California’s Workers’ Compensation Insurance Rating Bureau has proposed plans to start requiring COVID-19 claims to be included when calculating employer X-Mods, according to a report by an industry trade publication. The proposal, which would have to be approved by the state insurance commissioner, would bring to an end current rules that exclude the impact of […]
Rates for most commercial lines of insurance are likely to continue rising going into 2022, as claims costs mount across the board. A new report from Marketscout notes that rate increases have accelerated across all major lines, but have been most pronounced in liability coverages. The composite rate for commercial insurance pricing in the third […]
Commercial property insurance rates are continuing to climb, as the segment faces a number of headwinds that have pushed claims costs to new heights. There are number of factors that are colliding, including the frequency and severity of claims from extreme weather, the cost of rebuilding, rates for commercial properties are not keeping pace with […]
With about 75% of employees in the U.S. using their own devices for work communications and productivity, businesses must implement safeguards to avoid company data from being compromised should a device be stolen, hacked or contract a virus. The BYOD (bring your own device) trend has grown as many employees have eschewed company-issued mobile devices, […]
With confrontations between angry customers and employees just trying to do their jobs increasing during the COVID-19 pandemic, employers need to make sure they have policies in place to protect workers who are confronted. As well, many customer-facing companies — mainly retailers, restaurants, retail printers and entertainment venues — have seen an uptick in customers […]
The Biden administration has announced plans to require businesses with 100 or more employees to require their workers to be vaccinated for COVID-19 or be tested for the coronavirus on a weekly basis. The order is part of a sweeping six-part “Path Out of the Pandemic” plan, which focuses on expanding vaccinations, opening schools safely, […]
In courtrooms all over the country, battles are occurring between businesses who endured COVID-19-related shutdowns and insurance companies who believe they are not obligated to reimburse them for their losses. According to the Covid Insurance Litigation Tracker from the University of Pennsylvania Carey Law School, more than 1,800 lawsuits have been filed in state and […]
Despite accounting for 19% of revenues among firms in the United States, small businesses shoulder more than 53% of all commercial tort liability costs, according to a new report by the U.S. Chamber Institute for Legal Reform. The story is worse for the business with less than $1 million in revenue. They account for only […]
California is opening a new funding round for its Small Business COVID-19 Relief Grant Program for companies that have taken a financial hit due to the pandemic. The new funding round opens Sept. 9 and runs through Sept. 30. The new round will take place thanks to an additional $1.5 billion in funding authorized in […]
As wildfires continue ravaging the West, more businesses in wildfire-prone areas are facing a difficult commercial property insurance market as insurers reduce their exposure and some have left the market altogether. Many businesses in areas that have already been ravaged by fires in the past, or those located in areas that are near forests and […]