Trust - but Verify!
The easiest way to ensure you are not liable is to request to see a certificate of insurance. A certificate of insurance is a standardized document that provides evidence of insurance and liability coverage. It should always include the contractor’s coverage types and liability limits. This certificate also indicates that the policy is current and covers the days for which the work is to be done.
Even if the terms of your agreement with the contractor or subcontractor clearly state that insurance coverage is mandatory, you could face a serious lawsuit if the other party failed to secure that insurance.
Don’t trust past work as a replacement for the certificate of insurance. Even if you have worked with the contractor or subcontractor on numerous jobs in the past, you want to be sure they haven’t allowed their coverage to lapse. They may not even be aware of their loss in coverage. This certificate can protect both you and their business.
Sometimes contractors present a falsified certificate of insurance. You can eliminate this type of fraud by requesting the business insurance certificate directly from the insurance company, which is always a good idea.
Some businesses and individuals take an additional step in safeguarding the project by requiring a surety bond for the work. If the contractor cannot complete the job, the project owner can then tap into the surety bond to finish the project as necessary. Surety business bonds are a three-party agreement between the surety company supplying the bond, the project owner and the contractor.
Some projects will require a surety bond and others may not. Many federal projects or those that cost a certain amount require surety bonds.
Knowledgeable, independent insurance agents at SouthGroup are always available to answer any questions you may have about a certificate of insurance or surety bonds. These qualified agents have years of experience working with contractors and project owners to ensure work is finished on time and with as little risk exposure as possible. Contact a SouthGroup agent near you to find out more.
We are your LOCAL Trusted Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com , SALES AND SERVICE AGENTS: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: email@example.com , phone: 228-466-4498 fax:888-415-8922, FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !
We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400 Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write coverage in 40 different states and can assist you with Mississippi insurance, Louisiana insurance, and Alabama insurance and many other states.
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