Autumn Maintenance Tips for Business Owners
The changing seasons are an excellent time for property inspection and cleanup. You might have missed maintenance issues over the summer. Or maybe the heat and rain brought new issues to the surface. Add these tasks to your maintenance rundown to prevent injuries and damage. Repair outdoor walking surfaces Start your examination in the client […]
Does Your Business Depend on an Irreplaceable Person?
Your business is a pillar of your community, and the name on the door is one that people recognize. Your business partner is a visible part of the brand you’ve spent years building, a cobranded asset that your clients and vendors have learned to trust. Think about what would happen if your partner suddenly died. […]
Has Your Commercial Property Insurance Kept Up With Values?
Record-high inflation is pushing up the cost of everything, including property insurance. Commercial real estate insurance rates are up by at least double digits this year, which insurers largely attribute to higher construction and replacement costs and more frequent disasters. Though the Insurance Information Institute reported replacement cost increases slowed down slightly in the second […]
Human Error Is Biggest Cause of Business Data Breaches
While most business owners understand the growing problem of cybersecurity failures, many small and midsize enterprises don’t have the resources to hire expert cyber risk teams. That said, companies must do something to prevent major financial losses from cyber incidents. The good news is it’s doable, because the overwhelming majority of cyber-related losses at small […]
What to Know About Internship Compensation
Minimize your Employment Compliance Risk by Getting Intern Compensation Right With summer comes an uptick in interns. Whether you have summer interns, or ones working for you during the school year, there are special considerations that should be given to interns, such as pay and ensuring a good learning experience. The Department of Labor is […]
2023 Commercial Property Insurance Market Outlook
The past five years have seen the commercial property insurance market progressively harden, evidenced by consistent rate increases since 2017. However, according to industry data, such rate jumps showed some signs of stagnation in early 2022, with average increases staying within single digits. Going into 2023, rates are still on the rise. Some insureds are […]
Work Zone Safety for CMV Drivers
Commercial motor vehicle (CMV) drivers have a lot to consider when it comes to operating their vehicles safely. This is especially true during various seasons throughout the year—such as road construction season, which generally takes place from June through November. After all, road construction can create numerous hazards for CMV drivers, seeing as they must […]
What We’re Watching: Employer Compliance Across Benefits, HR, and Retirement
Staying updated on employer compliance can be a challenge. This monthly update is designed to highlight the latest developments impacting Employee Benefits, HR, and Retirement to keep your business running smoothly and minimize your compliance risk. March, 2023:Considerations for Adding ESG Investment Options to ERISA Retirement Plans While the DOL recently issued a rule that […]
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 […]