Contracts are signed in business every day. Contracts can include property lease agreements, equipment lease agreements, service agreements, and employment contracts. It is an important part of your business insurance and risk management program to review all contracts prior to signing. We always recommend that you have an attorney review contracts to make sure that they comply with all state regulations.
Contract Hot Spots
- Hold harmless -- A hold harmless agreement requires you to hold another party harmless for your actions. While this may be appropriate in some situations, we recommend you review this against your business insurance. Your business insurance may have coverage limitations depending on the hold harmless language. If you must indemnify the other party, limit the indemnification as much as possible. Negotiate the same indemnification for yourself. An attorney can also help you understand unintended consequences that might arise from using, or agreeing to, a particular clause.
- Disputes provisions are often part of all contracts. Make sure that the provisions state that any dispute will be managed and settled in your state of operation.
- Confidentiality agreement. Many times you may be providing confidential information about your business or customers. Consider including a provision requiring them to keep the information confidential and to secure the information in a manner consistent with applicable federal and state laws.
- Commercial or business insurance requirements should be included in every contract. If there is going to be any on-site work completed, make sure the agreement includes workers’ compensation insurance as well.
Fourrier Agency would not be where it is today without superb customer service. Our late founder, Larry Fourrier, started in the insurance business in 1946. His work ethic, devotion to clients, and leadership in the community played an instrumental role in developing the proper relationship that must exist between an agent and his or her client. We have an extraordinary team to carry on those same founding principles and to place service to the client above all else. With Fourrier Agency, there is 69 years of service and support that needs to be upheld. That service is upheld to every client, every day.