If you live in any major city, you’ve probably seen a significant increase in people buying and renting electric bicycles. Even in suburbs and small towns, e-bikes are becoming increasingly more common. Though the first models of E-bikes emerged in the late 90s to early 2000s, the modern version you see today did not gain popularity until the late 2010s. By 2021, E-bike sales had gone up 240% with close to 790,000 bikes imported in that year alone. Aside from the fact that the technology can assist bikers in challenging routes and provide an alternative to cars and public transportation, they are most known for their low pollution contribution and overall transportation emission reduction. The list of benefits is undeniable, but the main challenge has been identifying the liability for e-bikes and building insurance programs to cover them. Here we explore the different options for coverage, and whether or not you need insurance.
It's almost the holiday season, and office parties and celebrations are just around the corner. Do you know if your business is protected? Your small business liability isn't confined to the walls of your office. Most small businesses, at some point or another, will sponsor events, parties, and even professional conferences. As with any event, there is a risk of damage and claims directed at your business if you are the hosting and therefore held liable. There is a type of insurance, known as Event Insurance or Special Event Insurance, that you may want to consider for your next sponsored outing. Here we explore which situations call for this additional policy, and which you might be able to get away without it.
If you run a small business, you know how important your employees' well-being is. Unlike in larger, more corporate businesses, each employee holds a higher value and role within the company in a small business. While the company culture and overall work environment are crucial to keeping employees happy, most research has shown that there are two main factors that aid in the retention of employees: salary and benefits. You’ve probably heard the term “candidate-driven economy” by now, and it's true. With social media building more transparency around company culture and benefits, there is much more room for comparison. Employees won't settle for sub-par benefits, especially when they are bombarded on social media with other companies offering more.
As the insurance industry begins its outlook reporting for 2023, many experts have noted that reinsurance renewals and new business are likely going to experience price hikes in the next year. After years of uncertainty in the market due to global crises, political turmoil, and
environmental collapse, it's not entirely a shock but rather something to prepare for in the
months to come.
Many people opt to work under the status of an independent contractor, rather than an employee. Especially in today's professional landscape where job hopping and side gigs are more common than ever, working as a contractor makes sense for many workers. Independent contractors are defined as workers who are hired on a temporary basis. Contracts can be based on a period of time or a project but in general, an independent contractor is not an “employee” of the company they are hired for. Often times, independent contractors work for multiple companies on different projects and get paid on an hourly basis. While there are many pros to being an independent worker, one thing to consider is the need for your own insurance. The majority of companies' insurance excludes independent contractors, meaning if you are working on a contract basis, you will need to purchase policies for yourself. Insurance is a crucial aspect of any business, and this article will dive into what coverage you should consider as an independent contractor.
When trying to plan insurance coverage packages, you’ll likely come across the concept of bundling. Bundling is when you get multiple insurance coverages from the same carrier, often on the same policy. Under the right circumstances, bundling can significantly benefit both the provider and the insured. A lot of people are introduced to bundling when looking at how to save money on their policies, however, this isn't the best solution for everyone. For many, keeping insurance separate is the better option both logistically and financially. As with any insurance plan, which coverage options will be best is dependent on the needs of the insured. Let’s explore the pros and cons of bundling so you can understand which option may be best for your business.
The Department of Labor’s Occupational Safety and Health Administration (OSHA) was first created by congress in 1970 and has since been the face of workplace regulations and employer responsibilities. OSHA’s purpose is to ensure safe working conditions and set standards that minimize the risk of severe injury or hazards. The agency provides programs and guidelines to help employees of all industries maintain a workplace that is safe and up to standard. Some of these guidelines, which are required by federal law under the department of labor administration, have severe penalties if a business is found to be non-compliant. Unfortunately, not all companies have their employee's best interests in mind, and this can lead to unsafe working conditions, preventable injuries, and even fatalities.
Business Insurance can be overwhelming to navigate, and with so many potential risks - it can be challenging to understand which coverages you truly need. While coverages like property damage and business interruption are more commonly and well understood, others that may be just as important go under the radar.
Towards the end of 2021, experts assumed we had hit a peak in cyber attacks with data showing numbers exponentially higher than years prior. Despite efforts to boost protection against cyber criminals, mid-year reports reveal it's likely that 2022 will reach even higher numbers. What is perhaps more cause for concern is the analysis of the latest hacks and the sophistication at which cybercriminals are executing their latest schemes. While it can unnerving to face the reality of current crime in our digital world, understanding the risks can help you and your business be more prepared.
Mental wellness has become increasingly more important over the past few years, especially in the workplace. It’s mental health awareness month, and employees are increasing transparency on their mental wellness benefits. Years ago, mental health conditions were seen as a weakness in the workplace, but today they are met with compassion, understanding, and resources. Successful companies are implementing robust health and wellness programs to keep their employees happy and healthy. In an employee-centric market driven by a progressive society, doing the bare minimum for employees won't cut it.