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Skyrocketing claims costs and higher accident rates are pressuring the commercial auto insurance market, as insurers impose increasingly larger rate hikes and more are pulling out of the market or restricting who they will cover. While rate increases have been the standard for nearly a decade, since 2022 hikes are growing larger — often in
After two years of massive rate increases, cyber insurance market pricing has been softening and transitioning into a buyers’ market, according to a new report by Aon Plc. In 2021 and 2022, 100% rate increases for cyber liability insurers were common, but a number of factors are finally starting to drive rates lower. Experts recommend
Thanks to the supply-chain disruptions in the past few years, many companies quickly learned the need for planning ahead and having contingency plans in place if a key parts, merchandise, or other inputs fail to show up at your doorstep. However, many companies also face internal supply chain risks, and one of the biggest ones
Employees who have been on the job for less than a year account for one-third of workers’ compensation claims, according to a new report. Injuries suffered by new workers in their first year on the job account for nearly 7 million missed workdays a year due to injury, according to the “2023 Injury Impact Report”
You may be considering taking on some extra workers for the summer months, and often many employers will gravitate towards hiring teenagers looking for temporary work. If you are planning on hiring any workers under the age of 18, you should familiarize yourself with federal and any state laws on child labor restrictions. The Fair
If one of your employees had a serious medical emergency while at work, would your staff know how to respond? Unfortunately, most U.S. employees are not prepared to handle cardiac emergencies in the workplace because they lack training in CPR and first aid, according to the American Heart Association. The AHA found that most workers do
In a sign of the long-lasting effects of reforms enacted a decade ago, California’s workers’ compensation rate-making agency will recommend that average benchmark rates increase a mere 0.3%. The recommendation by the Workers’ Compensation Insurance Rating Bureau is based on claims costs and frequency remaining low and slower cost inflation and would apply to policies
Cal/OSHA has proposed its long-awaited indoor heat illness prevention standard as increasingly hot summers are affecting workers in indoor spaces like warehouses, production operations, print shops and more. The proposed standard, largely based on the state agency’s outdoor regulations, will require employers whose workplaces at times are at least 82 degrees to have a written
Every year, hundreds of workers in the United States die because they don’t follow lockout/tagout procedures or their employers did not have them in place – or, if they did, failed to enforce their rules. A lockout tagout is a protection system against unintentional exposure to hazardous energy from equipment and machinery. You want a program
The commercial property insurance market continues hardening, with average rates up 9.3% in the first quarter of 2023, according to MarketScout. Rates for business properties have been climbing steadily for the last six years, but those increases have grown at a faster clip since the COVID-19 pandemic crippled global supply chains and disrupted economies around
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