Business
August 6, 2024
Factors to Consider When Estimating Maximum Loss of Business Income
Business interruption insurance can offer much-needed financial protection when an organization’s usual business activities are disrupted by covered perils (e.g., fires, theft, vandalism, heavy wind and hailstorms). Sometimes called business income insurance, this form of coverage can be purchased as a supplement to commercial property insurance or secured through a business owner’s policy—a bundled insurance...
July 30, 2024
Report: Employers Plan to Raise Wages 3.9% in 2025
The latest Salary Budget Planning Report released by Willis Towers Watson (WTW) shows that salary budget increases are expected to rise by 3.9% in 2025. The overall median pay raise for 2024 dropped to 4.1%, compared with 4.5% in 2023. Although these expected wage increases have diminished since 2023, this figure remains high compared to...
July 25, 2024
CAL/OSHA Indoor Heat Requirements Update
On June 20, 2024, the Occupational Safety and Health Standards Board approved California Code of Regulations, Title 8, section 3396, “Heat Illness Prevention in Indoor Places of Employment”. This standard applies to most workplaces where the indoor temperature reaches 82°F. It establishes required safety measures for indoor workplaces to prevent worker exposure to risk of heat...
July 22, 2024
California Enacts New Workers’ Compensation Poster Requirements
On July 15, 2024, California enacted Assembly Bill 1870, requiring employers to notify injured workers that they can consult with a licensed attorney regarding their rights under workers’ compensation laws. This law becomes effective on Jan. 1, 2025. Overview of the New Posting Requirements California’s workers’ compensation laws generally require covered employers to post a notice...
July 17, 2024
The Value of Professional Liability Insurance
Although most service professionals prioritize taking good care of their clients and providing them with the best possible guidance, mistakes can still happen. When these errors occur, clients could face considerable harm, prompting them to hold service professionals accountable for their wrongdoings and leading to costly lawsuits. Fortunately, that’s where professional liability insurance can help....
July 16, 2024
Inflation Cooled Further in June
The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) rose 3% year over year in June, declining from 3.3% in May. This is the first time since May 2020 that the monthly rate has shown a decrease. The “core” CPI, which strips out the unpredictable food and energy components, increased 0.1%...
July 8, 2024
OSHA Proposes Heat Injury and Illness Prevention Standard
On July 2, 2024, the U.S. Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) announced an unofficial version of the proposed standard to protect workers from heat injury and illness. If finalized, the new standard would apply to all employers conducting indoor and outdoor work in all general industry, construction, maritime and agricultural...
July 3, 2024
2024 Midyear Market Outlook: Cyber Insurance
Heightened claim frequency and severity have created a volatile cyber insurance market in recent years, with most policyholders facing ongoing premium increases. Fortunately, the segment experienced underwriting profitability in 2022, allowing conditions to soften in 2023. Yet, many insureds are still experiencing coverage restrictions, underwriting scrutiny and exclusions for certain losses. In 2024, a report...
July 2, 2024
CMR Webinar: California PAGA Updates
Join us for an insightful webinar co-hosted by CMR Risk and Eric De Wames, Employment Law Managing Partner at Michael Sullivan & Associates, where we delve into the intricacies of California’s Private Attorneys General Act (PAGA) claims. Governor Newsom’s office recently announced a much needed and long-awaited agreement to reform PAGA. The proposed changes aim...
July 1, 2024
2024 Midyear Market Outlook: Commercial Property Insurance
The commercial property insurance segment has been characterized by ongoing premium increases for much of the past decade. According to industry data, such rate jumps reached record-setting levels in 2023, surging by an average of 20.4% in the first quarter alone and only slightly falling to 18.3% in the latter half of the year. These...