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The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, CT. For additional details, please read The Hartfords Legal Notice. 0000000895 00000 n It's another great opportunity to view your coverage and see when your policy ends or changes. the insurance certificate. Certificates of insurance are given to third parties that are known as certificate investors and holders. 2002 - 2023 ACORD. the acord name and logo are registered marks of acord the policies of insurance listed below have been issued to the insured named above for the policy period indicated. the acord name and logo are registered marks of acord Converting Your Operations into a Competitive Advantage, ACORD Releases Results of Insurance 2040 Survey, DXC Technologys SICS Solution Integrates ADEPT to Enable Efficient Data Exchange for Reinsurers, ACORD Releases New GRLC Standard for Contract, Risk & Pre-Accounting, Guidewire Software Selects ACORD Solutions Groups ADEPT as Strategic Messaging Service. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature. Title: Slide 0 Author: Sandy Blaydes 0000005420 00000 n 0000003620 00000 n . Every company you hire or partner with should have their own business insurance protection. You will not have normal access rights until you do. Common applications used in working with ACORD Forms. A requestor may ask for one or more certificates, depending on the types of insurance required. 1 3 4 6 8 7 9 12 14 11 2 5 10 13 15. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). An ACORD certificate can be provided upon request by your insurer. limits shown may have been reduced by paid claims. The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In March 2008, after our board of directors adopted a position paper on certificates of insurance, we began to offer this white paper and related documents and articles for free to the general public. Hb``c`` (- . Evidence of Property Insurance: An important distinction exists between the Certificate of Property Insurance (ACORD 24) and the Evidence of Property Insurance (ACORD 27) or the Evidence of Commercial Property Insurance (ACORD 28). Property and Casualty Certificates of Insurance Certificates are used to show proof that an organization or person has insurance coverage. BY THE NUMBERS 36K Participating organizations worldwide 3M Forms downloaded over 10 years 275M Message transactions annually ACORD FORMS PORTAL endstream endobj 20 0 obj <>>>/Filter/Standard/O(JECz xI3C*"dO$w11HC)/P -1564/R 4/U(Xh*U4e )/V 4/StrF/StdCF/StmF/StdCF>> endobj 21 0 obj <>>>>>/Pages 16 0 R/Type/Catalog>> endobj 22 0 obj <> endobj 23 0 obj <> endobj 24 0 obj <> endobj 25 0 obj <> endobj 26 0 obj <> endobj 27 0 obj <>stream Youll want to be able to provide it to any prospective client who asks for it. We are continuously evolving so join us, and lets evolve together. The information you enter on the form in eForms Manager, using the editing feature, is . hb``0e``1d```Z zcxE\0s]||ewdT GO]5g:] GW:KS~ vv6T4USj[{$6S! notwithstanding any requirement, term or condition of any contract or other document . ILV3@tMH; Some of the most popular forms used in the insurance industry are the following: Certificate of Liability Insurance (25) Evidence of Property (27) Certificate of Property Insurance (24) evidence of property insurance may be issued or may pertain, the insurance afforded by the policies described herein is subject to all the terms, exclusions and conditions of such policies. 15 0 obj <> endobj A certificate of insurance ACORD form covers essential information about your business insurance policy, such as: There are a few reasons why business owners may be asked to provide an ACORD certificate of liability insurance. this certificate of insurance does not constitute a contract between the issuing insurer(s), authorized representative or producer, and the certificate holder. this certificate does not affirmatively or negatively amend, extend or alter the coverage afforded by the policies below. Showing a certificate of insurance can be evidence enough of the policy that you carry on hand. 0000006298 00000 n We tailor our small business insurance coverage to your needs, allowing you to change your coverage as your business changes. An ACORD certificate is proof that you have the amount and kind of liability insurance the client requires for the project. ]7vj)qjk;rJSJ) S.ptxz:\N=VS/w^O!~s It is also known as an ACORD 25 certificate of insurance, certificate of insurance (COI) or a certificate of liability insurance. The ACORD Global Insurance Stock Index tracks the performance of the worlds largest publicly traded insurance carriers. evidence of property insurance may be issued or may pertain, the insurance afforded by the policies described herein is subject to all the terms, exclusions and conditions . While they should always ask for another copy straight from the insurance company, showing them before they call can also ease their concerns. this certificate does not affirmatively or negatively amend, extend or alter the coverage afforded by the policies below. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. listed in the. Risk & Insurance: What Every Business Owner Should Know. To get your certificate, start with a business insurance quote. Title: ACORD 25 (2010/05) this certificate of insurance does not constitute a contract between the issuing insurer(s), authorized Copyright 2023 SCORE Association, SCORE.org. endstream endobj startxref An ACORD certificate of insurance is typically a one-page document summarizing key information about your business insurance policy. ACORD stands for Association for Cooperative Operations Research and Development is an international organization that provides standardized certificates and forms in the sector of insurance and related financial services industries. This includes the name of the insurer, the limits and . Certificate of Property Insurance vs. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). According to Thimble, an ACORD certificate can be obtained at no charge. certificate may be issued or may pertain, the insurance afforded by the policies described herein is subject to all the terms, exclusions and conditions of such policies. ACORD CERTIFICATE OF LIABILITY INSURANCE Date (MM/DD/YY) PRODUCER 1 3 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION . If you haven't shown your certificate of insurance yet, don't worry. This is a really easy document to get, and it is fairly straightforward when you look at it. The ACORD corporation develops standard forms, including the ACORD certificate of insurance, so that everyone in the insurance industry has more useable, readable forms. Approved Certificate of Insurance: ACORD - ACORD 24 (2016/03) - Certificate of Property Insurance Author: ACORD Corporation Created Date: 2/25/2015 10:22:53 AM . Please note: You must subscribe to an eligible Forms program to download ACORD Forms. acord certificate of liability insurance i date (mm/dd/yyyy) must have valid date this certificate is issued as a matter of information only and confers no rights upon the certificate holder. Since an ACORD certificate is a standard document used by most carriers, an organization can quickly determine if a prospective contractor has the insurance company required for a particular project. Understanding ACORD certificate of insurance - the most common type of certificate is the ACORD 25: Certificate of Liability Insurance - which is provided for informational purposes to let a third party know the type and amount of insurance issued to the business. Make sure you can . Your insurance company can also provide an ACORD certificate of liability insurance for a variety of small business insurance policies, such as: Were backed by more than 200 years of experience and have helped over 1 million small business owners. We hope this article on understanding ACORD certificate of insurance has been informative. The ACORD certificate of insurance was included. Gain access to ACORD Forms tailored to your organizations needs. ACORD Forms ACORD Forms increase your efficiency. Before handing it out to clients, get a copy sent to yourself so that you can look over it. Updated monthly. 0 We know how to meet your business unique needs and will help ensure you get the right type of liability insurance coverage that fits your business best. JVZ#6'_d?Zc#1$4Z_ol452Wjvt6*9fk;bW0A>{gF 70 0 obj <>/Filter/FlateDecode/ID[]/Index[15 132]/Info 14 0 R/Length 201/Prev 182230/Root 16 0 R/Size 147/Type/XRef/W[1 3 1]>>stream It provides all the information a client would need to determine whether or not you have the insurance they require. ACORD was then authorized to to issue standard forms that everyone involved in the business insurance industry had access to. Certificate of Liability Insurance form (ACORD 25 2016/03), your insurance agent/broker will need to provide information regarding the policy's terms and conditions, as they pertain to Notice of Cancellation, by adding a comment in the Description of Operations/Locations/Vehicles section of the This standardized form is used to summarize all of the essential information on your insurance coverages, including coverage types, policy limits, and dates of coverage. 0000001173 00000 n An ACORD certificate of insurance is usually requested directly from the broker or insurance company. this certificate is issued as a matter of information only and confers no rights upon the certificate holder. Business Liability - Insures you against costly claims and lawsuits. 0000004737 00000 n "YH 0yLBt}EA$WD2u1- l^`0 "yX*gE$cf1X,"WEzAXLHfbd Vod&m1]b"&!I-Li`y`VCn@ )? ACORD recently released the 2022 US Property & Casualty Value Creation study, assessing carrier performance, and the strategies, tactics, and capabilities that support success. %%EOF should any of the above described policies be cancelled before the expiration date thereof, notice will be delivered in accordance with the policy provisions. CERTIFICATE HOLDER The ACORD name and logo are registered marks of ACORD HIRED AUTOS ONLY. tm date producer phone company (a/c, no, ext): code: sub code: agency customer id #: insured loan number policy number effective date expiration date Search and download from the ACORD Forms library. HiscoxBusiness Insuranceoffers small businesses the ability to buy small business insurance either online or over the phone from a licensed advisor in minutes. All rights reserved. My Client Asked for an ACORD Certificate Now What? So in understanding ACORD certificate of insurance, sometime the party asking wants to be named as an 'Additional Insured'. Not only will it show that you have the insurance that your client requires, it will show that you are proactive and prepared for any scenario that may arise. Learn How to Read an ACORD 25 Certificate of Liability Insurance The ACORD 25, or Certificate of Liability Insurance, is one of the more recognizable documents in the commercial insurance business. this certificate of insurance does not constitute a contract between the issuing insurer(s), authorized conducting activities or business on public property purchased specified types - and sufficient amounts - of insurance should an accident occur. Following an industry-wide survey, ACORD unveiled new research highlighting the technologies, capabilities, practices, and strategies projected to have the greatest impact in the global insurance industry over the next 20 years. When you submit a proposal for a contract, you may be asked to provide an ACORD certificate of insurance. Since the certificate form is updated periodically, ask your agent each year when your policy renews if there is a new certificate. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation. The 4Q22 update highlights the latest insurance trends and insights, and outlook for the industry in the new year. We are continuously evolving so join us, and lets evolve together. What Artisan and Service Contractors Insurance covers. This one page long document usually contains details of the insurance coverages and the policies issued the insurance company. A Certificate of Insurance form is a document that provides information about insurance policies to third parties - but is not an insurance policy. THIS EVIDENCE OF COMMERCIAL PROPERTY INSURANCE DOES NOT AMEND, EXTEND OR ALTER . Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. terms and conditions of the policy, certain policies may require an endorsement. 13 0 obj << /Linearized 1 /O 15 /H [ 733 162 ] /L 8634 /E 7583 /N 1 /T 8256 >> endobj xref 13 16 0000000016 00000 n this certificate of insurance does not constitute a contract between the issuing insurer(s), authorized . An ACORD certificate may also be requested by a bank or mortgage company for a property they hold the mortgage on, or by an equipment leasing company when they lease equipment for . hk(E*bc#xh$ZDB\!BU}z`R}. ACORD publishes and maintains an extensive library of standardized forms - including the certificates of insurance - documents that is given to provide information about different insurance policies. A liability insurance certificate Nevada is a formal document issued as proof that the business has a legitimate and legally recognized liability insurance coverage. ACORD released a new GRLC Standard for Contract, Risk and Pre-Accounting to facilitate the efficient exchange of contract information among industry stakeholders, a significant milestone for the Lloyd's Blueprint Two initiative and the global market. However, understanding an ACORD certificate of insurance can be confusing if you are not regularly looking at them for a living. cancellation . How to Calculate Business Income for Insurance. All rights reserved. Just because someone holds this does not mean that they have the insurance policy or that what is listed is actually covered. WvtDwUlwCA|rw;O!xx}uv*ar-i&Ym&pp819a':B }m ]CUyNSGsd1_{Cqh80. We specialize in protecting IT/technology, marketing, consulting and many other small businesses, tailoring coverage to the specific risks in each industry.We dont offer a one-size-fits-all insurance plan. understanding ACORD certificate of insurance, ACORD 20: Certificate of Aviation Liability Insurance, ACORD 21: Certificate of Aircraft Insurance, ACORD 22: Intermodal Interchange Certificate of Insurance, ACORD 23: Vehicle or Equipment Certificate of Insurance, ACORD 24: Certificate of Property Insurance, ACORD 25: Certificate of Liability Insurance, ACORD 27: Evidence of Personal Property Insurance, ACORD 28: Evidence of Commercial Property Insurance. The COI itself should list exactly who is covering you, the dollar amounts they are covering your business for and what your policy does and does not cover when it comes to filing a claim. * Customer reviews are collected and tabulated by The Hartford and not representative of all customers. Certain coverages vary by state and may not be available to all businesses. The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Information on ACORDs electronic fillable Forms. Stay up to date on revisions to the ACORD Forms. Business Personal Property - Protects your content and equipment from accidental direct physical loss. As a business owner, a certificate of insurance should always be in your grasp. When you get liability insurance for your business, ask your agent for an ACORD certificate to keep on hand. Also, a client should always read through what is covered on the insurance policy. 0000000875 00000 n Insurance companies and brokers hand out certificates of insurance quite often, so they should be familiar with the process of sending one to a client that needs to verify it. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. endstream endobj 16 0 obj <><><>]/ON[72 0 R]/Order[]/RBGroups[]>>/OCGs[72 0 R]>>/PageLabels 11 0 R/Pages 13 0 R/Type/Catalog>> endobj 17 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[0 0 612 792]/Type/Page>> endobj 18 0 obj <>stream this certificate is issued as a matter of information only and confers no rights upon the certificate holder. This can include when a subcontractor is getting a job with a general contractor, proving they have commercial general liability insurance, or showing property insurance for equipment they are holding, or when they need to provide evidence of their worker's compensation insurance for a contract. An ACORD certificate is proof that you have the amount and kind of liability insurance the client requires for the project. However, you can enter the information for a certificate if the policy data is not in AMS360. Business insurance companies came together in the 70's and formed the Association for Cooperative Operations Research and Development (ACORD). 0000004310 00000 n Even though you probably think about finances and bank accounts in this light, it is also important to think about your property as well. BELOW. Policyholders might request a certificate of insurance to show anyone who is asking about their insurance coverage. Hki0&~1ts#\[,&n.0-'#Q);Is*]\WiVhzp)". Most COI are from a company called Acord, and are sometimes referred to as "Acord certificates." limits shown may have been reduced by paid claims. Certificate of Insurance: The ACORD 25 Certificate of Insurance form or a form substantially similar must be submitted to the Owner to show evidence the insurance policies and coverage required of the Contractor. property information (acord 101 may be attached if more space is required) building or . CERTIFICATE HOLDER The ACORD name and logo are registered marks of ACORD. and property damage for liability arising from the use of owned and/or non- owned . It can provide proof that insurance is held by you, the company that they are working with. Having an ACORD certificate ready to show upon request could differentiate you from other companies who are bidding on the same job. the terms and conditions of the policy, certain policies may require an endorsement. {S)P)G the terms and conditions of the policy, certain policies may require an endorsement. limits shown may have been reduced by paid claims. ACORD Forms are now available in a variety of formats, including printable PDF, electronic fillable, and eForms. The content on EKinsurance.com is for informational purposes only and not intended to provide any financial or legal advice. Create Certificates of Property Insurance in eForms Manager. An ACORD certificate of insurance is usually requested directly from the broker or insurance company. With the proof of insurance, the client can feel better about working with them. ACORD and the staff at Westport Ins. Different policies have different things covered, so reading through the benefits and limitations of the policy can better prepare them for if something were to go wrong. ACORD certificates are available for general liability insurance, property insurance, automobile insurance, aviation and aircraft insurance, and more. %PDF-1.6 % the policies of insurance listed below have been issued to the insured named above for the policy period indicated. PROPERTY DAMAGE $ BODILY INJURY (Per accident) BODILY INJURY (Per person) COMBINED SINGLE LIMIT . Use ACORD 27 or ACORD 28. this certificate of insurance does not constitute a contract between the issuing insurer(s), authorized authorized representative 1995-2015acord corporation. There are a lot of different reasons as to why you might request or be given a certificate of insurance. 0000000733 00000 n this certificate is issued as a matter of information only and confers no rights upon the certificate holder. The client does not want to be responsible or held liable for any damages, injuries, or bad work. trailer << /Size 29 /Info 12 0 R /Root 14 0 R /Prev 8246 /ID[] >> startxref 0 %%EOF 14 0 obj << /Type /Catalog /Pages 1 0 R /JT 11 0 R >> endobj 27 0 obj << /S 36 /Filter /FlateDecode /Length 28 0 R >> stream evidence of property insurance may be issued or may pertain, the insurance afforded by the policies described herein is subject to all the terms, exclusions and conditions of such policies. all r1ghts reserved. Ed0m q=(Pv1+e>"@ \'R Even a small typo or difference could create a problem if a claim needs to be filed. The ACORD name and logo are registered marks of ACORD If this certificate is being prepared for a party who has an insurable interest in the property, do not use this form. acord 24 (2016/03) the acord name and logo are registered marks of acord An ACORD certificate is proof that you have the amount and kind of liability insurance the client requires for the project. Please update your email/profile. The ACORD name and logo are registered marks of ACORD COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: INSURED PHONE (A/C, No, Ext): PRODUCER ADDRESS . %PDF-1.2 % Risk management isnt just for big corporations - learn what small businesses need to ensure theyre properly protected. Interact with our Standards experts, influence global standards development and collaborate with influencers in the industry. Using ACORD's standardized Forms allows for increased efficiency, accuracy, and speed of information processing. Insurance Acord Form Instructions. Introduction. To What is a certificate of insurance Acord? Is Your Small Business Prepared for a Lawsuit. Every day, the team at FOA delivers hundreds of ACORD 25 forms to and on behalf of our clients. These certificates list what is included in the insurance policy, what is limited on the policy, and who is providing the coverage available. An ACORD certificate may also be requested by a bank or mortgage company for a property they hold the mortgage on, or by an equipment leasing company when they lease equipment for a project. ACORD was established in 1970. This proves that the company truly does have the insurance that they claim to have. The following the ACORD Certificate of Insurance forms available to be issued as proof of insurance: For more information, see the full ACORD forms list. The ACORD certificate refers to the ACORD certificate of liability insurance form (ACORD 25). You may have heard the term certificate of insurance (COI), and you might have even looked one over. 0000001048 00000 n 3 Field # Field Name Instructions . REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. You will not have normal access rights until you do. 0000006722 00000 n However, a certificate of insurance is not an automatic insurance policy. If you have entered policy detail information, then AMS360 uses that data to create the certificate. There are millions of them that are given out each year, and it is most often done when an insurance policy is renewed or opened. What Is a Data Modernization Strategy and Why Do I Need One? the acord name and logo are registered marks of acord coverages certificate number: revision number: insured phone (a/c, no, ext): producer address: e-mail fax (a/c, no): the acord name and logo are registered marks of acord A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). Co., the E&O carrier for most IIABA members, for all of their helpful suggestions. THIS EVIDENCE OF COMMERCIAL PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE ADDITIONAL INTEREST NAMED BELOW. ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. this certificate does not affirmatively or negatively amend, extend or alter the coverage afforded by the policies below. this certificate does not affirmatively or negatively amend, extend or alter the coverage afforded by the policies below. certificate hol. ACORD Membership provides influence, access and collaboration to the global insurance industry. More specifically, an ACORD certificate of liability insurance - also known as an ACORD 25 form and a certificate of insurance (COI) - is a one-page document that proves you have business liability insurance and can meet the conditions of contracts that require it. this certificate is issued as a matter of information only and confers no rights upon the certificate holder. Title: ACORD 0025 2016-03 hbbd```b``" A$S=[ The ACORD certificate serves as proof that a business has the type of insurance coverage to protect against against claims of: All business owners want to feel confident that they wont be held liable for mistakes caused by third parties. An ACORD certificate is so-called because it is governed by the Association for Cooperative Operations Research and Development, a non-profit organization that provides standardized forms and certificates for almost 90% of US property and casualty insurance carriers. BH/3[w h(-~"ig>w[\Vys9H. Understanding ACORD certificate of insurance. PROPERTY DAMAGE $ BODILY INJURY (Per accident) BODILY INJURY (Per person) COMBINED SINGLE LIMIT . ACORD U.S. Property & Casualty Value Creation Study (2022 edition), Informational Scale & Scope: The Key to High Performance. location of premises / description of property (attach acord 101, additional remarks schedule, if more space is required) certificate number: revision number: The ACORD name and logo are registered marks of ACORD COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: INSURED PHONE (A/C, No, Ext): PRODUCER ADDRESS . According to a Small Business Association Office of Advocacy report, the cost of litigation for small firms can range anywhere from $3,000 to $150,000. This is especially important to have on hand because most people want to know that the company they are hiring has liability insurance. Insurance Requirements. O S&g[x7>-lOdO9C>+O'kI^=^=. 0000000667 00000 n below. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED . Not only is having insurance a necessity, but having your proof of it right there is something that can help make a client feel more comfortable working with you. 0000004528 00000 n 146 0 obj <>stream If you are creating Evidence of Property Insurance forms, user-defined information from policies does not pre-fill to the Description of Operations on the ACORD 27 Evidence of Property Insurance Page -- PreviewTab, or the ACORD 28 Evidence of Commercial Property Insurance Page -- Preview Tab and the EPI form itself, when you create EPI forms. To ensure you and your customers both have legal peace of mind, get an ACORD certificate of insurance. When validating these certificates, make sure that the company name exactly matches what is on the insurance policy. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED . The certificate is a summary of the policy including policy limits, types of coverage, and effective and expiration dates. Not every company is going to have full coverage, and this might be something that is important to them. Companies or contractors who work for you should be able to provide proof of liability insurance coverage before any work begins. Please update your email/profile. 0000006099 00000 n Claim your 2023 license for vendor-supplied ACORD Forms. The complete list of ACORD Forms, information on related Forms, a guide to the Forms Portal, and how to order paper Forms. Providing proof of this should be second nature, whether or not your client asks to see it. ACORD Membership provides influence, access and collaboration to the global insurance industry. Frequently asked questions about ACORD Forms. Informational Scale & Scope: The Key to High Performance. business personal property. Manage my personal policy, bills and claims. An ACORD certificate may also be requested by a bank or mortgage company for a property they hold the mortgage on, or by an equipment leasing company when they lease equipment for a project. Building Property - Covers your building, storage buildings, garages, fixtures, and other structures. YY,0`ixy1H !9 l__0Dt`1l y3E@`ECQg{yMO&N^y |0kENV/)u%za\@$[ B}tGzB3TKD;~Pm6 Because it is so easy to request, you should ask for a copy from your insurance broker today. Since our first paper form was released in 1971, ACORD has provided the standard forms used by the insurance industry. The ACORD name and logo are registered marks of ACORD Page 1 of 2. Your small business insurance policy and certificate of insurance should work hand in hand to provide your clients with the knowledge that they are not going to be held liable if something goes wrong. Interact with our Standards experts, influence global standards development and collaborate with influencers in the industry. As a small business owner, you can require an ACORD certificate of prospective contractors, subcontractors, or vendors to determine if the people you are considering doing business with are properly insured.