How to Submit a Claim
We hope it never happens, but when you suffer a loss, you’ll have to submit a claim to receive payment from your insurer. Here’s how the process works, and how to handle it to your best advantage. Once a loss occurs and you know you will need to submit a claim, there are a list […]
Why Did I Get a “Reservation of Rights” Letter?
Your organization has just been sued, and you’ve notified your liability insurer. Then you receive a reservation of rights letter. Here’s what it means and what to do. The insurance reference resource Practical Risk Management defines a reservation of rights as “an insurer’s notification to an insured that coverage for a claim may not apply. […]
How to Reduce Risk in the Construction Industry
Recent technologies are helping the construction industry save money and reduce accidents. Robotics, project management software, and better ways to identify and deal with risk are all making a difference. Workforce Shortage COVID and its complications have placed a strain on finding good workers for most industries. This is no less true for construction. With […]
How Litigation Is Driving Up Commercial Auto Insurance Costs
Social inflation — the impact of rising litigation on insurers’ costs — increased claim payouts for commercial auto insurance liability alone by over $20 billion between 2010 and 2019. This is according to a new paper by Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS). The paper, social inflation, and loss […]
Equipment Breakdown Coverage Goes Beyond Insurance
Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown. And to cover the equipment’s owner from liability for resulting property damage or bodily injury. Today, few businesses use steam-powered machinery for business operations, but some still use steam-powered equipment for generating heat or power. Many states […]
Why Do Insurers Need to Think Like Cybercriminals?
The short answer is, To protect insureds from cybersecurity risks. Cybersecurity is no longer the emerging risk it was just a few years ago. Rather, it is a clear and present risk for organizations of all sizes, said panelists at the Insurance Information Institute’s (Triple-I) Joint Industry Forum (JIF). This is in large part because […]
National Roadway Safety Strategy Announced
The National Roadway Safety Strategy (NRSS) is “a roadmap for addressing the national crisis in roadway fatalities and serious injuries.” We cannot tolerate the continuing crisis of roadway deaths in America. These deaths are preventable, and that’s why we’re launching the National Roadway Safety Strategy today. This strategy is a bold, comprehensive plan, with significant […]
How to Avoid the Legal Pitfalls of Telecommuting
Are you an employer who started letting employees work from home during the COVID-19 pandemic? Or maybe telecommuting has been part of your work environment even before the pandemic. In any case, here are some things to be aware of to protect your firm and avoid the legal pitfalls of telecommuting. First, the best thing […]
7 Ways to Improve Company Driver Safety
If you have company trucks to provide service offsite or to deliver products, your drivers spend a lot of time on the road. Here are some tips for improving company driver safety and reducing costs: 1. Make sure your drivers have safety gear onboard Stock your trucks with warning triangles, first aid kits, LED flares, […]
The Long-Term Effects of COVID On Insurance
The pandemic has forced us to adapt how we do business. And many of these adaptations have made a permanent impact on our world. The tremendous growth in Work from Home (WFH), restaurant food delivery services and virtual meetings mark some of the major changes we’ve seen. Though for the long-term effects of COVID on […]