What Does Surplus Lines Cover and How Do You Buy It?

Surplus lines insurers handle a broad range of business risks. These are some examples of the types of risk commonly insured by excess and surplus lines insurers: A developer re-building homes and businesses in a hurricane- prone area A new business, especially in an industry that has frequent claims, such as roofers and pawn shops A sports or media celebrity …

How to Insure against Alleged Whistleblowers

Employees file lawsuits against their employers for many reasons. A 62-year-old white male employee with a positive performance record and favorable bonuses was terminated by a foundation. He sued the foundation, alleging he was terminated from his job so that the employer could hide a pattern of discrimination against women and minorities. The employee further alleged violations of the Age …

How to Understand an Insurance Policy

Most people would rather go to the dentist than try to read an insurance policy. Like most things that seem intimidating at first, though, when you break it down, it makes a lot more sense. Here’s how to understand an insurance policy. There are four basic parts to every insurance policy: Declarations Insuring agreement Exclusions Conditions Declarations: The declarations introduce …

Remote Workers Pose Huge Cyber Liability Threat

There are benefits to working from home, but also risks to both employees and employers. For one, remote workers pose a huge cyber liability threat. Working from home among non-self-employed people has grown by 140 percent since 2005 — ten times faster than growth of the workforce itself. There are plenty of benefits to both workers and employers when employees …

How to Protect Your Business from Crime

Theft is one of the biggest reasons businesses often struggle. Wondering how to protect your business from crime? Consider these recent findings: The University of Florida National Retail Security Survey estimates total retail losses of $44 billion every year, with 30-40 percent of those losses walking straight out the door. In a survey conducted by Kessler International, 95 percent of …

Environmental Liability Insurance: What It Is – and When You Need It

Standard business general liability (GL) policies provide little coverage for pollution damage, including toxic spills like the one in West Virginia in 2014. Today most companies that store or handle potentially toxic materials purchase a separate environmental liability insurance policy. These policies cover the exposure that the GL policy excludes. Property owners purchase environmental impairment liability insurance. It covers property …

Active Assailant Insurance: Preparing for the Worst

Active Assailant insurance coverage was introduced only a few years ago and more companies are now offering it. Sadly, following incidents like the recent shootings in Las Vegas (NV), Parkland (FL), Christchurch (New Zealand), as wells as numerous shootings in California and elsewhere in the U.S., there is now a growing demand for active shooter insurance. Indeed, since the coverage …

Cyber Liability Insurance Policies

Due to the lack of actuarial data, it’s been difficult to price cyber liability insurance. This is one reason insurers depend so much on evaluating each insured according to its risk management procedures and risk culture. As a result, cyber risk coverages are more customized and, therefore, can be more costly, depending on the vulnerabilities of the system and the …

How Does Green Construction Affect Insurance Costs?

In the next three years, developers expect 60 percent of their projects will be green. The market for green construction projects has grown significantly in the last 10 years and demand for green building activity is poised to grow substantially — to double in some regions, according to a report issued December 2018 by Dodge Data & Analytics. In fact, …

7 Ways to Improve Company Driver Safety

If you have trucks to provide service offsite or to deliver products, you probably either have dedicated drivers or at least many of your employees spend a substantial amount of their time on the road. Here are seven tips for improving safety and reducing costs through company driver safety: 1. Make sure your drivers have safety gear on board. Stock …