Tag: Business Insurance

  • McGriff Market Update: Fall 2023

    McGriff Market Update: Fall 2023

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    Summary The Commercial Property insurance market remains challenging with rate increases in the double digits due to billion-dollar weather and climate disasters, high inflation, and rising claim costs. Accurate property values continue to be a front-and-center issue for underwriters. The Commercial Auto insurance market is also challenged as a result of higher repair costs and…

  • Weathering the Storm 2023

    Weathering the Storm 2023

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    Summary According to NOAA’s Climate.gov, 2022 was a billion-dollar weather and climate year with multiple costly disasters throughout the country. 2022 tied 2017 and 2011 for the third highest number of billion-dollar events and was also the third highest year in cost. In 2022, the United States saw 18 separate weather events costing an estimated $165.1…

  • Leveraging Telematics to Reduce Insurance Premiums for Large Trucking Firms

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    In today’s evolving transportation industry, telematics has become the single most powerful tool for managing risk and reducing insurance costs. Trucking companies that invest in telematics solutions not only gain operational efficiencies but also create a data-driven approach to safety and risk management, which can directly impact their insurance premiums. Telematics: The Largest Predictor of…

  • Understanding Flood Insurance Is More Crucial Than Ever

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    The devastating Hurricane Helene caused numerous fatalities and widespread catastrophic damage across the Southeast, including in many areas not typically prone to flooding. The increasing frequency of extreme weather events like Helene serves as a stark reminder of the importance of flood insurance, no matter where you live. Flood insurance is typically excluded on a standard…

  • The ROI of Return-to-Work Programs: Better Claims Outcomes, Cost Savings

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    Return-to-work (RTW) programs are structured initiatives that aim to reintegrate individuals who have sustained workplace injuries or illnesses into their positions as soon as safe and feasible.   These programs often include transitional jobs, reduced tasks, or alternate positions appropriate for the employee’s physical capabilities throughout recuperation. RTW programs represent a proactive approach to employee…

  • Cyber Insurance Market Update – Q1 2025

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    The cyber market continues to be stable so far in 2025. That means customers in almost every industry class and across all revenue bands can purchase affordable cyber insurance coverage with sufficient policy limits to address many of the foreseeable incidents their companies may encounter. Part of this market stability and favorable pricing is due…

  • Cyber Insurance and Cybersecurity Policies and Procedures

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    A McGriff client recently asked us for a draft or recommendations of a Secrets Management Policy and a Vulnerability & Patch Management Policy. A Secrets Management Policy and a Vulnerability & Patch Management Policy are crucial for protecting an organization’s data and systems from various cyber threats. Understanding the importance of this request, we share…

  • California Wildfires and Liability Risks for Utility Contractors

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    The recent devastation from the fires in Los Angeles, California, has spotlighted several issues – from risk mitigation and the adoption of stricter building codes to help minimize property loss to causation, negligence, and insurance. Among the issues being examined is the role of utility companies and wildfires. Lightning, arson, and utility lines are the…

  • Construction Project Insurance Protection: A Guide to OCIPs and CCIPs

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    Insurance plays a vital role in managing the inherent risks associated with large-scale construction projects.   One of the ways to manage the risk for a project is by the use of a Wrap-Up which is also known as a Controlled Insurance Program or CIP.  A CIP is comprehensive insurance program that is designed to…

  • Insider Cyber Threats: From Human Errors to Intentional Acts and Imposters

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    When it comes to cyber risks, employees are the weakest link. From accidental, unintentional incidents to intentional acts from disgruntled employees to foreign state actors posing as legitimate employees to gain access to a company’s systems for nefarious purposes, insider cyber threats are a growing concern for organizations of all sizes.   Unintentional Acts Human…