risk management
July 7, 2023
2023 Commercial Property Insurance Midyear Market Outlook
The last several years have seen the commercial property insurance market progressively harden, evidenced by ongoing rate increases over the past 22 consecutive quarters. Such rate hikes showed some signs of stagnation throughout 2022 by largely remaining within single digits, according to insurance experts. However, this moderation didn’t last in 2023, as rates surged by...
July 6, 2023
Understanding the Experience Modification Factor
Workers’ compensation insurance is a crucial component of protecting employees in the event of work-related injuries or illnesses. It provides medical benefits, wage replacement, and other necessary resources to injured workers while also safeguarding employers from costly lawsuits. One important aspect that plays a significant role in determining the cost of workers’ compensation insurance is...
June 26, 2023
Tips for Safe Operation of Corded Power Tools
Corded power tools are useful for several types sizes of projects. They also can be more accurate and efficient than hand tools. However, corded power tools can also present serious safety hazards when not used correctly. Below are tips to help keep you safe while working with them. Types of Corded Power Tools Corded power...
June 22, 2023
Those New Office Building Amenities Come With Legal Risks
For the past 12 to 18 months, office building owners have been energetically implementing new tactics to attract tenants back to their buildings as the pandemic becomes less impactful. One growing trend among owners is hiring outside vendors to provide added-value building amenities for tenants, such as conference room services, fitness centers with nutritionists, and...
June 20, 2023
4 Ways to Make the Workplace Physically and Emotionally Safer
Most employees would not list working as a top source of enjoyment, but don’t make it worse than it needs to be. A toxic workplace was the top reason given by employees who resign from their jobs, according to a recent report from FlexJobs. And while the causes for that are often a lack of work-life...
June 15, 2023
The Impact of Forest Fire Smoke on Building Materials and Electronic Equipment
Forest fires are a natural phenomenon that occurs in many parts of the world. In recent years, however, forest fires have become more frequent and more severe due to climate change. Canadian forest fires are currently affecting states in the U.S. As of June 8 2023, cities including Washington, D.C., Philadelphia, New York, Baltimore, Buffalo,...
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...