Protecting Your Business with Contractual Risk Transfer

This episode is brought to you by QBE North America, a global insurance leader focused on helping customers solve unique risks to enable a more resilient future. *** Insurance coverage is the most basic form of risk transfer and protects businesses from risks under their direct management and control. However, a business can gain additional layers of protection through contractual risk transfer, in which the business shifts liability for loss to another party. QBE North America’s Tom Lysaught, senior vice president, head of property and casualty claims, and Bobby Steinsdoerfer, senior vice president, retail property and casualty underwriting, join the podcast to discuss the benefits of an effective contractual risk transfer strategy. They detail the varying levels of contractual risk transfer and how to implement an effective contractual risk transfer program. From poorly written contracts to inadequate contract management or handshake agreements, Lysaught and Steinsdoerfer share examples and detail common mistakes that can prevent a business from transferring risk appropriately—potentially resulting in lawsuits, reputational damage, rising insurance premiums and other financial repercussions. They also discuss the importance of securing qualified legal counsel and utilizing resources available through an insurance carrier. To learn more about QBE North America, visit www.qbe.com/us/acg-members. *** The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.