I hope that you have enjoyed the article “Supplier Insurance Best Practices, Part I.”
One thing that I see over and over again is procurement professionals asking suppliers to sign contracts with absolutely inappropriate insurance requirements for the situation. What scares me most is that these procurement professionals don’t even try to understand what the requirements are so that they can replace them with more appropriate requirements. Instead, they rely on their suppliers to come back and say “Uh, can we change this insurance requirement? It’s a little ridiculous.”
Well, one of the reasons this happens is that there is such a lack of good educational information out there with regard to supplier insurance requirements. And Next Level Purchasing is in the process of changing that.
While we already offer a course that addresses supplier insurance contract language (Supply Management Contract Writing), we are now launching some additional resources to address the finer points of supplier insurance. One is the above-linked article. Another is the extensive podcast on the topic, which I highly recommend you check out in its entirety. And, then, there will be a Part II of the article coming soon.
Do you know what everything in the supplier insurance clause in your PO’s and contracts mean and if it is appropriate for all situations? If not, you no longer have to make excuses that claim that there is a lack of available information.
To Your Career,
Charles Dominick, SPSM, SPSM2
President & Chief Procurement Officer
Next Level Purchasing, Inc.
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