risk management
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 27, 2023
Business Risks in an Economic Downturn
Without a thorough evaluation of its business model, any manufacturer can be severely threatened by an economic downturn. While devising creative solutions to keep your business running despite unfavorable economic conditions, keep in mind that changes to your business can result in new liability exposure. Supply Chain Risks It’s no secret that the financial security...
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...
April 11, 2023
Rising Workers’ Compensation Expenses Linked to Facility Services Costs
A report from the National Council on Compensation Insurance (NCCI) examining countrywide medical cost trends revealed that health care facility services costs accounted for 40% of workers’ compensation expenses during 2021 and increased by an average of 3% throughout the past decade. Although specific trends varied by facility type, the report found that the two...
April 4, 2023
April Is Distracted Driving Awareness Month
The National Safety Council recognizes April as Distracted Driving Awareness Month. This event is intended to raise awareness about the dangers of distracted driving and encourage motorists like you to minimize potential distractions behind the wheel. Review the following article for more information on distracted driving and ways you can help prevent it. Distracted Driving...
April 3, 2023
Growing Construction Costs Driving Commercial Property Coverage Gap
Growing costs for construction materials and labor could be driving commercial properties to be undervalued by as much as 30% for underwriting purposes, according to Tüv Süd Global Risk Consultants Corp. A disconnect between reported values and actual values can result in a coverage gap for a commercial policyholder. From November 2021-November 2022, the cost of...