If you’ve ever been asked to provide a Certificate of Currency (COC) before starting a job, signing a contract, or entering a worksite, you’re not alone.
For many business owners, tradies, contractors, and consultants, receiving an email asking for a Certificate of Currency can be confusing.
You might wonder:
- What exactly is a Certificate of Currency?
- Why does a client need it?
- Is it the same as my insurance policy?
- What happens if I don’t have one?
The good news is that a Certificate of Currency is relatively simple, but it’s also an important document that can help you win work, meet contractual requirements, and demonstrate professionalism.
Let’s break it down.
What Is a
Certificate of Currency?
A Certificate of Currency is a document issued by your insurer or insurance broker that confirms a particular insurance policy is currently active.
Think of it as proof that your insurance exists and is valid on the date the certificate is issued.
A Certificate of Currency typically includes:
- The insured business name
- The type of insurance policy
- Policy number
- Policy period (start and expiry dates)
- Coverage limits
- Name of the insurer
- Relevant policy details
Importantly, a Certificate of Currency is not the insurance policy itself.
It’s simply evidence that the policy is in force.
Why Do Clients Ask
for a Certificate of Currency?
The short answer:
They want to verify that you’re properly insured.
Businesses engage contractors, suppliers, consultants, and subcontractors every day. If something goes wrong, they want confidence that there is appropriate insurance backing the work being performed.
By requesting a Certificate of Currency, clients can confirm:
- You hold the required insurance
- The policy is current
- Coverage limits meet contractual requirements
- They are not taking on unnecessary risk
For many organisations, requesting a Certificate of Currency is now standard business practice.
The Most Common Types
of Insurance Clients Request
Depending on your industry, clients may request evidence of several different insurance policies.
Public Liability Insurance
This is by far the most commonly requested Certificate of Currency.
Public liability insurance helps protect your business if your work causes:
- Injury to a third party
- Property damage
- Legal costs arising from a claim
Common limits include:
- $5 million
- $10 million
- $20 million
Many commercial contracts require at least $10 million or $20 million in public liability cover.
Professional Indemnity Insurance
Professional service providers are often asked to provide evidence of professional indemnity insurance.
This can include:
- Consultants
- Designers
- Engineers
- Brokers
- IT professionals
- Accountants
Clients want reassurance that mistakes, advice errors, or omissions are insured.
Workers Compensation Insurance
Businesses engaging contractors may request proof of workers compensation arrangements, particularly where labour is being supplied.
Contract Works Insurance
For construction and building projects, evidence of contract works insurance may also be required.
Why Certificates of Currency Matter
for Tradies and Contractors
For many tradies, a Certificate of Currency is effectively a “ticket to work.”
Without one, you may find yourself unable to:
- Enter construction sites
- Work for builders
- Tender for projects
- Join approved contractor panels
- Secure government contracts
- Work for larger corporate clients
In some cases, clients won’t even allow work to commence until a valid Certificate of Currency has been provided.
What Clients
Are Really Looking For
When a client requests a Certificate of Currency, they’re generally checking three things:
1. Is the Insurance Current?
An expired policy provides no protection.
Clients want confirmation that the policy is active today.
2. Is the Coverage Limit Sufficient?
If their contract requires $20 million public liability cover and your certificate shows $5 million, there may be a problem.
3. Does the Business Name Match?
The insured entity listed on the Certificate of Currency should match the business they are engaging.
This is a surprisingly common issue.
A Common Mistake: Assuming
“Any Insurance” Is Enough
One of the biggest misconceptions we see is:
“I’ve got insurance, so I’ll be fine.”
But clients aren’t just checking that insurance exists.
They’re checking that it aligns with the risks involved.
For example:
- A builder may require $20 million public liability
- A shopping centre may require specific liability limits
- A government contract may require multiple insurance policies
Having insurance isn’t always enough if it doesn’t meet contractual requirements.
Can a Certificate of Currency Guarantee
a Claim Will Be Paid?
No.
This is an important distinction.
A Certificate of Currency confirms that a policy exists and is active.
It does not:
- Guarantee coverage for every situation
- Override policy exclusions
- Confirm that every claim will be accepted
Coverage still depends on:
- Policy terms
- Conditions
- Exclusions
- Circumstances of the claim
This is why understanding your insurance is just as important as having proof of it.
How Quickly Can You Get
a Certificate of Currency?
In most cases, a Certificate of Currency can be provided quickly by your insurance broker or insurer.
Many businesses request updated certificates:
- At renewal time
- Before a new contract starts
- When tendering for work
- When joining contractor panels
Keeping an up-to-date Certificate of Currency readily available can help avoid delays and keep projects moving.
What Happens
If You Can’t Provide One?
Failing to provide a Certificate of Currency can have serious consequences.
You may:
- Lose a contract
- Miss out on tender opportunities
- Be denied access to a worksite
- Delay project commencement
- Damage client confidence
In competitive industries, having the right documentation ready can be the difference between winning work and losing it.
Questions Every Business Owner
Should Ask
Before sending your next Certificate of Currency, ask yourself:
- Is my insurance still current?
- Do my coverage limits meet client requirements?
- Does the insured entity name match my contracts?
- Have I reviewed my insurance recently?
- Am I relying on assumptions rather than certainty?
If you’re unsure, it’s worth checking before the client asks.
Business Insurance Australia:
More Than Just a Certificate
At Bunker Insurance, we help businesses understand not only what their insurance covers, but also what clients, contractors, and principal contractors expect to see.
We regularly assist businesses with:
- Public liability insurance
- Professional indemnity insurance
- Contractor requirements
- Certificates of Currency
- Contract compliance
- Insurance reviews
Because having the right insurance is important, but being able to prove it quickly is often just as important.
Need a Certificate of Currency
or Insurance Review?
If you’ve been asked to provide a Certificate of Currency, or you’re unsure whether your insurance meets contractual requirements, we’re here to help.
Speak with a Bunker Insurance advisor today and make sure your business is properly protected, compliant, and ready for its next opportunity.
