Inflation—both social and economic—drove personal and commercial auto liability claim costs an estimated $95 billion to $106 billion higher than they would otherwise have been between 2013 and 2022, according to a new report from the Insurance Information Institute (III).
Secondary perils, such as severe convective storms, floods, wildfires and hailstorms, have significantly impacted the commercial property market. In fact, according to industry data, secondary perils have consistently accounted for over 50% of insured natural disaster losses in recent years.
At some point, all software will reach the end of its life. This means manufacturers will no longer develop or service the product, discontinuing all technical support, upgrades, bug fixes and security fixes. As a result, end-of-life software will have known vulnerabilities that cybercriminals can easily exploit. This article discusses the risks of continuing to use end-of-life (EOL) software and discusses best practices for organizations to mitigate this risk.
A recent survey found that 81% of employees want more information about company-sponsored benefits throughout the year, yet 47% don’t know enough to make informed choices during open enrollment. With open enrollment season approaching, human resources teams may want to look at some new strategies to close these communication gaps.
With the enormous amount of sensitive information stored digitally, companies need to take the proper measures to ensure this data is never compromised. Ultimately, it is the responsibility of business owners to protect their clients’ data. Failing to do so can result in a data breach, which costs companies billions of dollars every year. Understanding the risks involved with data security can help you prevent a privacy breach.
During a merger or acquisition, insurance policies and finances need to be scrutinized and the future of employees addressed. Cybersecurity is often put on the back burner, which is unfortunate, because this is a time when company data is at its most vulnerable. Data transfers must proceed without a hitch, or else the companies risk damaging reputation, losing customers and hurting future sales. Additionally, legal responsibilities must be upheld before, during and after the data transfer process.
October 15-21 is National Teen Driver Safety Week. During this week, the U.S. Department of Transportation’s National Highway Traffic Safety Administration encourages parents to have important conversations with their teenagers about staying safe behind the wheel.
In its Health Coverage in the United States: 2022 report, the U.S. Census Bureau revealed that employer-based insurance was the most common type of coverage, covering 54.5% of working-age adults.
Timely and effective claim reporting is crucial in managing incidents and ensuring a smooth claims process. Whether it's property damage, bodily injury, legal liability, or cyber incidents, prompt action can help mitigate losses and minimize disruptions.
In the wake of COVID-19, U.S. life expectancy has dropped to 76.4 years, the lowest in two decades. But employers can help add a dozen healthy years to their employees' lives by rethinking their approach to healthcare benefits.
