Protecting Your Business from Contractual Risk

The last thing you need is a contract that voids your insurance, or loads you down with responsibility you can’t, or shouldn’t, take on. Whether you are the business asking vendors to sign a contract or the vendor signing, it’s imperative to know the contents of all your contracts. Just as important is working with an attorney to develop a strategy to transfer risk and avoid risk when appropriate.

A written agreement can help avoid misunderstandings and surprises, but only if you know what it says. Our risk advisors will discuss the importance of reviewing your company contracts with legal counsel and negotiating terms before signing. 

Key Takeaways

• Understand how contracts fit into your overall risk plan
• Identify and eliminate language that can significantly increase your exposure
• Learn why outlining the specific responsibilities of each party is so important
• Discover the best ways to tailor insurance specifications to avoid costly liabilities