General Liability Assessment

Assessment Introduction

Page 1

Welcome to the General Liability IQRM!

It is a reality that your organization will face claims brought against it by third parties, customers, users of your products, and members of the public who claim an injury.

For all businesses, general liability insurance is a key component of an organization’s risk management program.  If you are a large company, you may be able to afford the cost of litigation as part of your operating expense.  If you are a smaller entity, however, the costs to defend a suit from an aggressive plaintiff may mean bankruptcy. 

General Liability is the insurance that protects your organization from claims brought by third parties.  With costs of litigation high and a finding of liability potentially devastating, general liability insurance is one of the ways to buffer your firm from being ruined in a lawsuit.  

Please click below to begin a 20 statement survey to gain your organization’s IQRM Effectiveness Risk Audit Score for your general liability practices. 

Question 1

How effective is senior management at assessing the degree to which your organization  is prone to lawsuits and the nature of the lawsuits?

Question 2

To what extent does your organization have quality control procedures or similar safety requirements in place?

 

Question 3

How would you rate your organization’s familiarity with average costs of litigation in your community?

 

Question 4

How well does your organization maintain a record of prior claims against it and/or records of any recall of products or similar risks?

 

Question 5

To what degree has a person been identified to assist your agent or broker in responding accurately to the insurance underwriters or auditors?

Question 6

To what extent has your organization conferred with your agent or broker to confirm the accuracy of the general liability class code(s)?

Question 7

To what degree are decision makers within the organization familiar with exclusions in the insurance contracts and, if necessary, are seeking coverage for excluded risks where coverage is needed?

Question 8

How would your rank your organization at assigning a person to maintain all insurance policies, including policies from prior policy periods?

Question 9

To what degree is your organization aware of whether prior policies were occurrence or claims made policies?

Question 10

To what extent does your organization have a policy in place to obtain prior acts or run-off coverage in order to fill gaps if change of insurers or change in type of coverage occurs?

Question 11

To what degree does your organization have a policy to address when claims are made against the company?

 

Quesiton 12

To what extent does your organization have procedures in place to retain records and material related to claims, including security footage, photographs, emails, etc.?

Question 13

How would you rate your organization at identifying a person to maintain these claims records and keep them organized?

Question 14

How aware is your organization of potential trigger of coverage theories to determine the policy periods that might be triggered?

Question 15

How effective is your organization at identifying a person familiar with the historical and current policies to provide insurance to all potentially implicated insurance policies?

Question 16

How would you rate your organization at identifying a person as the contact person to assist and promptly respond to an insurance company investigation?

Question 17

To what extent is your organization familiar with the policy language and the local laws regarding selection of defense counsel?

 

Question 18

To what degree is your organization familiar with whether punitive damages are covered under the policy or the law?

Question 19

How would you gauge your organization at arranging a team of experts, either internally or outside, to serve as resources in liability occurrences?

Question 20

How would you rate your organization at arranging a team of experts, either internally or outside, to serve as resources in providing legal recommendations?

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