When a company experiences significant increases in workers’ compensation costs, it usually triggers internal activities aimed at reducing insurance costs and spending.
Insurance experts estimate that Business Interruption Insurance is one of the most, if not the most, valuable coverage available, yet business owners often overlook it.
Allegations of harassment, discrimination, retaliation, and failure to adhere to minimum wage and overtime rules is a nightmare for any company. Lawsuits brought by employees represent one of the most common types of litigation faced by employers of all sizes.
These days, floods, earthquakes and similar catastrophes are common threats to a business’s property. In fact, according to the Insurance Information Institute, natural disasters cause billions of dollars in property losses in the United States each year.
Your business needs to be prepared for anything so that it can survive even the most unexpected disaster. Though terrorism may not seem likely, it is still a viable threat that you must consider, particularly if your manufacturing facility is in or near a large city. You also must consider more tangible, common risks, such as criminal activity or natural disasters. To protect your company against such threats that could strike at any time, it is important that you have effective security preparation and disaster response plans.
According to the Federal Emergency Management Agency, 40 percent of businesses never reopen after a disaster. Implementing steps to prepare for and respond to disasters can help to reduce loss. In order to protect your business from unavoidable interruptions, it is recommended that you have an emergency plan in place to protect your business.
In times of crisis, people need reassurance that their money is safe and easily accessible. As a financial institution, countless people and businesses rely on you every day for your services. Maintaining your daily operations is vital to your organization, which means that unexpected disaster can present a huge threat. To prepare for the unexpected, you should review your disaster readiness plans to help you minimize the impact of any potentially threatening situation.
Of all businesses that close down following a disaster, more than 25 percent never open their doors again. While there’s no way to lower the risk of a natural disaster from hurricanes, there are critical measures that can be taken to protect your company’s bottom line from nature’s fury. A disaster plan and adequate insurance are keys to recovery.
There are many factors contributing to the hardening insurance market today. Check out the infographic below for stats the Insurance Journal reported in the U.S. in the first quarter of 2020.
during a hard market, insurance buyers should plan to face difficult decisions regarding their insurance coverage. Thankfully, businesses are not without recourse in the face of a hard market. Business owners who proactively address risk, control losses and manage exposures will be better prepared for a hardening insurance market than those who do not.