Certificate of Currency for Barbershops, Explained

What Is a Certificate of Currency?

A certificate of currency is a short document from your insurer showing your policy is active. It lists who is insured, the type of cover, the limit and the dates the cover runs.

It lets a landlord or shop owner check your cover without reading your whole policy. Landlords usually ask for one before you open a shop, and shop owners before you start in a rented chair.

What Does a Certificate of Currency Show?

A certificate of currency shows the insured name, the insurer, the policy number, the cover, the limit and the dates. Most lay these details out on a single page.

• The insured: the person or business the policy covers.
• The insurer and the policy number.
• The type of cover, such as public liability, the cover for claims from people hurt or whose things are damaged.
• The limit or sum insured, the most the policy will pay.
• The period of insurance, with a start date and an end date.
• The date the certificate was issued.

Who Asks a Barber for a Certificate of Currency?

Landlords, shopping centres, shop owners and event venues are the usual ones. Anyone who could be drawn into a claim about your work wants to know you hold cover.

• Your landlord, before you get the keys and each year of the lease.
• Shopping centre management, before you open in the centre.
• A shop owner, if you rent a chair in their shop.
• Venues and event organisers, if you work as a mobile barber at weddings, festivals or events.

Certificate of Currency, Policy Schedule and PDS

A certificate of currency shows you hold cover, but it does not create cover, add to it or change what the policy pays. The policy schedule and the policy wording hold the details.

Your policy schedule lists your covers, limits and excess, the amount you pay towards each claim. The policy wording, often inside a product disclosure statement, or PDS, sets out what is covered and what is excluded.

If a landlord wants to know what your policy covers in detail, send the schedule. The certificate only shows the cover is in place.

What to Check Before You Send a Certificate of Currency

Check the name, cover, limit, dates and policy number against what you were asked for. A landlord or shop owner can reject a certificate over any one of them, even when your cover is real.

• The insured name matches the name on your lease or chair agreement. A company name and your own name are different.
• The cover type is the one asked for, usually public liability.
• The limit meets the minimum in your lease. Public liability limits of $5 million, $10 million or $20 million are available.
• The end date has not passed.
• The insurer and policy number match your policy schedule.

What If My Landlord Asks to Be Noted on the Policy?

Tell us when you ask for the certificate, and we pass the request to the insurer. Being noted on a policy as an interested party means the insurer records that the landlord has a financial interest in your cover.

Some leases ask for this. Read the insurance clause in your lease so you know exactly what to ask for.

How Long Does a Certificate of Currency Last?

A certificate of currency is valid until the end date of the period of insurance shown on it. When your policy renews, you need a new certificate with the new dates.

We contact you at least 30 days before your policy renews. Ask for the new certificate as soon as the renewal goes through, so it is ready when your landlord or shop owner asks.

When to Ask for an Updated Certificate of Currency

Ask for a new certificate whenever your cover changes. A certificate shows your cover on the day it was issued.

If you raise your limit, add a cover, change your business name or move shops, the copy your landlord holds is out of date. Send the new one to everyone who has the old one.

How to Keep Track of Your Certificates

Save each certificate as a PDF on your phone, so you can send it the moment someone asks. A PDF is easier to read than a photo of a printed copy.

Keep the old ones too, in case a landlord asks what cover you held last year. If you rent out chairs, keep a list of each renter's certificate and its end date.

How Do I Get a Certificate of Currency?

Your insurer issues the certificate once your policy is in place. If we arranged your policy, ask us and we request it for you.

If you do not have cover yet, tell us about your shop. Barbershop Insurance arranges public liability for barbers and the other covers a lease commonly asks for.