Vicarious Liability | The Most Dangerous Risk To Any Business Owner
Your business has been operating for years with no incident. You are growing, opening new locations, hiring a larger workforce. Things are great. Then a 3rd party vendor has an accident. His insurance only covers one hundred thousand dollars in damages. The result is a MILLION dollar lawsuit.
And they are coming after you. This is vicarious liability. It is the most dangerous, unforeseen risk to any business owner. As a company, you can be held responsible for the actions of all your 3rd party vendors. Exposed 3rd party liabilities will leave you facing huge uninsured claims, lawsuits, attorney fees, terrible publicity, and the possible loss of your business.
Example: Your company hires John to deliver your products to several of your retail locations. While making a delivery, John hits a passenger car, and injuries the occupants. John was engaged in the duties required by his employment, therefore your company will be held liable for any uncovered damages.
There are thousands of cases just like this one. Failure to properly collect, review, and monitor 3rd party insurance for any ongoing updates could have terrible results.
Don’t ignore this dangerous risk. Be pro-active. You can eliminate these liabilities once and for all. Contact us today. Our WEBVIEW™ system helps you take control of your 3rd party insurance liabilities. Download your Vicarious Liability [PDF]. Get back to expanding your business with the peace of mind that you and your team are fully covered.