Risk Management
November 8, 2023
Fire Prevention Tips for Small Businesses
Fire Prevention Tips Fires can devastate small businesses, causing property damage, loss of inventory, disruptions in operations and even endangering the lives of customers and employees. However, many of these fires can be prevented through proactive measures. To prevent fires and ensure the safety of employees and customers, small business owners should consider the following...
November 6, 2023
The 2023 Cyber Year in Review
When everyone thinks of cyber, first-party ransomware claims spring to mind, but this year there has been a more significant rise in third-party liability claims driven by pixel and tracking software-related matters. As more U.S. states pass laws against the collection of personally identifiable information, tracking software claims have evolved. This new trend follows other data privacy trends that...
November 3, 2023
Protecting Your Business Against Frozen Pipes and Sprinkler Systems
During the winter season, businesses face a unique set of property challenges, including the risk of frozen pipes and sprinkler systems. These issues can result in costly damage, disruption of operations and potential safety hazards. It is essential to understand which pipes and systems are most vulnerable to freezing, the impact of cold weather on...
October 31, 2023
Protecting Your Building and Occupants From Vehicle Crashes
Vehicle crashes into buildings can result in severe property damage, which can lead to expensive repairs and business interruptions. In a worst-case scenario, such accidents can cause injuries or even fatalities. As a business owner, it is crucial to take proactive measures to protect your property from these incidents. This article aims to help you...
October 26, 2023
Fall Protection Tops List of OSHA Citations for 2023
For the 13th consecutive year, lack of fall protection topped the U.S. Occupational Safety and Health Administration’s preliminary top 10 most frequently cited workplace safety violations for fiscal year 2023. OSHA tallied 7,271 violations of its general fall protection requirements, according to the list released Tuesday at the National Safety Council’s Safety Congress & Expo....
October 18, 2023
The Impact of Secondary Perils on Property Insurance
Secondary perils, such as severe convective storms, floods, wildfires and hailstorms, have significantly impacted the commercial property market. In fact, according to industry data, secondary perils have consistently accounted for over 50% of insured natural disaster losses in recent years. This article provides more information on secondary perils, including their impact on the property insurance...
October 16, 2023
NCCI Deconstructs Trends Around High-Cost Workers’ Comp Claims
There’s widespread interest in large claim trends for compelling reasons — they can be devastating for the injured worker and can have significant implications for carrier operations. Workplace injuries that result in large claims — e.g., exceeding $1 million in claim costs — form a small share of all lost-time claims, less than 0.5%. But they...
October 11, 2023
Insurance Innovation Necessary Amid New Digital Risks
In its latest sigma study, Swiss Re Institute finds that potential digitalization benefits across countries and throughout the insurance value chain are far from exhausted. According to the reinsurer’s “The economics of digitalization in insurance” sigma report, digitalization is a source of new growth, new risks, and new efficiencies for the insurance industry. Digital value creation has...
October 9, 2023
Electrical Preventative Maintenance (EPM) Programs Explained
It’s important for businesses to maintain their electrical systems to avoid unexpected downtime, costly repairs and potential safety hazards. That’s where Electrical Preventative Maintenance (EPM) programs come in. By proactively identifying and preventing electrical problems, businesses can minimize risks, increase efficiency and save money in the long run. This article will discuss the benefits of...
October 5, 2023
Upcoming NCCI Experience Modification Changes for 2024
The National Council on Compensation Insurance (NCCI) is making alterations to its experience modification factor for 2024. These changes are slated to go into effect on each state’s regular filing date on or after Nov. 1, 2023. This Work Comp Insights will provide an overview of the NCCI’s changes. Overview of Changes The NCCI governs...