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 […]
The Future of Insurance Underwriting
Insurance companies are relying more and more on technology for claims handling and underwriting. Two companies, Praedicat and Verisk, recently announced new risk analysis products that your insurance companies may be using soon. This could be changing the future of insurance underwriting. Preadicat’s Company Risk Score (CRS) evaluates how risky a company is to underwrite. […]
What to Do if Your Business Has a Property Loss
In the event of a business property loss here’s what to do: 1. Make “Safety First” Your First Priority What to do if your business has a property loss? Make sure everyone is safe. You will most likely want to evacuate the damaged property and notify staff, vendors, suppliers and anyone else who should know […]
Are Employers Responsible for Employee Identity Theft?
The answer is yes, which is why it’s important to practice good cyber risk management. Employers are responsible for employee identity theft, therefore should perform the best policies for handling, storing and accessing the personal data of employees. Cyber thieves love employee personnel records. With the information they steal from Social Security numbers, birth dates, […]
The Rising Threat of Cyber Risk and How to Control It
When insurance companies started offering cyber insurance a few years ago, it was to take advantage of what seemed like mostly just a marketing opportunity. In exchange for taking on a minor risk, the principal aim was to capture premium dollars. That was then. Now there’s a rising threat of cyber risk and a need […]
Insurance Access Legislation for Marijuana Industry Introduced in Senate
Current federal law makes access to insurance products by cannabis businesses illegal. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act of 2021 has been reintroduced by U.S. Senator Bob Menendez of New Jersey. Menendez is a senior member of the Senate Banking Committee and chairman of the subcommittee that oversees the insurance industry. The […]
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. […]
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 […]
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 […]
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 […]