Uncategorized
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...
November 16, 2022
5 Things to Consider During Open Enrollment
Open enrollment season—the annual period when you enroll in a health insurance plan—is now in full swing. For employer-sponsored plans, you should expect your employer to provide information about open enrollment during this time. There are several things you may want to consider when selecting a health insurance plan and this article covers some common...
November 10, 2022
What Awaits Commercial Insurance in 2023?
Deloitte Insights’ 2023 Insurance Outlook offers a sweeping overview of the issues the Deloitte Center for Financial Services deems most likely to reshape the insurance industry over the coming year — including challenges it’s already facing, threats still looming over the horizon and, happily, areas of potential opportunity and growth. Intended to provide guidance to senior-level decision...
November 9, 2022
Why Innovation is the Solution to Construction Industry Risk Management Challenges
The sting of inflation is being felt across industries in the U.S., even reaching into construction. Specifically, inflation is driving up the cost of insuring construction projects, while also creating new risk management challenges for contractors. As demand in the construction industry returns to pre-pandemic heights, contractors face skilled labor shortages, an aging workforce, and...
August 11, 2022
Rethinking Cyber Risk Assessment Models
Most businesses are grappling with rapidly rising cyber risk, and rapidly increasing cyber insurance claims have caused premiums to surge. According to a report by Fitch Ratings, the number of cyber claims increased by 100% over the past three years, with prices up 130% in the US and 92% in the UK. This rate of...
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 3, 2022
Commercial P&C Price Increases Moderated in Q1 2022
Commercial insurance premiums rose for the 18th straight quarter to start the year. However, the increases moderated compared to the final few months of 2021, according to The Council of Insurance Agents & Brokers’ (CIAB) Commercial Property/Casualty Market Index. “Consensus among respondents in Q1 2022 was that, while premium prices increased, there were signs that...
June 1, 2022
5 Workers’ Comp Risks to Monitor and Mitigate All Summer Long
With each new season arrives new workers’ comp risks and summer is no exception. Though employees and employers alike may be excited for the warmer weather, it’s imperative that everyone is prepared to work safely as thermometers perk up. Increased heat risks, summer storms and acquainting seasonal workers with the risks of the job are...