Delaware Business Insurance Update from CNC Insurance Associates, "Please Read Your Contracts" 3-31-14

Most business owners will sign contracts in the course of business, but will never read them. When problems arise however then the terms in the contract are discovered and usually they are not good for the business owner. Today's contracts are very much loaded in favor of the lessor, the one that lets the contract. The business owner who signs them does not realize that all the terms go against them until it is too late.  Make sure you read every contract before you sign. Understand who is responsible for damages and watch words like "hold harmless" and  "indemnification". Get your attorney to review the wording and get your insurance broker to make sure your insurance can cover the terms of the contract.  Don't take contracts for granted,  read , read , read, before you sign. Until next time be careful out there and know your risks.

G. Kevin Nemith, President of CNC Insurance Associates, Small Business Insurance Center
Serving, DE, MD, PA, NJ, and VA
www.cncinsurance.com
www.bizinsurancetv.org

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