Is it Time to Set Up Your Own Captive Insurance Company?
Last year property insurance rate increases, and rising health insurance costs led more companies to form captive insurance companies. In addition to health insurance, workers compensation and automobile physical damage have typically been good prospects for self-insurance or even creating one’s own captive insurance company. The large number of exposure units in these lines makes […]
Surety Bonds: The Other Risk Management Tool
Surety premiums are only about one percent of property/casualty premiums ($769.3 billion in 2022), but sureties play a critical role in our economy. According to the Surety & Fidelity Association of America (SFAA), surety contracts protect over $9 trillion in assets. Surety bonds and insurance policies both provide financial security, but in quite different ways. […]
Solutions to Rapidly Increasing Cargo Theft
Documented strategic cargo theft events increased 430% year over-year in 2023, according to CargoNet, a cargo industry publication. Much of the increase in cargo theft has been due to ongoing shipment misdirection attacks, in which thieves use stolen motor carrier and logistics broker identities to obtain freight and misdirect it from the intended receiver. Strategic […]
Business Risk Survey Says Cyber and BI Biggest Worries
Extreme weather events, fires and explosions, geopolitical risks, ransomware attacks and the Covid-19 pandemic have all tested global supply chains in recent years. This is reflected in the results of the Allianz Risk Barometer, an annual survey which asks businesses to nominate their top risk concerns for the year ahead. In the 2023 survey for […]
Employee Dishonesty Coverage in the Workplace
According to a study by Embroker, 75% of employees admit to stealing at least once from their employer. The study also reports that internal theft can cost U.S. businesses up to $50 billion a year. Another study by SmallBizGenius states that organizations around the world lose approximately 5%of their revenue to employee fraud and occupational […]
Why Buy Professional Liability Insurance?
It might surprise you to know that professional liability insurance is not just for doctors, lawyers and architects. All kinds of people need professional liability insurance, including financial analysts, corporate trainers, numerous types of consultants and law enforcement professionals. Even FBI Agents Need Professional Liability Insurance According to an article in Law Enforcement Today, “FBI […]
More Rate Reductions for Professional Liability Coverages
Liability soft markets expected to continue to soften. It looks like the soft markets that started last year for Management Liability (ML) and Professional Liability (PL) insurance will continue to soften over the second half of 2023. This is the result of new entrants to that market and increasing capacity. Which will continue to stimulate […]
Court Says Employers Responsible for Employee Data Security
Responsibility Includes Protection from Employee Identity Theft – Regardless of Monetary Damages Employers go to great lengths to protect their data from breaches from intruders. But what about any employee data that may exist on company servers? Now employers are responsible for the security of that data as well. The Recent Court Case for Data […]
How to Read Insurance Policy Fine Print
Why reading the fine print is important. While it’s a good idea to read your insurance policy fine print, let’s be honest, hardly anybody does. The important thing is to understand what’s in it and how it works. Here are a couple of concepts you want to understand if you have a loss. What is […]
Don’t Forget Your Umbrella Coverage
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 coverage work with these policies to provide extra liability protection? Liability insurance covers you from losses due to […]