We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Jury verdicts for premises liability against those who own or manage land, stores, taverns, shopping malls and apartment complexes just keep climbing. A few California verdicts include a $7.5 million judgment after a chiropractor slipped and fell in a Starbucks and a $55 million verdict for a gang-related shooting against a security company that oversaw on-site safety at an apartment complex.
Even when no injury occurs, after any workplace incident or accident, a written incident report allows a timely investigation. Some incidents are minor and need only slight fixes to prevent their recurrence. However, in more serious situations where a serious injury or property damage could have or did occur, a subsequent failure analysis allows management to determine how to best prevent similar occurrences.
Productivity motivates today’s business owners, which includes purchasing the latest computer-driven equipment and machinery. To help protect their investment, most companies purchase property insurance coverage. However, the sophistication of today’s equipment may leave businesses underprotected if they only take a traditional approach to their property coverage.
Nearly every industry and data type is at risk for data breach. The 2013 Trustwave Global Security Report is out with some disquieting findings. Some of the top data-related tactical threats facing companies in 2012 were:
Real estate is one of the most important assets one can have regardless of owning personally or as a business entity. As they say, it’s all about location, location, location – so you better know exactly what risks you are going to be exposed to when looking to purchase new property or simply evaluating your current location(s). In the aftermath of Superstorm Sandy the scrutiny of flood insurance policies is at an all-time high, particularly, in the northeast. When assessing the value of any new or current property and the insurance requirements and costs that come with it, understanding where it is in relation to local flood zones is critical.
When evaluating your company’s risks, one concept that is frequently overlooked is the idea of how human error could impact your organization. Until recently, there has been very little written on this subject. However, in the recent issue of the RIMS Risk Management Magazine, an article by Tony Kern and David McKay touched on this point and successfully demonstrated how human error is one risk that companies must continually monitor.
One of the most commonly found clauses in any construction contract is the requirement of one party to name another party as an additional insured. It is found in The American Institute of Architects (AIA) documents, the Consensus DOCS, and was inserted in almost all manuscript agreements.
What is your business doing to protect itself from the cyber liability threats it faces? Hackers see small businesses as cash cows and the number of cyber breaches has grown exponentially in recent years. Smaller to midsize businesses have become the quick and easy target for cyber criminals because of easy access and high payout. As a business owner, you must evaluate your risks and have mitigation strategies in place.
The face of the American workforce is changing. Today’s organizations include many employees who work almost solely from home. Many of today’s managers agree that virtual work saves organizations money and, actually, increases productivity. However, home-based employees create new risks for employers.
