As a managed services provider, your business model brings with it a complicated risk picture. Such a specialized collection of liability sources also requires a sophisticated risk management strategy to protect you, your vendors and your clients. From general liability to cyber coverage, your insurance policies should be crafted to safeguard your vendor management services firm from serious fiduciary losses.
Multifaceted Strategies for Protection
It’s easy to think of liability in terms of traditional types of exposures, such as automobile accidents, on-the-job incidents or property damage. Of course, there are also issues of fiduciary responsibility and duty of care, particularly when it comes to managing investments, health programs or employee benefits, and claims that may arise based on negligence or intentionally abusive acts. Multiply all these by the number of clients you serve and vendors you’ve partnered with, and you can see why your potential liability can grow exponentially. Your insurance should take all these into account, providing specific kinds of claims protection such as:
- Cybersecurity and privacy coverage
- Abusive acts liability
- Employment practices liability
- Fiduciary liability
- Hired and non-owned auto coverage
- Property and inland marine
Putting the Pieces Together
A staffing insurance firm providing flexible options can craft a customized coverage package for your business. With the right combination of products, indemnity protection for your vendor management services company becomes greater than the sum of its parts.