Finding a Certificate of Insurance Online is a Risk The availability of insurance forms online should make a compliance admin’s job easier than ever. However, this isn’t always the case. Since the untrained and unaware can easily download forms and try to fill them out themselves, compliance admins might struggle with all of the fraudulent […]

Insurance policies. Indemnity agreements. Additional insured endorsements. They all sound alike, so what’s the difference? Each works to protect companies from paying out-of-pocket costs for claims, losses, and litigation. They do that by transferring risk to another entity. Yet all three perform the job differently. Think of them like a belt-and-suspenders approach to risk management. They […]

In the process of hiring a new vendor, you review their certificate of insurance (COI) to make sure your company is covered against a potential loss:  The Commercial General Liability (CGL) policy is active and coverage amounts are ample for the project’s value.  The vendor has workers’ compensation insurance.  The COI cites your company as […]

When attending a big event, you want to dress the part. The same rule applies to risk management. Organizations well prepared for combatting loss events have their “risk bowtie” ready to go. The bowtie method provides a model for thinking about potential risks and their impact on a company. The diagram helps businesses prioritize likely […]

Is your company gambling when it comes to risk? You might be on a winning streak, but sooner or later costly third-party injuries, damages, delays, or defects will happen. Contractual risk transfer provides a loss prevention strategy that places the financial burden for claims and litigation with the parties best able to prevent them – […]

For many businesses, COVID-19 is testing a telecommuting infrastructure for the first time. While the practice certainly keeps employees safe, it also exposes companies to new risks. From cyberattacks to malware and security breaches, businesses now are facing a different type of threat as workers move to remote work, many using home networks with fewer […]

Last year marked several big courtroom decisions impacting risk management. To keep you up to date, we’ve created a two-part series of important cases that could affect your risk mitigation procedures. Part I focuses largely on additional insured endorsements and commercial general liability exclusions. Part II focuses on workers’ compensation. Following case law updates helps your company stay […]

Frequent readers of this blog know myCOI is all about preventing risk through insurance compliance. But what happens when a tenant, vendor, contractor, or other third party falls out of compliance? Unfortunately, no risk mitigation program can perfectly prevent an entity from letting their insurance lapse, but it can react quickly and appropriately when contracted […]

Whether a project is worth $10,000 or $10,000,000, your company probably is issuing some form of a request for proposal or RFP. Far too often risk management begins once a winning bid is selected, but in our opinion, this is too late. RFPs offer an excellent avenue for establishing risk mitigation as a project priority […]

A property manager’s work is never done. The everyday job list includes: These tasks easily could fill more than an eight-hour workday, yet a critical “to do” item is missing from the list – managing risk. While the best property managers focus on income-generating and cost-cutting tasks, failing to prioritize risk mitigation and commercial liability […]