SALT LAKE CITY, Aug. 3, 2022 – Taking shortcuts when it comes to managing the risks inherent in a business can lead to long roads of aggravation and perhaps even long legal battles ending in bankruptcy.
That’s the bad news. The good news is that taking the time to focus on the details now can help preclude disasters later.
WaiverSign, a paperless, digital system for gathering and storing signed online waivers, recently hosted a webinar to help businesses understand the importance of a properly worded waiver carefully paired with a specific insurance policy. For the entire recorded webinar please see https://www.waiversign.com/webinar/protect-your-business
The upshot of the webinar? Security rests in the details. Using a generic waiver or a waiver copied from another company could torpedo a business.
“We are concerned about businesses taking shortcuts when it comes to putting together a proper waiver,” said Brandon Lake, CEO of WaiverSign. “For a small investment, a business can potentially avoid lawsuits and legal costs with waivers that are tailored to the specific risks specific inherent in a particular business. A properly worded waiver needs to be supported by an insurance policy that fills in potential gaps which the wording in the waiver may not cover.”
Panelist Max Goodman, Partner at the law firm, SmithAmundsen, LLC headquartered in Chicago, Illinois, advised: “The copy/paste method of securing a waiver may fall short in the event of a lawsuit. A judge will only consider a waiver if it’s near perfect. The waiver needs to line up perfectly with specific unique risks and dangers and it needs to align to a specific location and the laws of city and state. Avoid using free, online waivers that are general, offer zero protection, and fail to warn of specific risks.”
He added that by investing in some 90 minutes of an attorney’s time to prepare a waiver specific to business risks and location, businesses can help themselves deflect lawsuits, legal fees, and extra costs down the line.
If a waiver doesn’t work, then what?
A business that has planned in advance to protect its assets and owners from inherent risks will work through the strategy of aligning insurance coverage with the language outlined in its waiver. A company needs to understand the endorsements and restrictions on a policy and its exclusions.
“Nobody knows your business better than you. You can institute risk mitigation techniques that an underwriter may not think about. Helping your agent understand your business a bit more can have huge benefits,” said Sean England, Risk Management Specialist in Moreton & Company’s Salt Lake City office.
A common mistake is basing decisions solely on a policy’s limits and premiums. The forms page outlining the coverage should be the focus instead while asking the question: “Do I actually have enough insurance to cover my risks?”
● Benchmark. Look at what similar businesses are doing.
● Analyze your balance sheet to determine the best risk strategies.
● Ask about forms and definitions around specific wording.
● Inquire about markets. Is there a program more applicable to your business? Could you receive more coverage at a better price? Is the coverage being offered the carrier’s best and final?
● Assess how your insurance policy will respond if the wavier doesn’t work.
Since signing on the first WaiverSign customers, the range of companies has expanded beyond tours and activities to include personal trainers, yoga instructors, gyms and fitness centers, sports organizations, events, massage therapists, waxing businesses, trampoline parks and more. Millions of people seeking unique experiences from around the world have used WaiverSign before participating in activities and services.
Founded in 2013, WaiverSign offers one of the most efficient, easy-to-use digital liability waivers and electronic liability release solutions available in today’s marketplace. An API (Application Programming Interface) allows other reservation and customer relationship databases to push and pull customer data directly to and from WaiverSign. This provides a simple and fool-proof way for collecting customer information in whatever reservation system being used. For more information, visit https://www.waiversign.com/ or call 877.741.7705.
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Media Contact Widness & Wiggins PR:
Bob Birrell, Business Development Manager / 888.737.6275