May 27, 2022
How Office Landlords Digitally Protect Their Tenants
The phrase “secure building” may evoke an image of a looming windowless fortress, defended by an armada of steely-eyed security guards and a tapestry of barbed-wire fencing. But most office buildings don’t share that kind of dramatic appeal. In this digital era, security for many buildings comes in the form of protection against hackers. Previously,...
May 25, 2022
Construction Costs Outpacing Property Rate, Limit Increases
Property insurers are not raising coverage limits and rates to keep pace with inflating construction costs, according to a Moody’s Investors Service report. Rising costs for construction materials and labor means elevated loss severity for insurers because repair and replacement work are more expensive. “Higher costs for construction materials and labor have caused elevated loss...
May 18, 2022
Why Are US Commercial Insurance Rates Continuing to Climb?
A new report from the American Property Casualty Insurance Association (APCIA) has looked into the impact of inflationary pressures on commercial lines insurance in the US and identified three main drivers of commercial insurance rate increases. “Insurers and agents continue to look for ways to reduce costs while still meeting all obligations to policyholders, but as claims...
May 17, 2022
How to Learn from Accidents in the Workplace
Workplace accidents are serious and frequently result in severe injuries – even death. As a business owner, you’d like to believe it couldn’t happen to you, but that isn’t always the case. Regardless of the stringent safety protocols, you have in place – never say never. How these incidents occur and the seriousness of an...
May 4, 2022
New Hires May Drive Work Comp Claim Frequency
A new report by Travelers says workers with less than a year’s time on the job filed 35 percent of all workers’ compensation claims, a troubling statistic considering that employers are in the midst of an historic hiring spree. Rich Ives, vice president of business insurance for The Travelers Companies, said there hasn’t been an...
April 28, 2022
A Diverse Workforce Needs Diverse Employee Benefits
Employee benefits play a key role in helping organizations attract and retain employees. But not all benefits are valued equally by all employees. As the U.S. workforce becomes more diverse in terms of racial and ethnic background, native language, age, gender, sexual orientation, religion, health, work location and more, employers need to respond by offering a...
April 27, 2022
Best Practices for Hauling Heavy Construction Equipment
Hauling heavy equipment between job sites is a common task in the construction industry. Yet, when this equipment is not properly secured, serious accidents can occur during transportation, potentially resulting in destroyed equipment, damaged vehicles, traffic fines and injuries (or even fatalities) among employees or other motorists on the road. Considering these consequences, it’s critical...
April 26, 2022
Office Risk is Increasing as Workers Continue to Prefer Remote Options
Since the initial wave of the COVID-19 Omicron variant started to subside, people have begun to return to the office in larger numbers than we have seen since the start of the pandemic. But office owners are still trying to define “return.” In our 2022 commercial real estate trends overview, we explored the on-going struggle between...
April 19, 2022
Small Businesses are Underestimating Cyberthreats
Only 8% of businesses with fewer than 50 employees have a dedicated budget for cybersecurity, says a recently released report from Corvus Insurance. Their survey found many of those small businesses lump cybersecurity into their IT or another department’s budget, and 47% have no cybersecurity budget at all. The numbers don’t get much better when you...
April 14, 2022
Importance of Surety Bonds in Construction
Important Role of Surety Bonds Within the Construction Industry Construction companies face significant risks, especially when they perform work on projects spanning several years. Issues like economic downturns, inflationary pressures, material shortages, equipment breakdowns, and others can threaten the ability of contractors to perform under their contracts. When these types of problems are insurmountable, construction...