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 …

“Need to Have” Liability Insurance Coverage for Every Business

There is liability insurance coverage that all businesses need, some that all business should consider, and some that you need only if you have special risk exposures. Need to Have Commercial general liability (CGL) is essential for every business. It will pay your legal costs, along with any judgments or settlements, when you are legally obligated to pay another party …

Top Causes of Financial Loss in the U.S. and the World

The largest financial losses worldwide come from fires/explosions and aviation incidents, according to an analysis of the Top Causes of Loss of 470,000 Insurance Losses Around the World by Allianz Global Corporate & Specialty (AGCS) Insurance. Here are a couple of other quick takeaways from the claims review: Increased Litigation Costs  In general, litigation is involved in far more liability …

Do You Need Professional Liability Insurance?

Unless you’re an attorney, doctor or accountant, it might not be obvious that you may need professional liability insurance. Forty percent of businesses believe they may have professional liability risks but have not purchased insurance, according to a recent survey of small business owners by The Hanover Insurance Company. Over the past twenty years, there have been many changes in …

Don’t Be a Fake Accident Victim

Auto accidents cost hundreds of billions of dollars each year and in some places, like New York City and Los Angeles, nearly one out of three accidents may not be an “accident” at all, according to the National Insurance Crime Bureau (NICB). Here’s what you need to know about fake accident strategies. In one type of fake accident, dishonest drivers …

Fire Prevention Safety Tips

Smoke detectors and fire extinguishers are important, but the best way to fight a fire is to prevent it from starting. Read the fire prevention tips below to learn more.  When it comes to fires, residential fires come to mind first. But commercial properties are also vulnerable. The National Fire Protection Agency reported 113,500 non-residential fires in 2015, the latest …