Risk Management
August 1, 2022
Construction Safety Professionals Struggle to Prevent Fall Hazards
Earlier this month, the Occupational Safety and Health Administration announced a new initiative to conduct surprise safety inspections for fall hazards. A day later, the agency announced $32,113 in fines for a Florida construction company where a 19-year-old worker died after falling from a clubhouse roof. The fines were far from unusual, but the juxtaposition...
July 27, 2022
For an Edge on Office Leasing, Get Health Conscious
A research note out of Marcus & Millichap on the office market claims there are “bifurcated fundamentals.” Central business district (CBD) offices are seeing faster climbing vacancy rates than those in suburbs, so preliminary second quarter data suggests. What’s causing the unhealthy disparity? Concerns about health. “This is in part due to the increased emphasis...
July 26, 2022
What Are the Top Causes of Claims for Businesses?
Fire and explosion, natural catastrophes, and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims over the past five years, according to a new study from Allianz Global Corporate & Specialty (AGCS). “Insurance claims from companies have become more severe over the past five years due to factors such as...
July 25, 2022
These Three Trends Could Have Big Implications for Workers’ Compensation
Legislation surrounding the gig economy, single-payer health insurance and marijuana legalization all have the potential to impact the U.S. workers’ compensation system, according to a National Council on Compensation Insurance (NCCI) report. Digital platforms such as Uber ushered in a modern gig economy and renewed public discourse on worker classification. Proposals in numerous states would...
July 15, 2022
2022 Midyear Market Outlook: Cyber Insurance
The past year has seen a rapidly hardening cyber insurance market as cyberattacks have surged in both cost and frequency. This increase in attacks has, in turn, resulted in a rise in cyber insurance claims and subsequent underwriting losses. Amid these market conditions, most policyholders experienced higher cyber insurance rates at their 2022 renewals, with...
July 14, 2022
Managing Safety With Tablets and Smartphones at the Jobsite
With construction workers able to access the digital tools they need from a hand-held device that connects to the Internet, workers are more likely to use the device while moving or trying to complete multiple tasks, posing a safety risk for everyone. How we work has changed drastically over the last few years. Employees can...
July 8, 2022
How to Stay Cool in the Summer Heat
All heat-related deaths and illnesses are preventable. Yet, an average of 658 people die each year as a result of exposure to extreme heat. The summer before last, the National Center for Atmospheric Research (NCAR) did an in-depth study on heat exposure. It revealed that more than one-quarter of the U.S. population suffered from symptoms such as nausea,...
June 30, 2022
Business Owners: Consider These Steps to Ward Off Wildfire Damage
The record heat in 2021 was damaging, particularly in the West and Pacific Northwest. As droughts became more frequent, it increased the likelihood and severity of wildfires, putting property at risk of extensive damage. While it was clear wildfires could cause significant losses, the wildfire season seemed to be getting longer. In fact, in December...
June 28, 2022
Builder’s Risk – Construction Projects Rush to Plug Cover Gap
Supply chain challenges and inflationary pressures have left contractors and developers with soaring insurance costs amid a scramble to extend cover for delayed projects. The cost of some materials has surged since the onset of the coronavirus pandemic, while an underwriting expert told Insurance Business that supply chain delays have meant policyholders may require an extension of...
June 17, 2022
Combating Rising Benefits Costs During Periods of High Inflation
The U.S. inflation rate has increased by 8.3% over the last year, according to the Bureau of Labor Statistics (BLS). This has led to significant price increases across various consumer goods as well as employee benefits such as health insurance. In fact, one-third of U.S. employees have already seen an increase in their health costs...