When most collectors think of fine arts insurance, they may imagine disasters brought on by major events like fires, floods, and theft. However, the most common perils that threaten unique art collections are far more subtle: a poorly hung painting that falls to the ground or a simple scratch due to improper handling. Unlike the expectations with...
Small businesses may not get the same level of media attention as larger Fortune 500 companies, but they’re quietly working away to bolster the economy, provide jobs to millions, and navigate the underinsurance crisis. Businesses with fewer than 50 employees account for 45% of all private sector jobs and keep roughly 56 million Americans...
While winter officially began on December 21, the onset of cold weather was felt in many areas of the United States much earlier. As we move into what are typically the coldest months of the year, businesses need to be mindful of the safety of their employees — particularly employees who spend some or much of their working day outside. On...
According to the North American Electric Reliability Corporation (NERC)’s 2023-2024 Winter Reliability Assessment, two-thirds of the United States and Canada may be in for a chilly winter season. The report concludes that during peak winter weather conditions, prolonged dips in temperatures will significantly disrupt the electric grid and...
Lately, middle-market businesses (those that typically pay premiums upward of $75K) are finding it difficult to secure reasonable commercial property and auto insurance. This is pushing many of them to pursue new insurance solutions for the coming year. What’s Driving Middle-Market Property and Auto Prices? In its Q2 2023 Property and...
Abandoned storage units have long held an aura of mystery and intrigue, captivating the public’s imagination through television shows like “Storage Wars” and “Auction Hunters.” And who could forget the scene in the classic horror film “Silence of the Lambs” where Clarice Starling, played by Jodie Foster, crawls into storage unit #31 in pursuit of...
There has been a staggering surge in cybercriminal activities over the past few years, with a global increase of 38% between 2021 and 2022. The financial repercussions of an attack can be crippling, with an average cost of a single data breach reaching $4.45 million. In an effort to cover their losses and keep up with demand, insurers have...
The 2023 hurricane season has been punctuated by the damaging winds and rain of Tropical Storm Hilary in California as well as Hurricanes Idalia and Lee and Tropical Storm Ophelia on the Atlantic coastline. And it’s not over yet! Risk management can go a long way toward mitigating incidents of property damage or bodily injury at a commercial...
While there’s no silver bullet when it comes to complex, specialty insurance placement, the skills of a Program Administrator come close. Program Administrators leverage their market expertise and industry credibility to guide their agency partners and clients through an insurance landscape fraught with rate increases, capacity restrictions, and...
The summer of 2023 is already in the record books, and it’s only at the halfway point. An unprecedented heat wave has held the Northern Hemisphere in its grip for weeks, causing a spike in heat-related injuries and fatalities in many parts of the U.S., disrupting operations for businesses that rely on employees to work outdoors, and calling into...
Insurance claims for small businesses occur frequently enough; in 2020 alone, 3 out of 4 businesses experienced an event that could have resulted in an insurance claim. With that statistic in mind, it begs the question: “What are the most common claims for businesses?” Recent data indicates that claims resulting from natural disasters rank second...
How to Guide Your Insureds Through a Data Breach Whether through sophisticated malware, phishing schemes, or an unsecured website that leads to data leaks, cyber attacks occur frequently enough to warrant due diligence. Cyber attacks affect businesses of every size — from a mom-and-pop shop that takes digital payments to large enterprises that...
Your clients’ exposure to cybercrime doesn't end at the office door. Hackers have a variety of ways to access critical business information via phishing, ransomware, and malware. One of the latest trends in cyberattacks involves the use of public phone-charging stations. Although these charging stations are convenient and appear safe, they can...
Comedian George Carlin famously said that all we need in life is “a place for our stuff.” More than 11 percent of Americans — nearly 15 million households at last count — turn to local self-storage facilities because they have more stuff than their closets and garages can hold. Renting a self-storage unit is a convenient solution for many of us....
The U.S. Department of Justice last week announced the outcome of a multi-agency, multinational operation that dismantled an international ransomware network with thousands of targets. With a narrative worthy of a fictional espionage thriller, the news release dated January 26, 2023, described a months-long campaign of disruption waged against...
Winter Storm Elliott made headlines in December 2022 for its incredible ferocity and destructive power. Amid the reports, many of us first encountered the term “bomb cyclone.” While not a rare phenomenon, bomb cyclones don’t usually cause the level of damage that Elliott inflicted. Air travel during the 2022 holiday season produced moments...
‘Tis the season for end-of-the-year charitable giving! As fundraising efforts ramp up and volunteers pitch in, make sure your nonprofit clients have the coverage they need. The last few weeks of the year are critical for charitable organizations when it comes to fundraising. The holiday message of giving to others combined with the...
For the past several years, catastrophic insurance claims of all types have been occurring more frequently and with increasing severity. The Insurance Information Institute reported $92 billion of insured losses in the United States in 2021 as a result of natural catastrophes to include severe storms, wind, hail, wildfire, flood, and earthquake....
4 Reasons Why Insurance Agents Should Give Self-Storage Risks a Closer Look Self-storage is a superstar in the commercial real estate market. Over the past half-century, the industry has proven itself to be resilient to the vagaries of consumer trends, economic recession, and even global pandemic. As the industry continues to grow, so...
Communicating the story of your client’s risk profile can yield optimal coverage at the best rate. One of the most effective ways an agent can streamline the quoting process and get the best rate for a commercial client is by telling your underwriter a story. The story you craft probably won’t begin with “once upon a time,” but it may result in a...
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