Trends and Tips: Insuring Your Commercial Property During a Vacancy
Commercial property owners are struggling to balance a positive bottom line as tenant vacancies and insurance premiums increase. According to Moody’s Analytics’ Q4 2023 Preliminary Trend Announcement, commercial real estate (multifamily, office, retail, and industrial spaces) is in limbo. Their analysis revealed the following trends: In response to market fluctuations, some property owners have reduced […]
Post-Pandemic Workforce Trends Could Lead to Liability
Getting people to return to the office, or work at all, has become a major headache for U.S. businesses. Strategies like offering remote work, hiring less qualified workers, and keeping older workers on staff carry liability risks you must consider. Remote work About 38% of employers required workers to come into the office full time […]
What Is a Non-Admitted Carrier and When Might You Use One?
Getting insurance can be challenging if you have an unusual risk, a lot of risk or a hefty claims history. These “hard-to-place” risks are difficult to insure using standard insurance, also known as admitted carrier markets. Hard-to-place risk Admitted carriers typically gravitate toward predictable risk with considerable data to back it up. This helps them […]
Do You Own a Recreational Drone?
Recreational drones, sometimes called unmanned aircraft systems or unmanned aerial vehicles, are growing in popularity every year. The Federal Aviation Administration (FAA) reports that more than 871,000 drones were registered as of January 2023. And the number continues to grow. That means a lot of new operators and a lot of new opportunities for fun […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Common Auto Insurance Policy Questions
If a friend drives my car, is he or she covered by my policy? Since most insurance coverage is connected directly to the car, if someone else borrows your car occasionally, he or she should be covered under your policy. Yet, your premium is based on both your vehicle and the “primary” driver of that car—you. […]
Product Liability Insurance Protection for Your Business
Product liability Insurance, also known as products-completed operations insurance, provides solid protection for your business relating to the manufacturing or sale to the public of products, foods, medicines or other items. Specifically, as part of commercial general liability (CGL) policy, this coverage provides protection against liabilities for losses due to injuries caused by malfunctions or […]
Cyber Liability Coverage in the Construction Industry
In recent years, cyber incidents have surged in both cost and frequency. These incidents have become a pressing concern for organizations of all sizes and sectors—and construction companies are no exception. Although employers within the construction industry may think that their cyber exposures are minimal, this often isn’t the case. Rather, such vulnerabilities can come […]
Ransomware Actors Shifting Away From Big-game Hunting to Smaller Targets: Coveware
Ransomware actors shifted to more “mid-game hunting” in the third quarter (Q3) of 2021, resulting in fewer large ransom payments and more lower payments made by middle-market organizations, according to recent data from Coveware, an incident response and ransomware negotiation firm. The average ransom payment amount stayed around the same level between the second quarter […]
Preventing Falls at Worksites in Winter
Falls are already one of the most common accidents at construction sites, but working outdoors during the winter can create even more hazards. Fortunately, there are ways to compensate for these additional risks and keep employees as safe as possible. While conducting operations during winter conditions, take the following precautions: For more information on employee […]
Labor Shortages and Business Liability Risks
The past year has seen labor shortages across industry lines. According to a recent study from the Society for Human Resource Management, nearly 90% of businesses are having a hard time filling open positions. These shortages have resulted from various factors, many of which are related to individuals reevaluating their employment priorities due to the […]
Common Components of a Cyber Insurance Policy
In recent years, organizations of all sizes and sectors have become increasingly reliant on workplace technology and digital systems to conduct their operations. Nevertheless, utilizing such technology carries additional exposures and liabilities. That’s why it’s crucial to secure adequate cyber coverage. Having a cyber insurance policy in place can provide protection against financial losses that […]
Rising Property Replacement Costs
Commercial property losses and insurance premiums have significantly increased over the past two years due to environmental and economic factors. Undervaluation of the replacement costs for a damaged building or equipment can also be linked to commercial property insurers experiencing high loss costs. To compensate, insurers continue to increase premiums, with rates rising 8.7% in […]
Cyber Hygiene Best Practices
As cyberattacks become more frequent and severe it is increasingly important for organizations to practice good cyber hygiene to minimize their exposure to risk. Cyber hygiene refers to habitual practices ensuring critical data and connected devices are handled safely. This article discusses the importance of cyber hygiene for organizations and best practices. Importance of Cyber […]