Risk Management Considerations

Who Should I Track?

Periculum offers a wide range of capabilities to help you minimize the risk that your organization may be exposed to through a multitude of business relationships. Requiring, validating and monitoring insurance is a prudent and proven business “best practice” that is both useful and customary in today’s marketplace. As you look over the list provided below, place a check mark beside those vendors that apply to your particular business. You can be on your way to comprehensive certificate management in just minutes!

But Whose Insurance Should I Monitor?

Architects & Engineers – A design error on your project could cost you dearly.
Borrowers – Is your collateral protected? Can they repay if an uninsured liability claim puts them out of business?
Concession Vendors – A negligent and underinsured concessionaire on your property or at your event could expose you to liability.
Contractors – No matter how big or how small the job, you could be stuck with their negligence on your project.
Franchisees – It’s your good name and brand at risk. These independent business owners had better be adequately insured for your sake.
Information Services Providers – Security… Identify Theft… Buggy Programming… ‘nuff said.
Lessees – They’re using your equipment or property, but what might they do with it to cause you a liability if they’re not adequately insured?
Professionals – Your Accountants, Attorneys, Ad Agencies… And that’s just the “A's.”
Private Label Vendors – You re-sell their product with your name on it… They had better have plenty of Product Liability insurance!
Suppliers – You use lots of “stuff” to conduct your business, and if any of this “stuff” causes damage or injury, you need to know that you are protected.
Tenants – They occupy space in your building. What if they burn it down? What if they create a hazard that leads to human injury?
Trade Contractors – Subs occasionally cut corners, and that includes their insurance. Do you really want to be hit for their payroll in your workers compensation premium audit?
Transportation Services – They’re shipping your goods, or perhaps bringing in materials. What if the truck damages someone’s property or injures someone?
Vendors of Parts – You put this part into your widget. You rely on it to meet your customers’ needs. What if it fails? Is the vendor financially capable of protecting you?
Vendors of Product – You sell the widget to the public. Who do you think they think of first when it causes damage or injures someone?

This list isn’t exhaustive, but it does give you some idea about the areas and issues surrounding your day to day operations that pose potential risk to your company.

What Should I Track?

Although Periculum was founded and developed to provide comprehensive insurance monitoring services, we have expanded our capabilities to meet the growing needs of our clients. Here are some forms of documentation that Periculum can manage on behalf of our clients:

Certificates of Insurance – The cornerstone of our services. We are experts at obtaining, validating and monitoring insurance certificates.
Policy Declarations – If you need or want more than just a certificate of insurance, or perhaps even a complete policy copy, we can manage it.
Drivers Licenses – Some firms want to verify that employees have valid drivers licenses, and keep copies on file. No problem.
Indemnity Agreements – Do you have a specific document that you require all of your vendors, contractors, and suppliers to sign?
Other Certifications – Any other certifications or documentation that you want to obtain and monitor? Perhaps some industry-specific certifications? Would you like to require (or at least encourage) your vendors to file quality assurance certifications?

Periculum can develop a customized service program to obtain and monitor a complete package of documentation on your business partners, and we can even create varying documentation packages according to the type of business partner. Proper insurance is one very important element of a healthy business partnership. What else would you like to know and keep track of on your business partners? It is all within your reach through a secure internet connection.

Call Periculum today.