Risk Management
May 31, 2023
Contractual Risk Transfer Explained
Contractual risk transfer (CRT) is a risk management mechanism that can be utilized by many businesses. It involves shifting potential liability through a non-insurance contract or agreement and is intended to transfer risk to the party (e.g., vendor, supplier, subcontractor) that is better situated to control it. While insurance is the most common method to...
May 25, 2023
Why Risk Control Will Always Need the ‘Human Touch’
Technology is changing the way the insurance industry is able to perform everyday tasks, but it will never overshadow the necessary human element required for business, an insurance industry VP has told Insurance Business. “You can’t really replace the human touch,” Christine Sullivan, the senior vice president of risk control for North America at Sompo, said....
Complex Property Risks Create Challenging Market
Economic, social and environmental trends are combining to create significant risks and challenges for property owners and their insurers. Across industries, from manufacturing to real estate to healthcare, some of the same themes are present. These include changing valuations of physical assets and higher replacement costs, supply chain issues, and contingent time element exposures. Supply...
May 16, 2023
June is National Safety Month
June is National Safety Month. This month highlights efforts that can prevent injuries and death inside and outside the workplace, helps provide learning opportunities for employees, allows employers to share their safety pride and gives employees the opportunity to pledge they will work safely. Preventable injury-related deaths are the fourth leading cause of death in...
May 10, 2023
Data Privacy Lawsuits Nearly Doubled in 2022
Data breach litigation ramped up significantly in 2022, with more filings overall and filings in smaller data privacy events, according to BakerHostetler’s annual Data Security Incident Response Report. The law firm tracked a five-year trend showing a higher percentage of events resulting in at least one lawsuit—from four lawsuits out of 394 in 2018 up...
May 9, 2023
Nonprofit Sector Trends to Watch
Nonprofit organizations operate to fulfill their missions, benefit the community and serve the public. They are essential for maintaining a thriving society and contribute greatly to health care, higher education, environmental stewardship, human services, religious services, arts and culture, and other vital services. However, in the months and years ahead, the nonprofit sector could face...
May 3, 2023
OSHA Starts a National Emphasis Program to Prevent Falls
On May 1, 2023, the U.S. Department of Labor announced that OSHA started a National Emphasis Program (NEP) to prevent falls. OSHA states that falls continue to be the leading cause of fatal workplace injuries and one of the most frequently cited OSHA violations in the construction industry. The NEP went into effect on May...
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 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 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...