Impact of COVID-19 on Property and Liability Insurance

While estimates vary, the insurance industry is currently expected to pay as much as $110 billion in claims related to the pandemic in 2020, according to Lloyd’s. The coronavirus outbreak has reduced risk in some areas while, at the same time, changing and heightening it in others,” according to Chief Claims Officer Thomas Sepp of Allianz Global Corporate & Specialty …

Don’t Forget Your Umbrella Insurance

If your business is the typical small or mid-sized business, you probably have somewhere between $500,000 and $2 million in liability coverage under your business owner policy (BOP) or commercial general liability policy. How does umbrella insurance coverage work with these policies to provide extra liability protection? In addition to your BOP, you might also have liability coverage under other …

Operating Your Business During the COVID-19 Pandemic

Many businesses have adjusted to the pandemic by implementing work from home arrangements for their employees. This is often an incomplete or inadequate solution though. How has your work or business during the COVID-19 pandemic been affected? The results can be less than ideal for the business, its employees and customers. Some businesses cannot even survive let alone thrive under …

Most Business Policies Cover Riots, Vandalism and Civil Commotion

Different policies cover different kinds of damage to property. When protestors gathered on the streets of our cities to speak out against the brutal killing of George Floyd, in many instances peaceful demonstrations turned into scenes of violence, vandalism and looting. The damage done to businesses is estimated at $25 million nationwide at this point. Here is an overview of …

D&O Policies and The Coronavirus

Even before COVID-19, insurance for directors and officers (D&O) was experiencing a hard market. Premiums had increased 44 percent in the first quarter of 2020. Over the past few years there has been a steady increase in the number of lawsuits and the size of jury awards in cases involving D&O. And now with the coronavirus in full swing, triple …

Cyber Security and Working Remotely in the Pandemic

Now with so many more people working from home because of the coronavirus pandemic, it’s a good time to review your off-site cyber security working remotely practices. Many — maybe even most — of the people now working from home have probably never worked for you from home before. So, just because you’ve established protocols in the past few years, …

Business Income Insurance and the Coronavirus

During a recent Coronavirus update meeting, President Donald Trump said that he thinks that many insurance companies should be paying business income losses due to the coronavirus pandemic.

Why You Need Employment Practices Liability Insurance (EPLI)

Whether you’re dealing with existing employees or prospective employees during the interview process, every time your business interacts with people it faces the risk of an employment claim. For these situations, you need Employment Practices Liability Insurance (EPLI). Some of the typical claims brought against employers allege: Discrimination (based on sex, race, age or disability, for example) Wrongful termination Harassment …

Why You Should Consider an OCIP for Your Next Building Project

What is an OCIP and how can it help you with your construction project? An Owner Controlled Insurance Program (OCIP) is an efficient, cost-effective way to provide insurance for owners and contractors for a specific building project. Construction jobs often have a lot of liability risks, including property damage or bodily injury to the public, construction errors, and collateral damage …

How to Create a Risk Management Plan

When we think of risk, the first thing that usually comes to mind is insurance. But insurance is just one component of a sound risk management plan. A risk management plan includes insurance, plus all the other strategies you need for dealing with the risks associated with your business or organization. The following steps outline the main components of a …