Business
October 3, 2022
How will Fed’s rate hike impact insurance investments?
In September, the Fed hiked interest rates by 0.75% in a bid to combat rising inflation and drag it back down to 2%. This year has seen rates increase by 3% overall; currently sat at 3.25%, it seems, for now, the only way will continue to be up – the FOMC’s median projection suggested that...
Inflation Rising. How Workers’ Comp Premiums Will Fare
Runaway inflation has become the economic drumbeat that keeps getting louder as election midterms approach in November, but in the workers’ compensation sector, executives see an improved picture on the horizon for both medical and wage inflation — despite the multi-decade high in the consumer price index straining families’ wallets and patience. As employers ratchet...
September 26, 2022
Small Businesses Underestimate Recovery Time, Cost of Cyberattack
Nationwide Agency Forward survey showed 40% of small business owners surveyed expect a cyberattack to cost less than $1,000 and another 60% think it would take less than three months to fully recover. However, Nationwide claims data shows cyber claims range between $15,000 to $25,000 in recovery costs, plus costs associated with the restoration process,...
How to know when it’s time to exit a business
No organizational leader wants to hear from stakeholders that if revenue doesn’t pick up, there is the potential for shutting down, especially when the sales team just reported back a decrease in their pro forma. That leader must ask the question of why, analyze current deals, speak with prospects and partners, and come to a...
September 19, 2022
4 Things to know about setting up a 401(k) and profit-sharing plan for your company
As a small business owner, you are constantly thinking of how to reinvest in your company to make it more successful, create stability, and keep employees happy and engaged. This may involve an upgrade to equipment or software to keep pace with your competition and client satisfaction, but it is also important to think about...
Gaining the upper hand in the digital age
Our new reality makes it more difficult than ever for P&C insurers to chart the buying journey of the average insurance consumer. The journey is no longer linear and mapping consumer interactions across the numerous channels now available to them (websites, mobile apps, chatbots, phone calls, agents, etc.) is an uphill battle. For insurance marketers...
September 12, 2022
Power sector facing new risk landscape – report
The power sector is facing an entirely new risk landscape brought about by the Russia-Ukraine war, global inflation, the energy transition and climate change, according to a new report from WTW. As power insurance prices climb, risk managers must juggle these risks while also ensuring that they have determined current, correct, and sufficient asset and business...
Small businesses are at risk for cyberattacks. Here’s how to address them.
Small businesses are often prime targets for cybercriminals because of the sensitive information stored in their databases. They also commonly lack proactive measures to fight against cyberattacks. According to the Small Business Administration, 88% of small business owners feel their company is not prepared for a cyberattack. Cyberattacks can shut down businesses for more than 24 hours and can...
September 6, 2022
4 Options to consider when planning to exit your small business
Planning an exit strategy from your small business can be hard. You’ve worked your whole life to get where you are, so how do you leave it behind? As you plan for retirement or a new chapter of life ahead of you, let’s discuss four options to consider. ● Selling to private equity ● Internal...
August 29, 2022
Summer safety tips to avoid work injuries
No matter the time of year, when business owners think about the common risks involved with owning a business, the safety of their employees should always be top of mind. However, the summertime can bring unique hazards, with its soaring temperatures, busy travel times and potential for strong storms. In the summer, it’s important that employers take...