Risk Management Assessment for Your Business
America is a litigious society. Businesses limit their business-related risks through insurance. However, for most business professionals, dealing with risk management still remains fraught with uncertainties.
Insurance Policies and Contract Language
In this environment, it is imperative that business executives develop a working knowledge of the various insurance policies on-hand, and find out whether there are gaps in coverage that have to be closed.
Furthermore, contracts with clients and vendors contain clauses that can shift major risks to or from your company and interplay with your policies. Both your insurance policies and contracts need to be thoroughly reviewed to ensure that you close any gaps in coverage.
This is especially true in the intellectual property arena.
Risk Management Assessment
Leech Tishman offers a variety of insurance-related legal services to fit your needs. We recommend that each company undergo a periodic Risk Management Assessment by our insurance coverage attorney, Ray Hughes.
As part of the Assessment, we will perform the following tasks:
Speak to management about the industry it serves to gain an understanding of its risks.
Review loss runs from prior years to understand the scope of the risks faced by the company.
Review the company’s current insurance policies, declarations, limits, and endorsements and compare the coverage provided to the company’s risk exposure.
Review the company’s contracts with major clients and repeat vendors to ensure that those contracts contain the appropriate risk management language such as indemnification and insurance coverage provisions.
Review the overall costs of the company’s risk management program, including insurance premiums, deductible and SIR structures, and other factors to help manage its budget.
Review suitability of possible self-insurance, e.g., through captive insurance programs for tax benefits, risk management, and other benefits.
Answer specific questions and concerns from the company regarding its coverage and exposures.
Another advantage of this service is that, by the end of the exercise, you would have claims counsel that is already familiar with your business. You will be able to call upon us for initial advice in the event of a large loss during the policy period.
For large losses, it is important to understand the factors that need to be prioritized immediately, such as responding to media requests for information, preserving evidence, reviewing relevant contracts, notifying certain insurance carriers, and responding to investigations by regulatory entities.
Leech Tishman can also help with analysis of the claim itself, including any proposed settlements by performing a review of the purported liability and damages and seeing what coverage is out there for your loss.
Our Risk Management Assessment can effectively be performed at any point during your policy period, but changes take time to plan and implement. Therefore, it behooves you to act early.
Contact your Leech Tishman attorney today.
Leech Tishman’s Intellectual Property attorneys are dedicated to the protection and monetization of your ideas and innovations. Many of our registered patent attorneys have advanced degrees enabling them to truly understand the complex technical details of your idea. Several bring engineering expertise, others molecular biology, manufacturing and business acumen to your trademark, copyright, patent prosecution and litigation and trade secret issues, both domestic and international.
Our clients range from individual inventors, authors and owners of creative works to entrepreneurial enterprises, government entities, mid-sized corporations and Global 500 companies with operations throughout North and Central America, Europe, South Asia, the Far East and Australia.
We have serviced a vast array of industries including automotive, cosmetics, e-commerce, electronics, entertainment, fashion, food and beverage, furniture, internet, manufacturing, networks, optics, publishing, software, technology, toys, and wireless.
We are committed to providing you with strategic counseling and personal attention throughout the entire life cycle of your project.
We are proud of our longstanding relationships with local innovation communities and enjoy working with entrepreneurs and businesses who wish to protect their ideas and good names.
Please contact us today for a free consultation at (855) UR- IDEAS or (626) 796-4000.
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