Insurance Buyers News – March/April 2024

How Will AI Impact the Insurance Industry?

keyboard
Generative AI value-creation opportunities abound across the insurance value chain,” according to a new report by Deloitte. Read on for details.

Surety Bonds: The Other Risk Management Tool

data processors Surety premiums are only about one percent of property/casualty premiums ($769.3 billion in 2022), but sureties play a critical role in our economy.Read on for details.

What to Do About the Rapidly Expanding Crime of Cargo Theft

someone stealingDocumented strategic cargo theft events increased 430% year-over-year in 2023, according to CargoNet, a cargo industry publication. Read on for details.

Nation’s Guardrails Can’t Handle Heavier EV Vehicles

The growing number of electric vehicles on the road that weigh 20 to 50 percent more than gasoline powered vehicles has engineers at Nebraska’s Midwest Roadside Safety Facility and the Army Corps of Engineers concerned. The extra weight, due to the batteries they carry, means that existing highway guardrails may not be effective at stopping these vehicles. Read on for details.

Insurance Buyers News – January/February 2024

Allianz Risk Barometer Says Cyber and BI Biggest Worries

Contemplative executive
Extreme weather events, fires and explosions, geopolitical risks, ransomware attacks and the Covid-19 pandemic have all tested global supply chains in recent years. Read on for details.
 

New Survey Says Firms Not as Well Prepared to Handle Risk as They Think

data processorsAccording to a just released survey by an international brokerage and financial services firm, many organizations are unjustifiably confident of their risk management strategy.Read on for details.
 
 

Insuring Against Dishonesty in the Workplace

someone stealingAccording to a study by Embroker, 75% of employees admit to stealing at least once from their employer. The study also reports that internal theft can cost U.S. businesses up to $50 billion a year. Read on for details.
 
 

What is Enterprise Risk Management?

Enterprise risk management (ERM) is a methodology that looks at risk management strategically from the perspective of the entire firm or organization. As a top-down strategy it aims to identify, assess, and prepare for potential losses, dangers, hazards, and other potentials for harm that may interfere with an organization’s operations and objectives and/or lead to losses. Read on for details.

Insurance Buyers News – November/December 2023

Social and Economic Inflation Drive Up Auto Liability Claims

Car crashesCombined U.S. personal and commercial auto insurer liability claim payouts were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study. Read on for details.

 

More Rate Reductions Expected for Professional Liability Coverages

woman smilingIt looks like the soft markets that started last year for Management Liability (ML) and Professional Liability (PL) insurance will continue to soften over the second half of 2023. Read on for details.
 
 

Why Buy Professional Liability Insurance?

professionals in meetingIt might surprise you to know that it’s not just doctors, lawyers and architects. All kinds of people need professional liability coverage, including financial analysts, corporate trainers, numerous types of consultants and law enforcement professionals. Read on for details.

Professional Liability Policies Are Unique

Unlike property insurance or even general liability insurance, the policy wording used for one client is not necessarily suitable for all clients. Whether you buy a PL or E&O policy, it usually will be tailored to the specific needs of your business classification.
Read on for details.

Insurance Buyers News – September/October 2023

Car Thefts Rise by 33.5 Percent
in First Half of 2023

woman in stern poseHomicide and most other violent crimes declined in American cities in the first half of 2023, but they remain above levels seen before the onset of the coronavirus pandemic and nationwide protests that followed the killing of George Floyd, according to a new study of crime trends in 37 cities released last month by the Council on Criminal Justice. Read on for details.

How to Read Fine Print

employees sitting While it’s a good idea to read your insurance policy, let’s be honest, hardly anybody does. The important thing is to understand what’s in it and how it works. Read on for details.
 
 

Court Says Employers Responsible for Employee Identity Theft —Regardless of Monetary Damages

Young lady with umbrellaIf your business is the typical small or mid-sized business, you probably have somewhere between $500,000 and $2 million in liability coverage under your business owner policy (BOP) or commercial general liability policy. How does umbrella coverage work with these policies to provide extra liability protection? Read on for details.

Cybersecurity Basics

To develop a comprehensive cybersecurity plan, work with your IT department and management to craft a document that includes the best practices for handling, storing and accessing the personal data of employees. You will need to address:Read on for details.

Insurance Buyers News – July/August 2023

EEOC Document Warns against Discriminatory Effects of Artificial Intelligence

woman in stern pose
The Equal Employment Opportunity Commission (EEOC) has issued a warning to employers who use automated systems, including artificial intelligence (AI), to monitor employees and make decisions about a range of employment matters. Read on for details.

Why You Need Employment Practices Liability Insurance (EPLI)

employees sitting With increased government regulation related to employment issues, such as those we are reporting about in this issue, it’s easy to see why carrying EPLI would be a good idea for most employers. Read on for details.
 

Don’t Forget Your Umbrella

Young lady with umbrellaIf your business is the typical small or mid-sized business, you probably have somewhere between $500,000 and $2 million in liability coverage under your business owner policy (BOP) or commercial general liability policy. How does umbrella coverage work with these policies to provide extra liability protection? Read on for details.

How Is EPLI Underwritten?

Underwriters use a variety of metrics to determine what to charge for Employment Practices Liability Insurance (EPLI) and the scope of coverage to offer. Read on for details.

Insurance Buyers News – May/June 2023

Cyber Threats Drive Concern About Vehicle Vulnerability

jury
The technological sophistication of today’s cars and trucks is making them increasingly vulnerable to cyber security threats. Read on for details.
 
 

Tort Reform Movement Gains Momentum in Florida

gavelIn April, Florida’s Governor DeSantis signed a tort reform bill that will have a significant impact on insurance litigation.Read on for details.
 
 
 

Protect Yourself When Working with Contractors

Lloyds of London office buildingOne of the most effective and simplest ways of protecting your organization from liability due to contractors’ and subcontractors’ operations is with Additional Insured coverage. Read on for details.
 
 

“Nice to Have” Insurance Policies

Nice to have” insurance policies are policies that not all businesses carry but maybe should carry.Read on for details.