Archive for the ‘Business’ Category

What Do Equipment Breakdown Policies Cover?

June 28, 2022

The typical equipment breakdown insurance policy includes the following coverages: Damage to “covered property” at the location named in the policy. Expediting expenses, to cover the costs needed to get insured equipment operational as fast as possible, such as expedited shipping and making temporary repairs. Business income and extra expense. Similar to coverage you should […]

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How Litigation Is Driving Up U.S. Commercial Auto Insurance Costs

June 13, 2022

Social inflation—the impact of rising litigation on insurers’ costs—increased claim payouts for commercial auto insurance liability alone by over $20 billion between 2010 and 2019. This is according to a new paper by Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS). The Triple-I/CAS paper, Social Inflation and Loss Development confirms and […]

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Equipment Breakdown Coverage Goes Beyond Insurance

May 24, 2022

Equipment Breakdown insurance — formerly called Boiler & Machinery insurance — covers much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting property damage or bodily injury. Today, few businesses use […]

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How AI is Changing the Paradigm of Insurance

May 14, 2022

An article in the May 2022 issue of National Underwriter by Daniel Turgel outlines “How artificial intelligence [AI] is moving the insurance industry in a bold, new direction.” In the past, the expectation of an accident occurring at some point was pretty much the main reason motivating a business owner to buy insurance. Until the […]

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Seven Tips for Reducing Cyber Risk

April 28, 2022

Understand your cyber risks. Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods. Train Staff. Those engaged in cyberattacks find a point of entry into a business’ systems and network. A business’ exposure can be reduced by having and enforcing a computer password policy for its employees. Keep Software Updated. Businesses should […]

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Why Do Insurers Need to Think Like Cybercriminals?

April 15, 2022

The short answer is, To protect insureds from cybersecurity risks. Cybersecurity is no longer the emerging risk it was just a few years ago. Rather, it is a clear and present risk for organizations of all sizes, said panelists at the Insurance Information Institute’s (Triple-I) Joint Industry Forum (JIF). This is in large part because […]

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How to Survive the Insurance “Hard Market”

March 15, 2022

Several extraordinary events have taken place in the past few years that will influence the role of insurance for many years to come. Boston-based Risk Strategies Co. has identified these events in their latest “State of the Market Report” They are: The COVID-19 global pandemic, impacting businesses across every sector. The rise in frequency and […]

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Benefits of Green Construction

February 23, 2022

It is estimated that in 2021, almost half of all constructions firms (47 percent) are building over 60 percent of their projects using “green building” methods and materials, typically in ways that also reduce insurance costs. Some specific areas in which green construction benefits both commercial and residential construction include: Siting and design efficiency — […]

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7 Ways to Improve Company Driver Safety

February 11, 2022

If you have company trucks to provide service offsite or to deliver products, your drivers spend a lot of time on the road. Check out these tips for improving safety and reducing costs: Make sure your drivers have safety gear onboardStock your trucks with warning triangles, first aid kits, LED flares, warning flags, and make […]

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How to Avoid the Legal Pitfalls of Telecommuting

January 27, 2022

Are you an employer who started letting employees work from home during the COVID-19 pandemic? Or maybe telecommuting has been part of your work environment even before the pandemic. In any case, here are some things to be aware of to protect your firm from litigation. As a first step, the best thing you can […]

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