What Impact Will the Biden Administration Have on the Insurance Industry?

Expect a great deal of legislative activity on a wide range of issues affecting the property/casualty industry. January 20 was the historic inauguration ceremony surrounded by U.S. soldiers guarding against domestic terrorism. A ceremony that had a field of 200,000 illuminated flags representing Americans who could not attend the ceremony because of the coronavirus pandemic. President Joe Biden and Vice …

8 Major Cyber Security Concerns in the Age of COVID-19

More employees working from home means more possibilities for cyber security breaches. The Covid-19 pandemic has been a game changer for businesses. For some businesses change may have even been beneficial, such as increased online sales or greater numbers of people working from home. But Covid-19 has also brought more digitization, and that has helped accelerate our cyber vulnerabilities, according …

How to Understand the Fine Print on Your Insurance

While it’s a good idea to read your insurance policy, hardly anybody does. The important thing is to recognize what’s in it, so it’s best to learn to understand your insurance fine print. Here are a couple of concepts to know about how your insurance works. What is subrogation and how does it apply to insurance? Subrogation in the context …

Can Employers Legally Mandate COVID-19 Vaccinations?

Unless your state government enacts mandatory vaccination laws requiring it as a condition of employment, you could put your company at legal risk. The COVID-19 vaccination has been touted as the easiest way to return to normalcy following the almost year-long pandemic. Such vaccinations will allow businesses to safely reopen and permit individuals and families to return to their routines. …

Why Almost Every Business Needs Additional Insured Coverage

You have business liability insurance, but it may not provide coverage if you are considered “vicariously liable.” Do you work with outside contractors or partner with other businesses on ventures? What if they cause injury or property damage to others while doing work for you or representing your interests? Additional insured coverage can protect your organization from liability due to …

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 …