Working with vendors brings risks to business arrangements, including potential financial, legal and operational issues. Any company that deals with multiple third-party vendors should consider implementing a vendor risk management strategy.

The certificate of insurance tracking process includes collection and storage, analysis, correction, and follow-ups. The BCS App simplifies this process.

Additional Insured endorsements are insurance provisions extending liability protection from the policyholder to other parties who may benefit.

Loss payee is a common insurance policy designation naming the party to which payments are to be made in the event of a loss.

Hold harmless language (a/k/a indemnity language) is found in most contracts and agreements, with the purpose of transferring the obligations of one party to another to defend and make whole the other party for legal liability, typically related to the services, work or nature of the contract.

Effective contractual risk transfer strategy includes insurance requirements and the collection of documentation, correction processes and the storage and accessibility of that data.

Clear contractual language, effective internal policies and communication, and centralized tracking are several ways to increase COI compliance.

Contractual risk transfer is the ability to transfer a risk/loss from one party to another party through the language written in a contract.

You Could Face Tort Liability For Your Independent Contracts