White Paper: Evaluating and Reducing Insurance Risk with WASTELINQ Enterprise
Currently prevailing methods of evaluating the risk profile of environmental service companies (ESCs) either fail to deliver comprehensive visibility to the risk factors of an ESC operation or are cost prohibitive and resource intensive. On the one hand, questions on insurance applications are often too general to provide for more than directional indications of overall risk. While site visits and audits may deliver richer detail, these can be costly, time consuming, and require specialized resources. Most insurers lack the requisite waste management expertise to maximize a site visit, which often means contracting the work to expensive specialty resources. In general, the ESC marketplace trails the broader economy in terms of technological sophistication, resulting in disaggregated information sources and missing or incomplete data.
WASTELINQ Enterprise is a fully functional ERP with features and benefits optimized to help Industrial Waste Service Providers (TSDFs, Brokers, Transporters, and Consultants) operate their businesses across an unlimited number of customers, geographies, and waste streams. Designed and built by waste industry experts and tested over nearly fifteen years of powering the operations of an industry leading ESC, WASTELINQ Enterprise includes a number of features that are uniquely adapted to identify and address operational deficiencies; to record, store, and report data; and to mitigate human error. Each of these features enables a robust assessment of ESC insurance risk and facilitates reduction of the ESC’s overall risk profile.
Risk Identifying and Mitigating Features of WASTELINQ Enterprise:
WASTELINQ Enterprise includes the following risk management features and functionalities.
Pollution Liability / GL
- Approved Vendors – Minimize the risk of CERCLA liability arising as a result of using waste disposal vendors and transporters with non-compliant waste management procedures by leveraging WASTELINQ’s vendor approval system.
- TSDF Selection – Using process code methodology, ensure that selected TSDFs can legally and safely accept desired waste streams.
- Real Time Inventory Data – WASTELINQ’s inventory management module allows for accurate, real time information about waste streams in transit and in storage, including information about containers, locations, shipping, and documentation.
- Hazardous and Non-Hazardous Volume and Handling – Understand the mix of hazardous and non-hazardous materials handled by the ESC by volume, by container, and by material type. Each type of material is matched with specific handling and safety protocols to minimize the risk of accidents due to error.
- Container Compatibility – WASTELINQ actively monitors container size and type for all waste streams and notifies users when incompatible containers are utilized.
- Rank and Evaluate Disposal Facility and Customer Risk – WASTELINQ has the capability of including comprehensive violation and citation information into a risk scoring tool for all disposal vendors and potential customers.
- Training Plans and Logs – WASTELINQ includes training plans and enables alerts to ensure that all parties have received requisite training for each specific job function at the ESC.
- Safety Information on Handling Materials – Consult safe handling guidelines for materials that are managed via the WASTELINQ application.
- PPE Requirements – Include instructions about PPE for handling specific waste streams and types.
- Real Time Data of Facility Exposure – Know and understand the quantities, types, and characteristics of all waste streams managed by the ESC at any given time.
- Drive and Vehicle Metrics – Track data including distance travelled, materials handled, and vehicle types deployed via WASTELINQ’s transportation module.
- Quantify Business Loss Claims – WASTELINQ’s data management and reporting tools provide easy access to the information needed to calculate extra expense and to verify business losses, resolving claims while avoiding extensive litigation.
For more information about how WASTELINQ can help your company to assess and to minimize the ESC risk profile, visit us at www. WASTELINQ.com or contact us at [email protected].