In the event of a catastrophic commercial property loss, the process of getting your business back up and running can be overwhelming. Although infrequent, these types of claims can severely impact operations, earnings, morale, and company reputation. In the moment, responding to the loss can seem daunting. But the actions you take within the first few hours can make the difference between getting your business back on track as soon as possible or experiencing significant roadblocks and delays.
Companies that own vehicles used to perform business-related activities must carry commercial auto insurance. Insurance premiums for commercial auto coverage are often a significant part of a company’s budget and in 2023 premium costs are expected to climb higher. Risk managers and business owners may give themselves an advantage by staying up-to-date on factors driving premium costs as well as contemporary methods for managing them.
Cybercrime is a burgeoning business. The World Economic Forum reports that by 2025 the global cost of cybercrime could reach $10.5 trillion annually. Individuals, businesses, and governments must work diligently to protect sensitive data. For businesses, one of the most common entry points for intruders is through compromised or hacked passwords used to access company data.
For businesses of all sizes and across all sectors, last year presented significant new and existing challenges. Many widespread conditions that emerged during the first years of the pandemic continued to affect operational stability while rising inflation and the threat of recession created increased market turmoil. Additionally, Russia’s war on Ukraine accelerated commercial instability on a global scale.
Workplace norms and standards are rapidly shifting. To keep pace, most modern business owners share a common goal of creating and maintaining safe, equitable workplaces for all. Yet even the most ethical employers who adhere to best employment practices can be sued by workers who believe their legal rights as employees have been violated. Today, employment practices liability insurance (EPLI) has become an important part of the risk management strategy for businesses of every size.
EIG: What brought you to Eastern Insurance?
Workers’ Compensation insurance (“workers’ comp”) covers the cost of medical bills and lost wages when employees are injured or sickened at work. Nearly every state requires businesses with one or more employees to carry it. Workers’ comp is a crucial part of every employer’s strategy for keeping employees safe when they are on the job, even as the definition of “on the job” is changing. Long before the pandemic pushed it to the mainstream, remote work among white collar workers was on the rise.
In April 2020 when the worldwide COVID-19 pandemic erupted, the U.S. shed nearly 21 million jobs. Analysts at the time forecasted a difficult climb back - yet two years later the biggest workforce challenge facing the U.S. economy is not joblessness, but persistent labor shortages that cut across market sectors. In fact, The U.S.
Each year, The Occupational Safety and Health Administration (OSHA) releases their list of the top 10 most common safety violations to help bring awareness and prevention to hazards in the workplace.