Uncategorized

September 1, 2023

Captives Address Emerging Risks

Businesses are increasingly looking to captives to address emerging risks as commercial insurance market conditions remain difficult. Demand is growing for innovative insurance programs for cannabis and cryptocurrency risks, among others, panelists said last month at the Vermont Captive Insurance Association’s 2023 annual conference. “The search for capacity doesn’t end when your insurance broker says...

August 31, 2023

4 Trends Shaping the Casualty Market

No. 1: Inflation is changing the game. After peaking at 9.1% in June 2022 following more than two years of pandemic-induced growth, global inflation has trended down slowly for the last few quarters. Still, inflation remains a concern across the entire property and casualty (P&C) value chain. Naturally, rising costs will have a direct impact on insurers...

August 30, 2023

How Voluntary Benefits Help to Expect the Unexpected

In life, we need to expect the unexpected. One could argue that this is an apt description for voluntary benefits, which were long viewed by brokers and employers as a labor-intensive afterthought.  Individually underwritten policies like accident, critical illness, hospital indemnity, identity theft, pet protection and numerous other coverages offered through payroll deduction weren’t seen as strategic...

August 18, 2023

OSHA’s New National Emphasis Program Aimed at Preventing Warehouse Injury and Heat Hazards and Its Possible Implications on California

On July 13, 2023, the Department of Labor’s Occupational Safety and Health Administration (“OSHA”) announced the launch of a three-year National Emphasis Program meant to prevent workplace hazards in warehouses, processing facilities, distribution centers, and high-risk retail establishments. OSHA’s announcement explains that warehousing and distribution centers have experienced tremendous growth over the past 10 years, with over 1.9 million...

August 15, 2023

What is an Experience Modification Factor?

The experience modification factor (EMF) plays a significant role in the cost of workers’ compensation insurance premiums. Also known as the e-mod, this figure represents an employer’s workers’ compensation claims history compared to other businesses of a similar size in the same industry. It is determined based on a formula set by the National Council...

January 9, 2023

Personal Protective Equipment Considerations for Women

Historically, the construction industry has largely been a male-dominated field. In fact, according to the U.S. Bureau of Labor Statistics, women currently account for just 10.3% of those employed within the sector—a statistic that has been relatively steady for much of the past two decades. As a result of this workforce trend, many suppliers and...

December 22, 2022

How Property and Casualty Insurers Can Bring New Value to Partnerships

The world of property and casualty insurance sales has radically changed since in recent years. Trends that were already gaining speed before the pandemic have been fast-tracked: Consumers have massively adopted digitization, and companies have invested in digitizing interactions that were previously face-to-face. Data evolution has followed suit, with connected vehicles generating more and more data about our roads and...

December 2, 2022

Buy-Sell Life Insurance

After putting considerable time and effort into building a business, you don’t want to risk it falling into the hands of someone who may not care for it.  A buy-sell agreement is a contract among business owners that, upon the death of one of the owners, requires the remaining owners or the company itself to...

November 29, 2022

How Business Insurance Can Help Your Company Navigate Difficult Times

Business insurance – also referred to as commercial insurance or business owner’s policy (BOP) – provides companies financial protection from unfortunate scenarios that could have otherwise cost them several thousands, if not millions in income, which would make it difficult for many of them to recover. In this part of our client education series, Insurance Business explains...

November 22, 2022

Why Businesses Shouldn’t Delay Filing Workers’ Comp Claims

When an employee is injured or becomes ill while on the job, it’s critical for a business to report the incident as soon as possible. The fact is, an employer’s failure to file a workers’ compensation claim in a timely manner can substantially increase costs to the business, as well as create ill will among...