Attention Business Owners!
You never thought twice about your third-party vendors, until one of them had an accident…
Revealed on this page:
Exposed Third-Party Liabilities: How they could shut down your business.
“In-House” Insurance Monitoring: Why it is a practice that could cost you everything.
Ignoring the Third-Party Problem: How this is the worst strategy you could ever have.
YOURS FREE – Exclusive insights to help you understand third-party liability. We have teamed up with the experts in this field to unveil the truth behind vicarious liability and how it affects your business.
You’re building your business for success. As your company grows, you naturally take on bigger responsibilities, a larger workforce, and more liabilities to track. Whether you are operating a single or multiple locations, there is one fact that remains. Exposed third-party liabilities could shut them all down. If you are a business owner, then reading this is the most important thing you can do to protect your assets.
You must guard yourself against exposed third-party liabilities. As an owner, you will be held responsible for any uninsured third-party claims. If one of your vendors has an incident and all of their insurance certificates have not been updated correctly, then you as the business owner will be held responsible. Depending on the severity of the incident, you could be facing heavy lawsuits, attorney fees, and uninsured claims substantial enough to close the doors of your business.
Some companies attempt to take on the enormous task of monitoring their third-party insurance certificates “in-house”. Remember, the risks involved with missing a single third-party insurance detail could be devastating. Assigning this responsibility to existing staff members is extremely risky. Here a just a few reasons why this practice could cost you everything.
- They have limited or no knowledge about the task. There is no guarantee that your staff is doing it correctly.
- They will lack the organization required to file and monitor the changing nature of each certificate.
- You are paying them a premium salary for a task they may be unqualified for.
Ignoring the Problem
Many companies choose to ignore the costly risk of not monitoring their third-party insurance. This reactive approach is a recipe for failure. Ignorance is not a solution when it comes to protecting your assets.
What is Third-Party Liability?
So what is third-party insurance liability all about? It is defined as vicarious liability. Simply put, responsibility rolls up hill. If you are a business owner with 3 locations and sixteen third-party vendors who serve those locations, then you have at least 19 potential risks. Your goal is to make sure that all of your teams, including the third-party vendors, are completely covered and up-to-date with their insurance documents. By bridging this gap in liability, you create two lines of defense for yourself and protect everyone else. You are protected from unforeseen liabilities due to third-party vendor claims. The business is protected from any third-party vendor claims. And your third-party vendors stay current and on top of their insurance requirements.
If you are like the thousands of other business owners we help, then you are a proactive person who stays ahead of the game. You want to stay in control of your liabilities and grow your business. You now have a way to do that. We help some of the largest companies in the world and we also help many that are just beginning the journey. There is no business too big or small. A minimal investment of $5.00 a month to protect your company’s assets will someday save you HUNDREDS of THOUSANDS, if not MILLIONS of dollars in the event of an accident. This is your chance to take control of your 3rd party insurance liabilities. Contact us to get your free estimate and customized plan.