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Reinsurance Costs Likely to Spike in 2023: What You Need to Know

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.

Insurance To Consider as an Independent Contractor

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.

Pros and Cons of Bundling Insurance Coverage

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.

OSHA Cracking Down on Reporting and Fines

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.

Understanding Personal & Advertising Injury Coverage in Business Insurance

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.

Alarming Mid-Year Cyber Attack Reports Spark Concern

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.

Improve Your Mental Health Benefits For Employees

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.

Property Insurance Companies are Pulling Their Florida Policies

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.

Most Common Types of Insurance Claims for Businesses

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.

Everything You Should Consider for Trucking Insurance

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.