In this article, l earn what an ACORD certificate is, why you need to collect them, and how to streamline this process so you can focus on other important aspects of your job!
An ACORD Insurance Certificate is proof of insurance with essential information from an insurance policy.
Some of the crucial information you will find in ACORD forms includes coverage types, insurance limits, policy numbers, and effective and expiration dates for the policy, these documents are also called Certificates of Insurance (COI’s). The insured can show their contractual agreement with an insurance agency by obtaining an ACORD form.
Documentation is essential for the insured to prove that they have specific coverage and meet the required limits without submitting many pages from the actual insurance policy.
Collecting ACORD forms is important for your business, especially if you work with third-party professionals who could make a mistake you could be liable for! When your business enters into a contract with other professionals, you need to re quest Proof of Insurance. By collecting ACORD Certificates from third- party vendors to prove they carry professional liability insurance , you are protecting your business from vendors’ costly mistakes.
Collecting ACORD forms and filing them away is not enough to make sure coverage is in place! In order to ensure coverage, you need to review the form and keep track of the expiration and when to request a new one.
ACORD form tracking is a time-consuming and error-ridden task that many businesses don’t have the resources to do. Due to inefficient processes, many organizations collect ACORD forms only to later realize their coverage was not sufficient or expired.
A solution to issues in ACORD form tracking is Insurance Certificate Tracking Software.
By implementing the right software, companies ensure they have adequate coverage, manage approaching expiration dates, and know exactly when to request new certificates!
Schedule a demo to learn more about how ACORD form tracking software can help you stay compliant, save time, and avoid missed expiration dates on policies.