Risk prevention strategically designed to increase workplace safety and prevent loss,
starting with the following steps:
• Identifying potential hazards and loss trends
• Studying the characteristics of a business
• Creating a plan to address hazards
• Integrating the plan into everyday operations
Because actions speak louder than words, implementation is key. Whether you need help putting plans in place or staying up to date on the latest safety practices. We provide onsite surveys and virtual consultations, education, and training on loss prevention and risk management topics vital to a telecom/broadband company.
There can be many tricks and traps of working with independent contractors. We provide an audit of the contract for insurance purposes such as hold harmless and indemnity agreements, the certificates of insurance, and the analysis of the business plan for independent contractors you are planning to use. If there is an accident or injury while performing work on your behalf, you want to know ahead of time that the contract protects your company and that the contractor has their own insurance to pay for the damages.
Do you use independent contractors? Who is picking up the risk: you, them or an insurance policy?
Contractual risk transfer includes three main components:
• Hold harmless agreement/indemnification clause: The portion of a contract that outlines the liable party’s responsibilities, such as their duty to defend the other party – and clearly holds them liable if property damage or injury results.
• Insurance procurement clause: A provision requiring the third party to purchase insurance, including a Certificate of Insurance.
• Waiver of subrogation: A clause indicating that if the liable party’s insurer coverage pays for a claim related to your work, the insurance agent cannot pursue further damages from you – even if you were partly to blame.
Telcom’s risk management strategies have proven successful across the country, helping to limit losses and give telecom companies much-needed peace of mind. When signing a risk transfer contract, keep these tips in mind:
• Trust an attorney. Be sure to have an attorney with specific experience in contractual risk transfer draft your contract. Having legal guidance is extremely helpful in ensuring your business is protected.
• Exercise due diligence. Once the contract has been written, read it carefully. If it was not drafted by your attorney, be sure to have them review it thoroughly before you sign.
• Save a copy for your records. File a copy of your contract, and also ask for a copy of the other part’s Certificate of Insurance. This confirms that they have fulfilled their insurance requirements and purchased the policy specified in the contract. Be sure to check the policy’s expiration date and ask for proof each time it is renewed.