Contract Liability

Contract Liability – What do You know about it?

Did you know….many small and medium business owners and managers can expose themselves to potential financial difficulty by entering into contracts?

Are you a business owner focused on the perceived benefits and distracted from seeing the liabilities and other consequences of what is being signed including the impact this has on your insurance policy coverage provided?

It is important to understand the risks associated with signing contracts and we would like to provide you with a free copy of “Mannings Guide to Contract Reviews”

Get a Guide to Contract Liability

This guide explains the major issues affecting your insurance policies that you should be considering when signing any contract, large or small

We understand that signing contracts is just part of business, however not everyone understands the full implications of what they are signing. This is nothing new, and the risks associated with entering into contracts are increasing. More than ever, large organisations are transferring as much risk as possible from their organisation to the other party to the contract. If a business owner or manager signs a contract, without fully appreciating the risks associated, it can have life changing consequences

5 Important Tips to Contract Liability

Many insurance policies have exclusions or limitations around contractual liability which will need to be negotiated with your insurer so with this in mind, here are some important tips to consider

1. Read and understand the implications of the agreement, regardless how big or small.
2. Make sure you can deliver.
3. Don’t incorrectly make the assumption that your policy will automatically cover your contractual obligations.
4. Provide copies of all your contracts and agreements to your Insurance Adviser.
5. If you don’t understand a clause, don’t sign it without seeking advice first from your Accountant, Solicitor and Insurance Adviser.

Should you have any further queries in this regard, simply contact us on (07) 3217 9015

Click on the link below to download your copy of this free guide. And speak to your adviser if you have any further questions

Here the Guide to Contract Reviews-IAA –

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The information contained in this correspondence is provided in good faith and whilst we believe it to be accurate and reliable IAA does not give any warranty as to the accuracy, reliability or completeness of the information. IAA directors and representatives do not accept any liability for any error or omission or for any resulting loss or damage suffered by the recipient or any other person. We recommend that you seek specific and personal advice from your Insurance adviser