2024 Insurance Hard Market

The insurance industry is currently facing the hardest market seen in a generation, marked by rising rates and increased underwriting restrictions. New research from Liberty Mutual and Safeco Insurance found that 83% of agents say this is the hardest market they can remember seeing, and almost 90% of consumers reported rate increases in the past year. The forces that […]

Your Business Risks in an Economic Downturn

Without a thorough evaluation of its business model, any manufacturer can be severely threatened by an economic downturn. While devising creative solutions to keep your business running despite unfavorable economic conditions, keep in mind that changes to your business can result in changes to your liability exposure. Facing Your Supply Chain It’s no secret that […]

Understanding Your Insurance Policy

We understand that you might not be interested in reading the fine print of your insurance policy. But since an insurance policy is a legal contract between the insured—you or the entity being insured—and the insurer, it’s important for you to understand policy basics. Reading your policy helps you verify that the policy meets your […]

Insurance Loss Runs Explained

Claims history is one of the main factors that insurers evaluate to determine a business’s commercial insurance premiums. As such, it’s crucial for organizations to have a sufficient grasp on their past losses. Fortunately, that’s where insurance loss runs can help. A loss run is a report generated by an insurer that records the claims […]

Trucking: Your Total Cost of Risk

Total cost of risk in insurance terms describes the cost of both pure and speculative risk. It is synonymous with the price of your risk management program. For example, if you are faced with a union strike, how do you estimate losses? It is difficult, at best, to quantify this scenario. In contrast, other components […]

6 Cost-Cutting Tips for Small Business

Employers of all sizes are currently searching for ways to reduce expenses and save money in response to the current economic downturn and ongoing labor challenges. Instead of cutting costs randomly or conducting unnecessary layoffs, successful organizations tend to optimize their resources by identifying areas where they can reduce expenses without compromising productivity or future […]