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Do You Know Your Vendors’ and Subcontractors’ Experience Modification Rates? You Should.
The Experience Modification Rate goes by many names: EMR, E-Mod, MOD Rate, Experience Rating, or Experience Modification Rate. But regardless of what term you use, it’s a very important one to understand—especially as it relates to those that your organization does business with on a regular basis. This rate is a number used by insurance […]
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False Information on Certificates of Insurance Can Be Harmful. How to Protect Your Organization:
Did you know that 40% of insurance agency errors and omissions claims are related to false information on certificates of insurance? That’s an astounding percentage when considering all of the other possible claims. It goes to show just how dangerous it can be to trust the COI without the supporting endorsements. What is an Error […]
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Certificates of Insurance Could Be Putting You at Risk – And You Might Not Even Know It
Aren’t certificates of insurance supposed to help protect your organization and not hurt it? Yes! However, COIs could be putting you at risk if they’re the only documents your team is relying on to ensure compliance of your third party vendors and subcontractors. Unfortunately, many organizations believe that the COIs they receive are fully accurate […]
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Risk Management Vs. Operations: How Do You Meet Both Teams’ Goals?
Your organization likely has two teams—Risk Management and Operations—that both have goals and objectives to meet, but many times have very different perspectives on how to reach those goals. On one hand, the Risk Management Team likely isn’t as concerned about time, efficiency or even cost savings. Their main objective? Ensure that every individual across […]
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What is an Additional Insured and Why is Additional Insured Protection So Important?
With new legislation, court rulings, and insurance changes, keeping up with the world of compliance is anything but simple. As for picking risk management priorities, a topic stands out when it comes to keeping a company covered against loss events – additional insured endorsements. Get them right and a company benefits from an added layer […]
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Your Subcontractors Provided Proof Of Insurance. But, Is Their Coverage Still In Place?
The business of insurance compliance is tricky. Depending on your industry, you may have anywhere from 10 to thousands of subcontractors and third party vendors performing work for your organization. And, while you want to trust that all of them keep their insurance in tip top shape and have ample coverage, this is, unfortunately, not […]
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