Giving the fine print a good long look.
As a business owner, you no doubt have a filing cabinet (or email folder) filled with contracts. They may consist of customer agreements binding you to provide a service or product, contracts allowing you to subcontract to a general or lead contractor, or agreements that permit subs to work for you. You also most likely have leases for office space, equipment, and perhaps even vehicles. Or, if you’re a property owner of a building, you have tenant agreements. Whatever type of business binding agreements you may have, there will almost always be insurance implications.
Working in tandem with your legal counsel to get you effective coverage.
Martin Insurance Group provides businesses with contract and lease reviews to help pinpoint any embedded insurance considerations. In having your contracts reviewed by our insurance experts, in addition to your legal counsel, we can assess whether your company is opening itself to any hidden risks. This is particularly important regarding subcontractors, independents, and additional insureds. If not done properly, adding additional insureds can undermine your liability insurance limits. Employing independents who are misclassified or who don’t carry their own proper insurance could get complicated if a claim occurs or at audit time, especially when it comes to workers compensation insurance, employment practices liability insurance, and errors and omissions (E&O) insurance.
If your contract involves the lease of property, such as a rental car, equipment, offices, or storage, you need to make sure you aren’t responsible for property damage or losses that your commercial insurance property doesn’t cover. Our staff at Martin will help you identify any such gaps.
Since 1983, Martin Insurance Group has been providing insurance and contract reviews to businesses throughout New Jersey, Pennsylvania, and Connecticut, including companies and organizations throughout Mercer, Middlesex, Monmouth, and Ocean Counties, as well as Bucks County, PA. We would like to extend our experience, expertise, and professional service to you and your company, too. Call 800.353.5000 now to speak with a representative about an audit of your insurance risks and coverage.