insurance

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

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 17, 2023

Inflation, Labor Challenges Are the Biggest Risks Facing Construction Sector

Inflation’s impact on materials and labor challenges continue to be the biggest operational risks facing the construction sector, according to Selective Insurance’s General Contractor Risk report. “Construction is an inherently high-risk industry given its exposure to and reliance on macroeconomic factors, such as commodity pricing, supply chain, labor dynamics, and housing demand,” Jim Albi, assistant vice president,...

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 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 24, 2023

To Battle Inflation, Employees Are Forgoing Healthcare

What does inflation have to do with healthcare? As far as consumers are concerned, just about everything.  The cost of healthcare is not immune to historic levels of inflation: A recent report by WTW predicts that global healthcare benefit costs will jump 10% in 2023. Coupled with rising consumer prices, and unaffordable healthcare can have troubling and swift...

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 19, 2023

Trenching and Excavation Safety

It is essential to implement safety measures during trenching and excavation work to help prevent serious injuries and deaths. Especially considering the recent rise in fatalities and penalties involving this type of work, construction employers need to ensure they utilize proper risk management techniques. OSHA Penalties OSHA recently announced new enforcement guidance to deter employers...

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...