Unfortunately, not all risk management and insurance firms are equal. Failure of these firms to properly identify potential risks and recognize insurance coverage gaps can result in claims that are not covered which can threaten your business and your bottom line.
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Efficient Risk Management
International Risk Management Institute (IRMI) has identified over 100 common insurance policy coverage gaps. Unfortunately, many companies don’t discover these shortfalls until they become caught in the “Gap Trap.”
Here is a brief sampling of some of the gaps IRMI has identified:
Avoiding the Gap
AVOID COVERAGE GAPS WITH COMPETENT RISK MANAGEMENT
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Failure to properly list the Names Insured on an insurance policy
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Failure to acquire and maintain Hired and Non-Owned Auto Liability coverage
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Relying on a Commercial General Liability policy to provide coverage Professional Liability exposures
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Failure to obtain an employee benefits liability endorsement
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Failure to obtain coverage for Leased Workers
Helping You Avoid The Gap
Coverage Gaps by IRMI
