risk management
June 13, 2023
Construction Industry’s Rebound Brings More Opportunities, But Also More Risks
The construction industry is rebounding after significant challenges during the pandemic, but more opportunities also come with more risks, an insurer has warned. Selective Insurance, a commercial business insurance carrier specializing in construction firms, has forecasted that more single-trade contractors will expand their business into multiple trades or general contracting to cope with growing demand...
June 8, 2023
Ongoing Wildfires Impact Health of Millions in U.S.
Wildfires in Canada continue to create poor air quality conditions throughout the United States. As of June 7, 2023, air quality advisories are in effect for nearly 110 million Americans in parts of 18 states from New Hampshire to South Carolina. The air quality is currently considered “unhealthy” for millions of Americans, and as a...
June 7, 2023
Hard Market Conditions Intensify in Commercial Property
Hard market conditions of rate hikes coupled with tightening terms have intensified for June 1 renewals in commercial property, as carriers prevail in a “seller’s market” where new capacity remains scarce, sources told this publication. Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in...
June 5, 2023
12 Tips to Promote Workplace Safety and Prevent Employee Injuries
Workplaces have gotten safer for employees over the years. However, accidents can still happen. When they do, they cost businesses thousands of dollars in medical expenses, undermine productivity and employee morale, and increase employee absenteeism. To help prevent the risks of workplace injuries, businesses can follow these 12 tips: 1) Create a Comprehensive Workplace Safety...
June 2, 2023
Is My Computer Setup Ergonomically Correct?
Whether we are back at the office or working from home, we often slip into bad office posture habits when it comes to how we work at our computers. The Mayo Clinic offers advice on how to set the proper positioning when using a computer in order to up y avoid some of the health...
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 24, 2023
How Mindfulness Keeps Construction Workers Safer
It’s easy to understand why construction workers have stressful jobs. They’re working on tight timelines, often on projects that need to be structurally sound so that people can live and work in their buildings. This responsibility can be taxing on workers’ mental health. A 2020 study found that 83% of construction workers had experienced a moderate to...
May 18, 2023
Commercial Property Rates Increase, Cyber Rates Moderate
Commercial property and casualty insurance rates rose 8.8% in the first quarter of 2023 (up slightly from 8.0% in the previous quarter) as property outpaced all other lines at an average of 20.4%, according to the latest Council of Insurance Agents & Brokers (CIAB) market survey. As the market entered its 22nd consecutive quarter of...
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,...