May 2, 2023
Spring Cleaning in the Workplace for Better Mental Health
While springtime is often associated with cleaning and resetting one’s personal space, these principles can be applied to the workplace, too — and that doesn’t just mean reorganizing your desk. According to Kaiser Family Foundation, symptoms of depression and anxiety have continued to increase three years into the pandemic. In fact, 90% of U.S. adults believe the...
April 27, 2023
Business Risks in an Economic Downturn
Without a thorough evaluation of its business model, any manufacturer can be severely threatened by an economic downturn. While devising creative solutions to keep your business running despite unfavorable economic conditions, keep in mind that changes to your business can result in new liability exposure. Supply Chain Risks It’s no secret that the financial security...
April 26, 2023
How to Handle Construction Equipment Spending in 2023
Business owners need to be careful with their spending and managing their balance sheets during 2023, to avoid the pitfalls of inflation and overspending. It is still a bit nuts out there. The economic and construction ball just keeps going up and down, up and down. What all this tells me, from a financial perspective...
April 25, 2023
Will Luxe Amenities Get Workers Back to the Office? Owners Say, ‘Yes’
The house party is ending for many office-bound workers — and, as a result, the office experience is getting a lot more fun. The push to get workers back to their desks resulted in a so-called “flight to quality” — tenants demanding highly amenitized, Class A office spaces. In response, landlords upped the ante like...
April 24, 2023
To Battle Inflation, Employees Are Forgoing Healthcare
What does inflation have to do with healthcare? As far as consumers are concerned, just about everything. The cost of healthcare is not immune to historic levels of inflation: A recent report by WTW predicts that global healthcare benefit costs will jump 10% in 2023. Coupled with rising consumer prices, and unaffordable healthcare can have troubling and swift...
April 20, 2023
Earthquakes Cause $14.7B in Annualized Losses, USGS Reports
Earthquakes cause $14.7 billion in damages and related losses on an annualized basis in the U.S., according to an updated estimate from the U.S. Geological Survey (USGS) and the Federal Emergency Management Agency (FEMA). The updated figure, which is twice that of the previous annual estimate, reflects increasing property values, and the inclusion of the latest hazards...
April 19, 2023
Trenching and Excavation Safety
It is essential to implement safety measures during trenching and excavation work to help prevent serious injuries and deaths. Especially considering the recent rise in fatalities and penalties involving this type of work, construction employers need to ensure they utilize proper risk management techniques. OSHA Penalties OSHA recently announced new enforcement guidance to deter employers...
April 18, 2023
2023 Fire Season Expected to Produce Above-Average Activity
The 2023 fire season is predicted to be relatively consistent with historical averages, with a slight increase in intensity, according to AccuWeather’s recently released 2023 US Wildfire Forecast. Between 60,000 to 75,000 wildfires are expected to occur, potentially burning 6.5 million to 8.25 million acres of land. These figures align with the average of 68,707...
April 13, 2023
Hardening Property Market Prompts Difficult Conversations, Lengthy Renewals
Hardening property insurance market conditions mean brokers must start conversations early, endure longer renewal processes, and skillfully deliver potentially bad news to clients, according to Risk Placement Services’ 2023 U.S. Property Market Outlook. Property insurers face reinsurance rate hikes between 30% and 80%, worsening and more frequent catastrophes, and inflated rebuilding costs. They’ve responded by...
April 11, 2023
Rising Workers’ Compensation Expenses Linked to Facility Services Costs
A report from the National Council on Compensation Insurance (NCCI) examining countrywide medical cost trends revealed that health care facility services costs accounted for 40% of workers’ compensation expenses during 2021 and increased by an average of 3% throughout the past decade. Although specific trends varied by facility type, the report found that the two...