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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

  1. 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.
  2. 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.
  3. 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.
  4. 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.

We are a full service independent insurance agency with the ability to help with all lines of insurance from personal auto, home, umbrella, boat, motorcycle, life and health, to the business owner with complex needs.  We represent many of the TOP insurance carriers and are available to listen, learn and guide you though your insurance needs. We will take a comprehensive approach to your insurance that considers the best balance of coverage and cost.  We are proud to be licensed in  Illinois, Kansas, and Missouri. 

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