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.
Florida may be experiencing one of the most significant influxes of new residents, but its also experiencing a mass departure - of insurance companies. Homeowners and property owners alike are receiving cancellation notices from their insurance carriers with no real warning. It's not just a few policies here and there either. Some insurance carriers are pulling out of the state of Florida entirely. Similar to when California wildfires led insurance carriers to flee, residents and businesses are scrambling to secure coverage for their property. But unlike in California, there has been no regulation put in place to stop insurance carriers from pulling out. Now, Florida property owners are at risk of losing coverage during high-risk times and seek new ways to protect their assets amidst the carrier cancellations.
Every business has insurance, and most would consider it a positive investment. In some instances insurance is required by law, but in many cases, businesses choose to purchase a plan for their own safety. Whether it be a home, car, or professional plan- insurance provides businesses protection in the event of a catastrophic or unforeseen loss. Of course, most never assume they will experience a significant loss that requires them to use their insurance. In reality, 40% of small businesses file an insurance claim of some kind and 75% of businesses are underinsured to some degree.
In the United States, the trucking industry employs 7.3 million people and moves 10.5 billion tons of goods every year on average! With this much influence in the U.S comes an even bigger burden of liability. The Federal Motor Carrier Safety Administration regulates the standards of protection for the trucking industry to ensure increased safety for the employees, the goods being carried, and other drivers on the road.
2021 saw higher cyber threats than any other year to date. Even with the advanced knowledge experts have on cybercrime, the new developments in preventative tactics-hacking schemes have become more difficult to detect in advance. With the increased attention on cyber, most people are paying more attention to vulnerabilities in their personal and professional lives. We commonly associate cyber fraud with things like social security numbers, email schemes, and fake websites. Though these areas are highly infiltrated with cyber security risks, there are other areas people should be directing their attention to. Hackers and professional cybercriminals are aware of the increased protection and attention to common risks and are putting their efforts elsewhere as a response. Being aware of surprising cyber threats that your business could face can help you implement better practices and protect your business.
Health insurance in the United States is a large financial burden on families and individuals. With the number of costs that go into securing and utilizing a health insurance program, it can come as quite a shock that health facilities often send surprise bills after treatment or hospital stays. Surprise bills occur when patients unknowingly receive care from an out-of-network provider and are charged out-of-network costs. Research shows that 1 in 5 emergency room visits results in surprise billing and that up to 16% of non-emergency care results in the same. This issue has been at the forefront of Americans' minds for a long time with numerous attempts from healthcare activists to overturn this ability, and finally-a bill is here. As of January 1, 2022, the federal government signed into law the No Surprises Act, protecting Americans from unexpected payments.
We are currently facing the most significant wave of inflation in close to 40 years. This March experienced 8.5% higher prices compared to the year prior, making it the biggest price increase since the 1980s. These rising costs are affecting every aspect of the American economy, from its manufacturing, distribution, laborers, and consumers. As the cost of goods goes up, so does the cost to insure them. Many people are concerned with the steady rise in costs and wonder, how will this affect my insurance plan? Can I still afford to protect my home, business, and other vulnerable assets? Inflation is caused by a variety of factors, but it's likely going to remain or increase over the next year or two. Understanding how inflation is affecting the insurance marketplace is key to being prepared for years ahead.
Though there is no shortage of restaurants and food services, this type of business is a rather niche sector in the insurance marketplace. There are so many aspects that come into play when putting together a program for restaurants. With some teams handling food, some handling people and communications, and others handling equipment-even the employee positions alone call for multiple types of coverage. In the past few years, we’ve seen a huge shift in the industry that introduced new styles of dining. From delivery, takeout, and outdoor dining-all of these exciting expansions bring with them a whole new set of liabilities.
This past year a record number of Americans quit their jobs. This labor phenomenon referred to as The Great Resignation involves more than 47 million workers quitting their jobs voluntarily, with more expected to continue the trend. Though reasons for leaving differed, most workers reported their main driving factor for quitting was low pay, poor benefits, and poor company culture. What many don’t consider when leaving a job is the health insurance they may be leaving behind. If you lose the health insurance that was being supplied through your company, there are a few options to purchase your own plan. Understanding your options for health insurance can help you avoid marketplace confusion or risking having no coverage.