Posts made in December, 2015

The Story of Business Risk Insurance in 2015

Posted by on Dec 31, 2015 in News | 0 comments

The Chalkboard provides a recurring infographic that appears in each issue of National Underwriter Property & Casualty. They focus on the insurance industry’s most pressing market lines and trends, stats and facts (illustrations by Shaw Neilsen). Here’s a look at two of these commercial insurance risks: 2015 was a year focused around cyber security and the increasing frequency of data breach events. For this infographic, they included 117 data breach insurance claims, from carriers that include ACE, AIG, Chubb, Lockton, Liberty International Underwriters, OneBeacon, Philadelphia, Travelers, XL Group and Zurich NA. Here is a summary of the company’s findings: Workers’ Compensation was also gained a lot of news coverage in 2015. Did you know that medical services now contribute to more than 60% of Workers’ Comp claims?  In part due to two cost drivers: physician dispensing and compounded drugs. Here is a summary of findings from Marsh, the California Workers’ Compensation Institute and insurer WC Accident Fund...

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Risk Assessment Fundamental to a Business Continuity Plan

Posted by on Dec 10, 2015 in News | 0 comments

When it comes to a realistic, reliable business continuity plan, risk assessment is fundamental. To remain better positioned to recover from a disaster, companies that proactively consider which events are most likely to occur are able to focus disaster response planning efforts where they will yield the best return on investment. When it comes to threats your company faces, as well as their potential impact on business operations always base response and recovery strategies on a good understanding these threats and potential impacts. The following list via our partner Travelers.com contains some common threats that may leave critical business resources and operations vulnerable. Natural disasters such as tornadoes, hurricanes, floods, earthquakes, lightning strikesand wildfires. Manmade or technological events like fires and explosions, industrial accidents, chemical/hazardous material spills, communications and utility outages, system disruptions and transportation accidents. Malicious attacks including terrorism, bomb threats, vandalism, threats to reputation (off- or online), protests, civil unrest/riots, robbery and armed intruders. Cyber attacks such as denial of service attacks, computer viruses, worms, Trojan horses, cyberwarfare and cyberterrorism. Loss of workforce events such as long-term disability or illness, epidemic (e.g., flu, virus outbreaks), fatalities and worker strike. Supply chain disruptions, which can include counterfeit parts, regulatory requirement violations and transportation disruptions. Human error, such as poor training, poor maintenance, carelessness, misconduct, substance abuse, fatigue and counterfeit parts. Assessing Risk Although natural disasters seem to be happening more frequently than ever, particularly in the U.S. where nine of the 10 most costly disasters in 2012 occurred,* many business losses are actually caused by small events that are not wide-spread. When determining what the biggest risks are to your businesses, consider the following: Historical – What has happened in your community, to your facility or neighborhood before? Geographic – What is your proximity to flood plains, major airports, etc.? Physical – What is it about the design or construction of your facility/office that might make your business particularly susceptible to a certain event? Organizational – What is it about your employee, operational or technological infrastructure that might make your business particularly susceptible to a certain event? Regulatory – Is your business/industry required or mandated to prepare for any hazards? *Source: Insurance...

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Winter Weather Safety Programs for Your Business

Posted by on Dec 4, 2015 in News | 0 comments

As winter weather approaches, our partner company, Accident Fund Insurance is once again rolling out their S.A.F.E. Slip and Fall Elimination campaign to help your business prepare for changing weather conditions. Winter Weather Safety Program Every company should have a written program that outlines the procedures for monitoring changes to winter weather conditions, as well as the process of communicating severe weather advisories and alerts to employees. The program should include: The types of alert systems used Employee responsibilities Communication and notification systems Facility closing procedures and call in phone numbers Information technology systems used Prepare your Business before Winter Weather Hits They encourage you to think about how best to prepare your business for the winter season before winter arrives, including: Ensuring you have access to weather advisory alert systems. Tuning up snow blowers and other snow removal equipment. Having a plan in place when off-premise work is necessary. Maintaining a supply of salt and other ice melters. Obtaining proper footwear for the winter season. Putting entryway mats and housekeeping supplies in place. Want to know more? Visit their S.A.F.E site frequently and be sure to download the materials to use in your...

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