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 SelectSM is a solution for these challenges.
Marsh Supplier SelectSM is a digitally optimized, end-to-end, “rate-quote-bind” program that provides product liability insurance to cover your third-party suppliers/vendors. Utilizing Bluestream − Marsh’s block chain technology, your suppliers apply to join the program via a digital platform and instantly receive a quote to secure coverage fulfilling your insurance requirements at the “click of a button”.
As an optional feature, insurance verification can be added onto Marsh Supplier Select’ platform enabling all suppliers to upload their certificate of insurance to the digital portal. Those that meet the requirements are successfully on-boarded while non-compliant suppliers are re-directed to the platform to purchase coverage. Explore this page to learn how Marsh Supplier SelectSM can help your organization simplify the risks associated with product liability claims and insurance verification.
Marsh’s Retail, Wholesale, Food, and Beverage Practice is comprised of more than 600 colleagues dedicated to serving the needs of our clients and is backed by experts across our risk practices, Marsh Risk Analytics, and Marsh Risk Consulting. Our clients include:
- More than 60 of the top 100 retailers, including the top 10, as ranked by the National Retail Federation.
- More than 20 of the top 50 convenience stores in North America, as ranked by Convenience Store News.
- More than 30 of the top 75 supermarkets in North America, as ranked by Supermarket News.