Managing Your Supplier and Vendor Insurance Requirements More Efficiently
In today’s uncertain trading environment, it is critical that retail and wholesale companies diversify where they source their products. However, broadening the scope of one’s supplier creates the risk of engaging distributors or manufacturers who struggle to meet insurance requirements. Many of these suppliers do not have the resources necessary to secure the coverage that meets a retailer’s requirements and it can take a long time for them to acquire suitable coverage further delaying shipments and onboarding. Typical supplier insurance management can be inefficient, expensive and error prone.
Supply chain efficiency is key to providing your retail customers with the high quality buying experience they seek. Thus, accelerating the supplier onboarding process while protecting the retailer from potential claims is crucial. Marsh Supplier Select℠ is a solution for these challenges.