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Certificates

Being insured is of course the most effective way to ensure you are protected from various risks, but in certain situations, specifically when partnering with other businesses or hiring subcontractors, you need additional assurance that you’re protected. When entering into a partnership with other businesses, you open yourself up to new risks, especially if the other business/vendor/contractor etc. isn’t properly insured. This is where a certificate of insurance (COI) comes in

A certificate of insurance (COI) is a slip of paper (a digital or printed document), proving you have insurance coverage

These could be for any type of business insurance, but are most often needed for general liability or workers compensation insurance

The COI outlines details about your insurance policy including

Company name
Insurer name
Type of insurance
Policy numbers
Policy effective dates
Coverage limits

Essentially, the COI serves as a proof of insurance so other businesses you work with know you have the insurance protections essential to minimize risks. It serves as a peace-of-mind before entering into a business agreement.

Do I need a certificate
of insurance?

Depending on your role in relation to other businesses you work with, you may need a certificate of insurance

If you are a subcontractor, vendor, or any business performing services on another business’ behalf, you will need to provide a COI. If you are hiring a subcontractor, vendor, or any business to perform services on your behalf, you will need to obtain a COI from the subcontractor

The purpose of acquiring a COI is to make sure the person doing work for another company has coverage comparable to their own. That way, in the event of a claim, the subcontractor’s insurance will essentially respond and cover the hiring company

If the subcontractor didn’t have adequate insurance and there were a claim, the hiring company would end up needing to pay

Certificates

Being insured is of course the most effective way to ensure you are protected from various risks, but in certain situations, specifically when partnering with other businesses or hiring subcontractors, you need additional assurance that you’re protected. When entering into a partnership with other businesses, you open yourself up to new risks, especially if the other business/vendor/contractor etc. isn’t properly insured. This is where a certificate of insurance (COI) comes in

A certificate of insurance (COI) is a slip of paper (a digital or printed document), proving you have insurance coverage

These could be for any type of business insurance, but are most often needed for general liability or workers compensation insurance

The COI outlines details about your insurance policy including

Company name
Insurer name
Type of insurance
Policy numbers
Policy effective dates
Coverage limits

Essentially, the COI serves as a proof of insurance so other businesses you work with know you have the insurance protections essential to minimize risks. It serves as a peace-of-mind before entering into a business agreement.

Do I need a certificate
of insurance?

Depending on your role in relation to other businesses you work with, you may need a certificate of insurance

If you are a subcontractor, vendor, or any business performing services on another business’ behalf, you will need to provide a COI. If you are hiring a subcontractor, vendor, or any business to perform services on your behalf, you will need to obtain a COI from the subcontractor

The purpose of acquiring a COI is to make sure the person doing work for another company has coverage comparable to their own. That way, in the event of a claim, the subcontractor’s insurance will essentially respond and cover the hiring company

If the subcontractor didn’t have adequate insurance and there were a claim, the hiring company would end up needing to pay

Bond

Bonds and small business insurance are two ways to help you manage risk and protect against financial losses. Bonds are required in a variety of business and court situations, including: License and permits, Public officials, Tax bands on fuel, Cigarettes and alcohol, Utility deposits, Lost securities, Fiduciary, Judicial bonds

In some industries, clients may require surety bonds before they agree to work with your business. Surety bonds protect the client because it guarantees that your business will honestly and faithfully perform all of its duties and comply with the law. If there’s an issue, the client can file a claim with the surety to cover the costs to fix the problem. If this happens, the surety will require reimbursement from your business.

A “bonded” small business means it purchased a surety bond. When it comes to bonds, there are three parties involved:

Surety: The insurance company issuing the bond
Obligee: The party requiring the bond
Principal: The purchaser of the bond

Bonds guarantee a business will complete the work as agreed upon in a contract. Bonds cover against incomplete work. So, if a company doesn’t act honestly or perform as defined in a contract or court document, the client can file a claim with the surety.

Businesses may get bonds because it:

Can protect your small business’ reputation if something goes wrong with your client Helps meet legal requirements to do business or perform a role Shows your business is financially stable and can perform according to the contract

Whether your small business needs to be bonded, insured or both depends on the situation. States may require small businesses to carry certain types of insurance coverage. For example, most states require employers to have workers’ compensation insurance.

States or local law may also require businesses to have license and permit bonds as a condition to get a license to do certain business activities that can create a risk to the public. License and permit bonds require businesses to comply with specific statutes or regulations.
There are four categories of license and permit bonds:

Compliance bonds guarantee that a company will do its business in accordance with the law. For example, a municipality requires plumbers to comply with local building codes.

Public safety bonds are also known as indemnity bonds. They protect the public from financial loss due to physical damage. For example, some states require certain businesses to post road bonds in case heavy or oversized loads cause road damage.

Public protection bonds, or good faith and credit, protect the public from financial loss due to fraud or unfair dealings. Two examples of this are mortgage broker bonds and consumer lender bonds.

Financial guarantee bonds guarantee the payment of taxes or fees. For example, fuel tax bonds guarantee the payment of fuel taxes, which are a state requirement

Policy Change

If you need to change or check on your policy

Terms

Add new autos/ locations/coverages

Increase your coverage

Etc…

Please contact us at (847) 628 9595 or send us an e-mail to csr@myconnectinsurance.com

Claim

Please contact us at (847) 628 9595 or send us an e-mail to csr@myconnectinsurance.com
to get help with your claim.

Claim

Please contact us at (847) 628 9595 or send us an e-mail to csr@myconnectinsurance.com
to get help with your claim.

Audit

An audit examines your business’ payroll and risk exposure. An audit makes sure you’re paying the correct amount for your insurance policy, and that you’re getting the right amount of coverage for your business.

An audit ensures your business has the right amount of your insurance coverage. Your business can change a lot from year to year. For example, if your sales increase, you may have to hire new employees to help with increased demand. Or, you may have downsized around the holiday season, so you had fewer employees at the end of the year. In either case, you may need to adjust your coverage amount based on the changes to your business.

The word “audit” may sound stressful, but don’t panic. At the beginning of the year, you pay a certain amount for general liability and workers compensation coverage. If you’re asked to go through an audit at the end of the year, Connect Insurance Group reviews your business’ payroll and other documents to determine if the premium you paid was accurate.

A general liability and workers compensation audit looks at:

Your business’ gross sales Job duties of employees and independent contractors Changes from the prior year

Depending on the audit results, you could:

Get a refund if the premium you paid at the start of the year was higher than what you need now.
Have additional premium because you needed more coverage, so you’ll have to pay the
difference.
Having the necessary documents and information can make for a smooth audit. Some documents you may need include:

Payroll or sales reports
Certificates of insurance
Tax documents
Subcontractor or independent contractor documents
Insurance companies may perform an insurance audit at the end of the year for:

General liability insurance
Workers’ compensation insurance

If you’re notified of an insurance audit, it’s important to send your insurance company any documents or information they ask for. Completing a general liability & workers compensation insurance audit, ensures you’re paying for and getting the right amount for coverage.

Group Benefits

Whatever benefits your clients need, Connect Insurance Group Inc is ready with a plan. We offer a wide-range of competitive programs that help employers support their workforce.

We’ve developed a competitive suite of products built specifically for your small business clients, backed by sales and service teams that are dedicated to helping entrepreneurs succeed.

Small doesn’t have to mean limited. We go beyond basic with a focus on serving the full spectrum of your small business clients’ needs.

We help you provide the benefits medical professionals need, with group life, disability and accident coverage

Connect Insurance Group delivers value to medical groups through specialized disability and life insurance coverage, dedicated support and claims excellence

We’re committed to crafting solutions that help meet the unique needs of physicians and medical staff

Our package features:

More flexible plan designs
Expanded limits
Upgraded services and capabilities
A wide selection of new benefits

Help your clients safeguard their employees during foreign or domestic business travel. With our Business Travel Accident (BTA) insurance

You can help your clients fulfill one of their critical responsibilities as employers: their obligation to help protect their employees’ safety when traveling somewhere on company business, whether it’s a local trip, interstate, or out of the country. BTA is specifically designed to help employers of all sizes fulfill their duty of care needs. Fully customizable, BTA can be tailored to suit the unique needs of any client’s business

MORE THAN JUST FINANCIAL SUPPORT

BTA helps to fill gaps in coverage and care for employees by combining a broad collection of valuable insurance benefits and services into a single duty of care package. The following options are a few of our available features:

• Traditional Accidental Death & Dismemberment (AD&D) coverage with fully customizable limits and payment options.
• Emergency Evacuation, Repatriation, and Out of Country Medical benefits that cover costs for the treatment and transportation of sick or injured employees – along with options to cover Security Evacuation in the event of political unrest or a natural disaster.
• Travel assistance, identity theft and Beneficiary Assist services. • Coverage extensions for spouses and dependent children while traveling on business with an insured employee.
• Additional optional benefits designed to minimize risks associated with disability, unexpected medical expenses, rehabilitation, mortgage assistance, liability, home alteration, workplace violence, post-traumatic stress, childcare, and much more.

We offer specialized coverage for non-employer groups and their members or registered participants while they’re engaged in an organization’s supervised activities, traveling on group trips or attending special events. These types of clients can include:

Camps
Schools
Sports leagues
Youth groups First responders
Associations
Community organizations