Fleet Risk Management Best Practices
What can companies do to lower the likelihood of a claim related to fleet drivers? Let's look at some fleet risk management best practices.
Oil and Gas Overview of Underground Storage Tank System Exposures
Underground storage tank systems can be potentially hazardous, so all systems storing petroleum or certain hazardous substances are federally regulated. Read this article for everything you need know about USTs and regulations that could impact your company.
“Social Inflation,” “Nuclear Verdicts:” Definitions, Trends, Facts, and Figures
There are a couple of terms dominating the marketplace discussion in the insurance industry right now – Social Inflation and Nuclear Verdicts. These two terms represent a couple of defining phenomenon in the current hard market.
Six Steps to Minimize Business Interruptions
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.
Your Business and a Hardening Insurance Market: Get the Facts
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.
Commercial Business Insurance
Commercial business insurance is not a commodity, but many businesses purchase it as if it were by using a quoting process. It may seem counter-intuitive, but when price drives the commercial insurance decision, it typically ends up costing the business more than it should. Instead of price, risk and minimizing it should drive commercial insurance purchase decisions.
5 Key Elements To Managing Your Workers’ Compensation Program
Understanding the total financial impact of on-the-job injuries requires employers to look beyond the initial cost of each claim. In the insurance industry, these hidden claims dollars are referred to as the “iceberg effect,” and a recent OSHA study has shown these costs can be very substantial. These indirect costs include everything from setting up a claim, doing associated paperwork, losing productivity, training temporary employees, and much more.
Choosing Insurance
When choosing insurance for your business, and an agent to represent you to the insurer, most businesses have a checklist of major things they look for in this critical relationship: industry expertise, community presence, and national resources. A business needing commercial insurance will of course want to check all of these boxes when getting insurance coverage. Most businesses, however, feel they have to make tradeoffs and end up with just one or perhaps two of these relationship attributes.
Captive Insurance In The Construction World
Captives are becoming increasingly as insureds begin to assess the risk vs reward of the traditional insurance market. A captive insurer is an insurance company, wholly owned and controlled by its insureds, with the purpose of covering the insureds’ risks WHILE allowing the insureds to benefit from any underwriting profits.