Author: admin
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How to Minimize Business Interruption During Hurricane Season
As hurricane season nears, it’s important for business owners, operators, and managers to ensure they have a Business Interruption (BI) policy in place, which guarantees the business is protected from any losses caused by a storm or other natural disaster. This could include lost revenue, damaged facilities, and the cost of restoring lost or damaged…
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Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) provides coverage for allegations made by employees, former employees, job candidates, customers and vendors related to your business’s employment practices. Often these allegations result in litigation, with costs quickly adding up into hundreds of thousands of dollars. Whether you run an established company or are starting a small business, it’s…
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Rise of the Robots: Benefits, Challenges, Risks, and Mitigation of Industrial Robots
There have been multiple generations of industrial robots, beginning in the 1950s with Unimaton, the first company to exist specifically to manufacture such robots. The initial robots were called “Unimates.” These robots could perform a single task, such as removing die-cast parts in the automotive industry. Today, we have industrial robots, collaborative or “co-bots,” and…
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How Disasters Revolutionized CAT Modeling
CAT modeling provides a probabilistic calculation of property loss expectancies associated with a variety of natural catastrophe perils. Insurers and lenders are keen to understand the anticipated loss expectancy associated with a portfolio’s exposure to a particular peril, e.g., windstorm, storm surge, flood, etc. Natural catastrophe insurance limits can be costly and should be accurately…
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Responding to a Property Loss
Significant property losses present business continuity challenges for many organizations. Following are some strategies which may minimize further damage and help to expedite the claims process. Respond to the Loss Prevent Harm to Associates If appropriate, call 911 – Report the incident to authorities and follow instruction. Evacuate personnel to the designated assembly area or…
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Navigating the Hard Property and Casualty Insurance Market: Strategies for Apartment Owners
Insurance costs for multifamily property owners rose significantly in 2020, compounding an already challenging multifamily market. Apartment owners saw insurance rates rise as much as 30%; assets that were viewed as challenged by the insurance marketplace made up the highest end of the spectrum. An increase of $50 a unit for insurance cost is meaningful…
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Why Cyber Insurance Is Essential for Small Businesses
When small business owners think about cyberattacks, they picture major corporations like Target or Equifax making headlines. However, in reality, small businesses are increasingly targeted by cybercrime and often experience devastating financial consequences. Even among those businesses that are aware of today’s cyber risks, 64% believe their operation is too small to be an attractive…
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Use of Shared Risk and Negotiated Risk Agreements in Senior Living
Summary Balancing resident independence with safety is a key concern in senior living communities. Shared and negotiated risk agreements have emerged as valuable tools to empower residents to make informed choices about their independence while ensuring appropriate safety measures are in place. However, the effectiveness of these agreements depends not only on their initial implementation…
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Taking More Risk: How Growing Companies Optimize Insurance Costs
Summary As businesses grow, their needs for and opportunities with commercial insurance purchases change. Often the growth leads a firm to take more risk over time. As with other forms of capital, insurance capital affects both risk and reward: there may be an opportunity for cost savings, but that opportunity comes with greater risk. This…
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Flexible Benefits: More Show Less Tell
Learn the what, when, why and how about flexible benefit products! Employees don’t enroll in products they don’t understand. It’s one thing to know about flexible benefits and tell employees they can save money, it’s another to show them how! After a high-level overview of what flexible benefit options are, we’ll narrow our focus to…