Entering into a contractual relationship can expose your company to significant contract liability. Implementing standard safeguards indicates a well-rounded risk management program that guards against potential losses. An organization should require a contractor to assume liability arising out of the contractor’s negligent conduct, delivery of products, services or activities.
Read MoreWhen a hacker infiltrates your system, paying their ransom demand right away might not be the best approach. One’s first instinct might be to pay, pay, pay. Data is locked up tight, and sensitive client, customer and employee information is on the line … not to mention business reputability and operations. But paying a hacker outright might not be the best first step.
Read MoreSocial engineering scams manipulate individuals into divulging sensitive information via a phishing email or other email compromise - and they are getting more sophiscated. Learn why small businesses must stay vigilant throughout the holiday season and be on the alert for social engineering scams involving fraudulent vendors.
Read MoreAs companies start getting ready for the busy holiday season, many may focus on attracting customers and hiring seasonal workers quickly. However, it’s important to keep employee safety in mind, too. Find out some of the top mistakes employers make when hiring seasonal workers – and what they can do to avoid them.
Read MoreOn Oct. 11, 2022, the U.S. Department of Labor (DOL) announced a proposed rule to rescind and replace its 2021 independent contractor classification rule under the Fair Labor Standards Act (FLSA). If the rule is adopted, employers need to consider the “totality of the circumstances” in their worker classification efforts.
Read MoreFire hazards are in every area of a business, and causes are diverse—ranging from faulty wiring or machinery to dust, chemicals, hot work and even poor housekeeping. Even though there are countless ways a fire can start, here are five areas that you may not realize are severe risks. Since fires are so devastating to property and lives, it’s one concern that should keep managers and employees on constant alert.
Read MoreControlling costs is essential to running a profitable business. If you don’t keep track of your operating expenses, it can become nearly impossible to catch issues that reduce your business’s profitability. You may even risk allowing operating costs to spiral out of control and land your books in the red. That’s where cost control comes in.
Read MoreTheft of catalytic converters has skyrocketed in recent years due to the highly valuable precious metals they contain. The National Insurance Crime Bureau found that the number of reported catalytic converter thefts increased from roughly 1,300 in 2018 to more than 52,000 in 2021. See why catalytic converters get stolen and how vehicle owners can prevent their theft.
Read MoreDoes your business rely on employees using their own vehicles for work? If so, you may have automobile loss exposures for which you’re unaware, putting your business’s assets at risk. So before you send your employees out on the road on company business in their own cars and trucks, be sure you’ve put the proper controls in place, to protect both your employees and your company.
Read MoreWhen purchasing or renewing a commercial property insurance, it’s vital for businesses to ensure such coverage includes correct property valuations. Doing so can make all the difference in providing sufficient protection and preventing coinsurance penalties amid covered property losses.
Read MoreAs cyber attacks become more and more common, protecting your data is increasingly difficult. In light of the growing number of cyber attacks, many companies are turning to two-factor authentication to enhance their cyber security. While no cyber security method is foolproof, using two-factor authentication can add an extra layer of security to your online accounts. So how exactly does two-factor authentication work?
Read MoreIn the scope of workers’ compensation coverage, inflation issues have become increasingly evident through various sector trends—including labor shifts, rising wages, higher medical expenses and rate adequacy challenges. With this in mind, it’s important for businesses to better understand these trends and learn what they can do to mitigate inflation concerns within their workers’ compensation programs.
Read MoreCybercriminals can access a company’s personal and financial data through various fraudulent activities. Cyber attacks can damage an organization’s productivity, reputation and bank accounts. Learn how to recognize one of these scams: a DocuSign phishing attack.
On July 26, the Biden administration launched Heat.gov—a new website through the National Integrated Heat Health Information System web portal—to provide the public and decision-makers with information to understand and reduce health risks related to extreme heat.
Read MoreRecently, the National Academies of Sciences, Engineering, and Medicine issued a Consensus Study Report using data the U.S. Equal Employment Opportunity Commission (EEOC) collected from information private employers and federal contractors provided in the EEO-1 form. Today, many employers are striving to improve pay equity. Employers should continue to monitor updates from the EEOC to learn more about pay equity and enforcement
Read MoreDespite significant rate increases and a 75% boost in cyber insurance premiums in 2021, the industry loss ratio declined by only 10%. While standalone cyber policies still comprise a small share of the overall policy count, they generate more claims, AM Best noted.
Read MoreThe workers’ compensation sector of the commercial insurance industry is generally a stable and profitable segment. However, the claims in this market have become costlier, with concerns over severity on the rise. While the frequency of claims has declined, several factors contribute to increasing claim expenses.
Read MoreWhat does LLC mean? LLC stands for Limited Liability Company. Many small business owners choose to operate as an LLC because it protects them from being personally liable. This means business creditors cannot go after their personal assets such as their houses or vehicles. LLCs are relatively simple to set up and also offer tax advantages and other benefits. Wondering if an LLC might be the right business structure for you?
Read MorePicture this scenario – you just received a call from a premium auditor looking to schedule a visit to perform a premium audit on their recently expired workers’ compensation policy. The premium audit is a very important function. Not only does it determine the final premium for an insurance policy, but the data collected at audit is later submitted to rating organizations to be used in developing experience modifiers and loss costs.
Read MoreIn a news release, the U.S. Department of Labor recently reminded employers hiring youth-aged workers to comply with federal child labor laws to ensure these hires have a safe and beneficial experience.
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