you have the appropriate insurance cover in place. Even if you have the your physical insurance policy available, a third party has no way of knowing that this cover is current. A certificate of currency is current as of the day you obtain it.
How do you get a certificate of currency?
If you need to obtain a certificate of currently for your business insurance, you need to contact your insurer or your insurance broker and explain what you need. They are used to issuing certificates of currency and they are aware that you generally need this document urgently – just let them know how quickly you require the document. Remember, you’re unable to obtain a certificate of currency if you haven’t paid your insurance premiums. You also need to actually have cover in the place – you won’t be issued with a certificate of currency if you haven’t got confirmed cover with an insurer.
What situations require a certificate of currency?
Some examples of situations with require a certificate of currency include:
- If you request a loan from a bank, they will want assurances that you have business insurance in place so that your risk exposures have adequate cover.
- An employer may want confirmation that you have insurance in place and will request a certificate of currency. This is particularly the case for forms of cover such as public liability insurance and professional indemnity insurance.
- In some cases, you need to provide a certificate of currently to obtain your licence. This is the case for the electricians in Queensland and plumbers in Victoria as they have specific insurance requirements.
- If you plan to work on a mine site, you’ll be required to provide a certificate of currency.
At Contractor Cover, we’ve made life easy for contractors across Australia. We’re a one stop shop for all your insurance needs thanks to our comprehensive insurance package which includes the most commonly used forms of cover used by contractors. This means you don’t need to worry about dealing with multiple policies – everything’s includes in the one policy. Protect your business today with Contractor Cover.
For more information about obtaining insurance for your business, contact Contractor Cover today on 1300 438 268 or get an Instant Online Quote.