Category: Risk Management

10 Tips for Transferring Contractual Risk

April 21, 2020

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 – […]

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Cybersecurity and Remote Work: Managing the Risks

April 2, 2020

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 […]

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Insurance Case Law Update: New Decisions Impacting Your 2020 Risk Management Strategy – Part II

January 29, 2020

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 […]

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Rules for Insurance Non-Compliance: Winning at Risk Management

December 17, 2019

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 […]

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Important Steps for Managing Risk Using Your RFP

November 27, 2019

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 […]

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It’s About Time: Making Risk Mitigation a Top Priority for Property Managers

November 18, 2019

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 […]

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myCOI Celebrates 10 Years of Innovation and Growth

November 15, 2019

myCOI, a company specializing in technology for risk prevention, started in one of the riskiest times in US history. Roll back 10 years. The United States was in its worst economic crisis since the Great Depression. Many large corporations were barely treading water. The housing bubble burst. Countless small businesses closed their doors forever. The […]

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Contract Best Practices for Transferring Risk Using Insurance Requirements

October 30, 2019

myCOI Team,  Per your advice, we have zeroed in on insurance compliance with our trade contractors and vendors as part of our new risk mitigation strategy. We review every Certificate of Insurance (COI) for the required coverages and keep all the signed contracts stored in the system. While our loss history is getting better, we […]

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Five Frontline Employee Solutions for Risk Management Problems

October 25, 2019

We’ve all heard the saying, “If you aren’t part of the solution, you’re part of the problem.” This phrase seems truest in the world of risk management and insurance compliance where all work centers on preventing and combating trouble. Even in a field designed to handle bad news, everyone hates sending an email with the […]

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Managing Construction Risk for Better Odds of Project Success

September 25, 2019

Lots of things can ruin a construction project. Financing, cost overruns, Mother Nature, material defects, permits, and the list goes on. Of everything that takes down a good project, insurance compliance shouldn’t be one of them. However, 74% of organizations inconsistently use risk management practices in project management (PMI). On a construction site, that risk […]

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