Farm operators rely on experienced workers to handle grain trucks, tanker trucks, worker transport buses and vital machinery like combines, pesticide sprayers and planters. But an ongoing labor shortage is increasing risks, as less-experienced workers are stepping into these critical roles. The American Trucking Associations warns that a nationwide trucking shortage could exceed 169,000 drivers […]
As construction projects become larger and more complicated, contractors are taking on more of the risk by increasing their builder’s risk insurance deductibles, according to a recent report. Michael Cusack, executive vice president of insurance broker Alliant Specialty, told Insurance Business magazine that contractors are willing to take on more of the risk as those that […]
Nearly half of middle-market businesses feel unprepared for key threats despite implementing various risk management strategies, according to Nationwide Insurance’s latest “Agency Forward” survey. The survey found that while 90% of businesses have formal risk management policies that are reviewed regularly, 21% lack a business continuity plan, leaving them exposed to potential disruptions that could […]
Businesses and homes located in areas that have been hit by wildfires have another risk they face after the fires subside: flooding, landslides, debris and mudflows. And these events are not covered by a standard business property or homeowner’s insurance policy. Areas affected by wildfires have a significantly increased risk of landslides, mudslides and mudflows […]
Even if you have a business or a home that was not affected by the recent wildfires in Los Angeles, you will likely see a surcharge to help pay for them on your next property insurance policy renewal. The state-run California FAIR Plan, which is the market of last resort when policyholders are unable to […]
As construction projects become larger and more complicated, contractors are taking on more of the risk by increasing their builder’s risk insurance deductibles, according to a recent report. Michael Cusack, executive vice president of insurance broker Alliant Specialty, told Insurance Business magazine that contractors are willing to take on more of the risk as those that […]
Automobile insurance companies are struggling to keep up with the rising cost of collision insurance claims, and that’s forcing them to raise rates at a steady clip. In 2019, the industry paid out $62.6 billion in losses for damage to personal vehicles and $5.4 billion for commercial vehicles. By 2023, those numbers had risen to […]
The fires that have ravaged large swaths of homes and businesses in Los Angeles are likely to significantly alter the California commercial property insurance market. Policyholders may need to brace themselves for surging premiums, policy non-renewals and uncertainty. These wildfires will result in record payouts by insurers. Moody’s RMS estimates insured property losses from the […]
Employers with 10 or more employees must post their completed OSHA Form 300A by Feb. 1 and keep it posted in their workplace until April 30. The form must be posted where the company usually posts other employee notices, like minimum wage and workplace safety notices. Form 300A summarizes the total number of fatalities, missed […]
Employees who are unfamiliar with how to access care using their group health insurance can inflate your plan costs and how much they pay out of pocket. Those who may not use their health plan much, or at all, may end up going to the emergency room for an issue that could have been handled […]