This week marks an infamous time period for online shoppers and retailers in the US. Cyber Week represents a national online retail event spanning 5 critical days, including Thanksgiving Day. Black Friday, Small Business Saturday, Super Sunday, and Cyber Monday. The event, initially coined back in 2005 by the National Retail Federation, provides customers with some of the highest discounts of the year and brings more revenue for retailers than any other week of the calendar year. In 2021, Salesforce reported an estimated $62 billion spent in the US during Cyber Week, which was a record-breaking year. While this may be a key event for your business and online sales, it's also a key event for cybercriminals. Cyber experts warn businesses and consumers that with the increase in transactions, you may be at a higher risk of experiencing online fraud and hacking. Here we will explore what to look out for, and how to protect yourself over the holidays.
If you’re in the market for a new car or are due for repairs, you’ve probably felt the impact of the recent market changes. Standard passenger vehicles and commercial vehicles alike are all facing challenges when it comes to manufacturing and securing new car parts, but these aren’t the only instances the shortage is felt. Auto insurance in general is experiencing significant increases as a result of these shortages, and consumers are now having to pay more to meet the standard requirements for coverage, even for vehicles in perfect condition. The combination of inflation, the labor market, foreign conflict, and continuing semiconductor chip production delays will likely continue to drive increases for upcoming policy renewals.
From inflation to a looming recession, the cost of living continues to spike. Real estate and commercial property insurance are among the areas you can expect to see rates go up in the next year, and experts are predicting that 2023 will see an even more disruptive market. Though increases in rates may be inevitable, understanding the factors that cause them may help you save on your insurance premiums.
The number one priority for anyone involved in the trucking business should always be safety. Trucking accidents pose serious risks for your employees and can result in severe financial loss. For risk managers of company fleets and business owners whose services utilize commercial trucking, having a strong trucking safety program will decrease your risk of damage and loss. Regardless of what industry your trucking services focus on, having a written safety and accident prevention plan will ensure all members involved in your trucking operations have access to high-quality education and tools.
The automotive industry, much like the rest of the world, has invested quite a lot in the introduction of new technology. The insurance industry has followed suit and now relies more on technology for operations than ever before. This growth has not only transformed the auto insurance market but changed the claims process and the structure of auto insurance policies. This domino effect has been felt by manufacturers, consumers, and insurance professionals over the past few years and will continue to impact the market. Understanding how this technology will affect your auto insurance can help you use it to your advantage.
Renters insurance, though often overlooked, is valuable coverage that can protect your personal property in the event of a disaster. If you rent your apartment or home, you should consider investing in a renters policy even if it's not required. Many people are not aware of how rented property will be covered under the landlord's own policies. While the building will remain covered even if tenants are living in it, personal property, possessions, and belongings will not. If you rent your space and experience a total loss, nothing within the building will be covered under your landlord's homeowners policy. While it may not be as common as a traditional homeowner or property policy due to the lack of regulation, renters insurance can prove just as necessary in the event of a claim
On September 28th, Hurricane Ian landed in Central Florida, eventually becoming a catastrophic category 4 storm. The maximum winds sustained reached 150 mph, making Ian the 5th strongest hurricane in the United States. Over the past decade, flooding has become a significant issue as the state continues to experience worsening tropical storms and hurricanes. As a result, a significant amount of major insurance carriers have essentially pulled out of the state, leaving little to no option for flood insurance programs. Florida representatives have been working to provide reasonable options, but the severity of Ian may have derailed efforts to bring insurance back to Florida.
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.