Vendor Qualification
Vendor Qualification Assessment
A certificate of insurance doesn’t always tell the whole story. If you’re a developer, a real estate owner, or a contractor, you’re putting a lot of financial faith that another contractor or sub-contractors insurance policy can cover unexpected issues during a project by only confirming they have some form of insurance. Navigator Risk Management offers vendor qualification assessment services to provide greater peace of mind in these instances. By verifying the type of insurance and the amount of coverage a sub-contractor has, you can move ahead with projects confidently. Read further to understand the importance of this service, and contact us to schedule a consultation to learn more.
Why Is Vendor Qualification Assessing Important?
The only sure way to understand the extent of a contractor or sub-contractors insurance coverage is to read through the actual policy. However, getting your hands on it or taking the time to read through it can prove challenging. If you take a contractor at their word, you may be leaving your company and insurance exposed to cover anything the company you’ve hired can’t. If a contractor or sub-contractor you hire doesn’t carry the insurance to fulfill the obligations of the contract or if there is an accident or issue with the work they’re not insured for, the responsibility falls to your insurance policy. You want to avoid this because claims on on your insurance lead to an increase in your future rates removing money from your profit.
Subcontractor/Vendor Vetting
The vendor qualification assessment service by Navigator Risk Management verifies the insurance coverage of potential contractors or sub-contractors you’re considering hiring. Our team will look at the insurance requirements necessary to be in compliance with the scope of the job and use our system to reveal how close the company’s insurance matches the requirements. You will have a clear understanding of whether or not the business is safe to partner with for the work without jeopardizing your own insurance rates and impacting your revenue.