What is Risktech?
Risktech is a broad term that encompasses any technology that is used to manage risk. This includes everything from data analytics tools to ...
Blog Insurance Risk Management Technology TrustLayer News
Way too often, verifying the insurance coverage of third-party business partners is reactive.
In reality, unverified insurance is a sleeping giant, waiting in the wings to potentially demand thousands of dollars in claims that your company is not even responsible for.
Rather than irresponsibly running your business on a “hope and a prayer,” companies must proactively collect certificates of insurance (COIs) from all third-party providers/businesses in a responsible and timely manner, or face potentially significant claims themselves, without any responsibility from the subcontractor or vendor who may have been responsible for the loss.
Properly transferring risk, by insisting all business partners provide up-to-date COIs can also avoid unnecessary delays or disruptions in work. Insisting on gaining COIs before vendors begin work or are even allowed on premises protects your business first.
While up-to-date COIs are important for all businesses, they are particularly key in a number of industries.
Bottom line: If you’re not checking that your partners have the right insurance, you are living with a sleeping giant.
To best avoid such liability catastrophes, follow these best practices.
Improving your risk profile can help you make better business decisions overall. By proactively verifying your business partners’ insurance — more specifically their COIs — you can put that sleeping giant back into hibernation.
About the authors
Sharon Fox, CIP, CRM is the Director of Business Development at TrustLayer and has over 12 years of combined experience in Insurance, Risk Management and Technology. Sharon is a Chartered Insurance Professional and Certified Risk Manager. She is passionate and committed to helping drive positive change within the insurance industry and the client experience. She previously had positions at a top tier brokerage and led the introduction of Indio Technologies to Canadian Brokers prior to being acquired by Applied Systems.
Steven Wright is a Manager of Implementation at TrustLayer and has over a decade of insurance experience. Prior to TrustLayer, he most recently worked in commercial property and casualty insurance at Lockton – one of the largest privately owned brokerages in the world. Steven is focused on harnessing his industry knowledge and expertise to help build out TrustLayer as a vehicle for change and transparency in the insurance industry.
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