Serving all of New England

Risk Transfer

Protecting Your Business Through Transfer of Risk

risk-transferYour business interacts with contractors, subcontractors, vendors, and consumers on a daily basis, exposing the company to potential lawsuits. You can manage certain risks by avoiding, reducing, retaining, or transferring them. The most common method of risk transfer is to purchase an insurance policy, where specific losses are covered by an insurance company.

Another method of risk transfer is through non-insurance contractual agreements such as manufacturing supply agreements, staffing agreements, and commercial leases. There are several ways to protect your business:

  • Indemnification Agreements. When worded properly, contracts can offer comprehensive coverage by including provisions of insurance requirements, additional insured status, and certificates of insurance and indemnification or hold-harmless language. This language ensures that if your business is held liable, you will be held harmless and reimbursed for any monetary loss.
  • Additional Insured. Adding yourself as an additional insured onto a third party’s policy ensures that you have certain rights under that policy. This can help to protect your business from liability arising out of the other party’s negligence. Keep in mind that additional insureds are only covered for operations that involve the named insured, and that policy exclusions will also apply to the additional insured.
  • Certificates of Insurance. Your business should require a certificate of insurance from subcontractors, tenants, service providers and other parties you interact with. This document provides evidence that the other party has insurance, listing the coverage types, expiration date and limits of the policy.

Before you sign any contracts, it’s important that you review them with your legal counsel and a risk management expert to better understand what you are agreeing to and limit any surprises during a loss.

Fill out the form below to schedule a review of your contracts and agreement with our insurance experts:

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Heart of New England

As a regional insurance agent and broker, we understand what it means to service our clients throughout New England. With two central offices, we understand the very specific risks of the region’s businesses and consumers and can tailor an insurance solution to meet your needs.
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Tailored Coverage

You should never have to compromise on your insurance protection. Every individual, business, and family has a unique set of needs that can’t be met with a one-size-fits-all quote. Our Freedom Plan lays the foundation for us to customize an insurance plan that’s tailored to your specific needs and risks at a competitive price.
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Educational Partner

Do you know what gaps may be hidden in your coverage, leaving you unprotected when disaster strikes? We pride ourselves on educating our clients on their coverage details, including the terms, limitations and conditions of their insurance policies. We also produce fresh content in our Resource Center that is timely and of most value to you.
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Powerful Network

Our staff conducts extensive research to develop a custom insurance plan or risk management strategy for your personal or business needs. We then present you with a selection of programs from multiple insurance carriers that will protect your business equity or personal net worth.
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Claims Center

What do you need to file a claim? When you’re dealing with a loss, you should be confident in knowing that our licensed staff will respond promptly. We handle claims on a more personal level, working directly with your insurance company throughout the entire process to ensure that your claim is settled both quickly and fairly.