Risk Management Services
What does Frates Risk Management Services entail?
The payments industry is comprised is numerous companies engaged in contractual relationships. During the contract review process, Frates works with your company to ensure both parties are adequately protected from lawsuits.
What does this service do for your company?
This service provides an additional layer of security in your contract for your company in the event of a lawsuit.
What types of companies would be a candidate for this service?
Any company with an interest in or a contractual relationship with another for a service. For example:
- Acquiring banks that sponsor ISOs
- Acquirers can be sued for wrongful act of an ISO
- ISOs that utilize a CRM
- A CRM can be liable for a data breach that exposes an ISO’s client list
- Vendor utilizing a VAR
- Vendor can be held liable for wrongful acts of a VAR
- Venture capital firm that invests in a company
- Venture capital firm has an interest to protect their investment
Because Frates specializes in the payments industry, companies can be confident that their insurance policies will protect them in the event of a lawsuit.
By using a broker that does not specialize in payments, companies run the risk of being placed into incorrectly written insurance policies that do not adequately cover their exposures.