Vendor Management Best Practices
The relationships between a small business and third-party vendors and suppliers are incredibly important. Vendors and suppliers provide businesses access to basic materials, products and services, and can be essential to a company’s long-term success. Beyond the price of goods and services provided, there are many other factors to consider when selecting vendors and suppliers. […]
Completed Operations Liability Considerations in the Construction Sector
Contractors and subcontractors in the construction industry face a wide range of completed operations liability exposures. After all, various construction tasks carry risks of third-party bodily injuries or property damage that may result from the finished work, possibly leading to costly lawsuits. Even quality workmanship is not immune to potential completed operations losses. Yet, considering […]
Frequency, Severity and Your Commercial Auto Insurance Premiums
Auto insurance rates are based on several factors, frequency and severity of crashes, auto repair costs, medical and hospital costs, lawsuits and court judgments, insurance fraud, vehicle type, and deductibles. This means that while your company’s inherent level of risk is a factor that affects the premium you will pay for auto insurance, that amount […]
Commercial Property Fire Coverage
A fire in your workplace can be extremely costly; in addition to the costs associated with fixing the damages, there is also a good chance that your day-to-day business activities will be interrupted during the repairs. To avoid potential expenses related to workplace fires, it is important that you have adequate fire coverage, which is […]
Creating a Cybersecurity Culture
Employees are an organization’s first line of defense against cybercriminals. For this reason, they are also commonly targeted. In fact, the vast majority (88%) of data breaches are caused by employee mistakes, according to Stanford University. Unfortunately for organizations, a single mistake can result in costly losses, reputational damage and lost or stolen data. In […]
The Supply Chain Crisis and Business Resilience
The COVID-19 pandemic spurred a supply chain crisis as businesses were forced to halt operations to slow the spread of the virus and prioritize employee health and safety measures. In addition, consumer demand increased more than 15% compared to two years ago, according to Bloomberg News. As business operations begin to normalize, the exploding consumer […]
Navigating Material Challenges in the Construction Industry
Throughout the past year, material prices across the construction sector have soared, negatively impacting both contractors and their clients. These rising costs have resulted from a combination of continued supply chain shortages and surging demand amid the ongoing COVID-19 pandemic. According to recent research from Associated General Contractors of America, material expenses are currently sitting […]
Protecting Construction Workers From Heat-related Illnesses
As summer approaches and temperatures rise, construction employers must safeguard their employees against heat-related hazards. After all, workers who spend extended periods of time in hot or humid environments are at greater risk of experiencing heat-related illnesses, such as heat cramps, heat exhaustion and heatstroke. Here’s a breakdown of these illnesses: If their employees are […]
Benefits of Commercial Auto Insurance
When it comes to running a business, vehicles-whether they’re leased, rented or owned—are crucial for a variety of tasks. Whether transporting materials and tools to worksites, hauling goods for deliveries or driving to meet clients—companies of all kinds rely on safe and functioning vehicles to serve customers and generate profit. It is important to protect […]
Is It Time to Review Your Insurance?
Reviewing your policies on a regular basis not only protects you from future losses, but also ensures you are not overpaying for coverage. As a business owner, you turn to insurance to help you identify and address the unique threats to your goods, property, customers and bottom line. However, many wrongfully assume that once they’ve […]
Contingent Business Interruption Insurance
Just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures. Standard business interruption policies are vital in these instances, providing protection against a variety of common interruptions, including natural disasters, equipment damage and vandalism. But what happens when one of your suppliers or customers […]
Common Exposures for HVAC Businesses
Most homes and businesses are outfitted with heating, ventilation and air conditioning (HVAC) systems—systems that require the care of specialized technicians for service. As an HVAC contractor, you are tasked with managing a variety of risks every time you perform maintenance or an installation on behalf of your clients. Just one incident involving the use […]
Common Exposures for Retail Operations
Owning and operating a retail store can be a fulfilling experience. Years of hard work, risk-taking and financial investments have allowed you to turn your dreams of opening a store of your own into a reality. However, many business owners don’t realize how many exposures they must address to keep their business operating smoothly. Depending […]
Common Exposures for Plumbing Contractors
Plumbing contractors provide much-needed services for both residential and commercial customers alike. However, plumbers have a number of unique risks to consider. In fact, any incident involving installing and repairing pipes or fixtures can lead to major property damage, as well as potential legal action. These challenges are magnified when you consider that risks related […]
Common Exposures for Hotels
Owning and operating a hotel can be a rewarding endeavor. However, hotel operators have to manage numerous exposures related to lodging, and many offer amenities—including pools, exercise facilities, bars and restaurants—that can dramatically increase the number of insurable risks. The list below provides an overview of these hotel risks and more, helping you identify potential […]
Reopening a Business After the Coronavirus Shutdown
As the coronavirus (COVID-19) pandemic continues to have an unprecedented effect on daily life, many business owners are looking forward to a return to normalcy. We may be nearing a time when stay-at-home regulations are scaled back and all businesses are allowed to resume. Before reopening, businesses should perform a risk assessment to determine what […]
Upholding an Employer’s Reputation With Employee Safety Initiatives During the COVID-19 Pandemic
The COVID-19 (coronavirus) pandemic continues to validate the importance of an employer brand during a crisis. As employees return to the workplace, organizations must prioritize safety. If return-to-work plans go wrong and employee safety is not a top priority, not only will the health and safety of employees be at risk—but the organization’s reputation will […]
How to Improve Employee Morale Amidst Uncertainty
To say employees are working under unique circumstances in 2020 would be considered an understatement by most. We are dealing with an intersection of stressors between the global pandemic, the impact of the resulting economic downturn, political divisions in an election year, and social unrest. Add in the upcoming holiday season and it may seem […]
Managing Social Media Risks
Organizations continue to leverage social media channels to engage and interact with customers on a more personal level. Social media remains a great opportunity for businesses to connect with customers, job candidates and other stakeholders. However, before fully involving your business in social media, it’s important to understand the associated risks. Negative content, such as […]
How to Address COVID Fatigue in Your Workforce
Perspectives on How to Manage Personally and Professionally Through A Pandemic As the number of COVID-19 cases rise, entrenching us in the second wave globally, we’re seeing more people desperately searching for a sense of normality. But it’s critically important to recognize these behaviors and the reasons behind them to manage through this pandemic. The […]
Cyber Liability Trends for 2021
In 2020, the COVID-19 pandemic forced many businesses to send employees home to perform their jobs. Cybercriminals have found this new remote workforce a tempting target, unleashing phishing, malware and ransomware attacks. These threats exploit the weaknesses of many businesses’ cybersecurity systems. In 2021, businesses will see a continuation of these attacks and new, emerging […]
Employers Enhance Benefits To Address Growing Stress in the Workforce
Nine months into what has been dubbed the worst pandemic in modern history, it’s not surprising that employee stress, anxiety, and burnout continue to worsen. Employers have been forced to re-evaluate how to best support their workforce in spite of external forces and with limited financial resources. Although some companies have needed to reduce costs […]
Deepfakes Explained
Deepfakes refer to sophisticated forgeries of an image, video or audio recording. Deepfakes have been around for years—you can even find a version of them in social media applications. For instance, with Snapchat, face-changing filters take real-time data and feed it through an algorithm to produce a synthetic image. However, as the technology has evolved, […]
Frequently Cited OSHA Standards – 2020
The Occupational Safety and Health Administration (OSHA) not only keeps records of the most frequently cited standards overall, but also within particular industries. Understanding these standards and taking proactive steps to avoid violations can go a long way toward ensuring workplace safety. When it comes to the manufacturing industry, the following standards are commonly cited […]