business
December 21, 2023
10 Tips for Winterizing a Business
Winter can significantly impact a business’s operations, so companies need to take appropriate steps to prepare for the challenges the season’s weather brings. This article provides 10 tips on how to winterize a business effectively. It is crucial for businesses to proactively address the risks of winter weather. For more information and risk management guidance,...
December 18, 2023
4 Key Trends Driving Employer Health Care Costs in 2024
Amid ongoing inflation pressures, employees and employers alike can expect their health care costs to increase in 2024. Global professional services firm Aon reported that health care costs for employers will grow by 8.5% in 2024 (to more than $15,000 per employee), nearly double 2023’s figure. Here are four key trends driving employer health care...
December 14, 2023
Insurance Marketing Trends to Deploy in 2024
As technology such as artificial intelligence and autonomous vehicles abound, consumers will increasingly seek out and support brands that highlight the facets that make humans unique, according to market research firm Mintel Group Ltd. This desire to balance human emotions and skills with emerging technologies is among the biggest marketing trends Mintel expects for the coming...
December 13, 2023
2024 Workers’ Compensation Insurance Market Outlook
Market Outlook Profitable underwriting results have generated favorable conditions across the workers’ compensation insurance segment for nearly a decade. According to the National Council on Compensation Insurance (NCCI), the segment produced a combined ratio of 87 in 2022, demonstrating continued profitability. These conditions pressed on in 2023, but industry experts reported that reserve redundancies stemming...
December 12, 2023
2024 General Liability Insurance Market Outlook
Market Outlook Rising claim frequency and severity have generated hardening conditions across the general liability insurance segment in recent years, prompting ongoing rate increases, stringent underwriting standards and limited capacity. Fortunately, insurance carriers experienced slightly better underwriting results in 2022-23, paving the way for rate moderation. Nonetheless, several concerning trends across the segment—including rising litigation...
December 7, 2023
OSHA Form 300A Posting Requirements Begin Feb. 1
The Occupational Safety and Health Administration (OSHA) requires employers subject to its recordkeeping requirements to post copies of their OSHA Form 300A between Feb. 1 and April 30 of each year. The OSHA Form 300A, also known as the “Summary of Work-related Injuries and Illnesses,” must be completed by Feb. 1 using data from the...
December 6, 2023
Remote Work’s Impact on the Insurance Industry
The concept of working from home isn’t entirely new. In fact, it’s been around since well before the digital age, although most “work from home” jobs back then were agricultural or artisan in nature. Over time, as technology advanced to allow people the ability to connect without being in the same physical space, working from...
November 20, 2023
Fostering a Culture of Workplace Safety
Fostering a strong safety culture provides many benefits. In addition to reducing the risk of workplace accidents, such a culture can also help improve employee morale, enhance a business’s reputation and minimize related costs and liabilities. This article explains what it means to have a strong safety culture, outlines associated benefits and provides strategies companies...
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 30, 2023
Report Finds Health Care Spending Expected to Exceed Overall Economic Growth
A recent report from the Centers for Medicare and Medicaid Services (CMS) predicted that the average growth in national health expenditures would outpace average gross domestic product (GDP) growth from 2022 to 2031, at 5.4% and 4.6%, respectively. Per person spending is also expected to increase to an annual rate of 4.8% from 2022 to...