Review your contracts such as leases, purchase agreements and services contracts.

Comment: Many times contracts are signed without a proper review and understanding of the liability being assumed and insurance implications. Most contracts and leases require you to assume a variety of liability. The pertinent clauses and wordings are not always reviewed and addressed properly, placing you in breach of contract as soon as it is signed. Unfortunately, such important matters contained in contracts are not addressed until after the fact, thereby placing you in a very difficult position. We see this happen more often than not especially in the construction industry. The haste to get projects underway precludes proper review of the documents defining the project’s terms and conditions. This can be a most costly mistake.

Bottom Line: Have your contracts reviewed by your attorney and insurance advisor prior to signing them. Hopefully this will serve to avoid taking on any unnecessary liability or exposure.