Inflation Reduction Act 2022

Denise GillinNews

By Jim Stevenson for AssuredPartners On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022. The Act contains more than $430 billion, which is anticipated to reduce the federal deficit over $300 billion in the next decade. The Inflation Reduction Act includes a variety of new implementations: $369 billion towards climate and energy policies Authorizes three years of Affordable Care Act subsidies Prescription drug reformation to lower prices Fifteen percent (15%) corporate minimum tax for companies that earn more than $1 billion per year Invests $80 billion in the Internal Revenue Service (IRS) to fund tax enforcement for the next ten years. The Inflation Reduction Act supports the Infrastructure and Investment Jobs Act (IIJA) by significantly …

Gavel Keeps Falling and General Liability is in the Crosshairs

Denise GillinBusiness Insurance, News

By Alex Wright for Risk&Insurance Risk managers and their brokers are restructuring their liability programs as markets shift and underwriters take a closer look at exposures. The general liability market has changed beyond recognition since the start of the COVID-19 pandemic. Ever-increasing economic and social inflation, medical expenses and litigation financing have all resulted in spiraling claim losses and legal costs, which continue to outstrip rates. Added to that, sexual harassment cases are on the rise, and decades-old general liability policies have been exposed as many states have removed limitations on financial recovery and victims have been given more time to file or proceed with claims. Click for more information>>>

CEO Action for Diversity and Inclusion

Denise GillinNews

By Jim W. Henderson for AssuredPartners I am proud to announce that AssuredPartners is taking an action-oriented step alongside a group of over 2,000 businesses in a collective commitment to make progress toward advancing diversity and inclusion in our workplace, communities and country. I am excited and inspired for us to join the CEO Action for Diversity & Inclusion™, the largest CEO-driven business commitment to advance diversity and inclusion within the workplace. By joining this pledge, we underscore AP’s commitment to diversity, equity, and inclusion. We are fostering a workplace environment where our employees can be their most authentic selves, share their unique perspectives, feel that they belong, and everyone will know their contributions are valued and respected. AssuredPartners is …

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Cargo Losses Escalate as Thieves Target Cars, Electronics

Denise GillinBusiness Insurance, News, Risk Management

By Claire Wilkinson for Business Insurance Cargo theft costs are rising in the U.S. as higher-value goods such as vehicles and electronics are targeted, and as inflation pushes up the cost of goods. Companies can take steps to reduce the risk of theft, including installing tracking technology and hard-locking devices, using teams of drivers, and avoiding theft hotspots, experts say. The Memorial Day weekend typically sees an uptick in cargo theft, with an average from 2017 to 2021 of 29 events per year over the holiday weekend. Read more, including steps to reduce risk>>>

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Department of Labor to Tackle Long COVID Workplace Challenges

Denise GillinNews

By Louise Ensola for Business Insurance The Office of Disability Employment Policy, Office of Workers’ Compensation Programs and other departments under the U.S. Department of Labor announced plans Tuesday to begin a “national online dialogue” to better understand the implications of long COVID in workplaces. As part of the initiative, the U.S. Centers for Disease Control and Prevention and the U.S. Surgeon General are asking the public to provide ideas to better support workers coping with long COVID symptoms, their co-workers and their employers. By some estimates, one in five people infected with COVID-19 in the U.S. may experience a wide range of symptoms for three months or more that include shortness of breath, fatigue, brain fog, heart palpitations, headaches, anxiety and depression,  according to the …

Excess D&O Rates Fall as Competition Heats Up

Denise GillinBusiness Insurance, News

By Judy Greenwald for Business Insurance Policyholders saw rate decreases of up to 35% in the July renewals for directors and officers liability risks, fueled by significant capacity in excess layers and increased competition, experts say. Companies that had experienced the biggest increases over the past four years are getting the largest decreases, with limits that were cut during the hard market being restored and retentions lowered. The softening market trend will continue at least through this year and into 2023, experts say. Certain lines, however, remain problematic, including cyber; environmental, social and governance risks; and cryptocurrency-related lines, they say. Read more here>>>

Mass Shootings and Your Workplace

Denise GillinNews, Risk Management

Know the Signs of a Looming Threat and Understand Mitigation Techniques to Protect Your Team By Maura Keller for Risk& As of this writing in mid-June, the number of mass shootings that the U.S experienced in 2022 sits at 233. That number will surely grow before this piece is edited and published. Axiom Medical recently hosted a webinar entitled, “What’s Driving Irrational Thinking and Mass Casualty Events,” to discuss what is causing this violent behavior and how to protect ourselves and our workplaces. Tell me more>>>

Cybersecurity and the Construction Industry

Denise GillinConstruction, News, Risk Management

Written by Sarah Licata for AssuredPartners Every industry is susceptible to cyber security risks, and the construction industry is no exception. The construction industry is largely unregulated when it comes to cybersecurity, so many companies fail to prioritize this issue. Many believe that their company doesn’t have anything a hacker could want, when in fact they hold sensitive information such as proprietary data, employee records, project designs, bid pricing, financial records, contracts, and more. In order to protect themselves, construction companies need to have safeguards in place to prevent and react to any cyber-attacks as they increasingly rely on technology. So, what steps can you take to protect your company? Click for prevention strategies>>>

Confront Environmental Risk with an ERP

Denise GillinAgribusiness, Insurance, News

By Gina Ekstam for AssuredPartners While not exclusive to agribusiness, environmental exposures, such as air pollution and contaminated water and soil, must be confronted. One tool that is particularly helpful in assessing risk is called a risk profile. Typically used to identify strategies and procedures for administrative risks, a risk profile can be expanded to address areas of environmental liability. Referred to as an environmental risk profile (ERP), it systematically helps operators identify and manage environmental risk. A completed ERP can show how environmental exposure impacts the operation and the risk management strategies available. Environmental exposures can be grouped into three major categories: operations, transportation, and disposal liabilities. From groundwater contamination from spills or leaks, to poor air quality from …

Staying Covered on The Water: The Importance of Boating Safety

Denise GillinNews, Personal Lines

By Tala Amalfard for AssuredPartners Friday, July 1st marks National Boating Day, just in time for the height of the summer season. There seems to be no better way to celebrate the kids being on summer break and the vibrant warmth than enjoying a day out on the water with friends and family. Whether it be a humble sailboat or grand yacht, boats of all kinds serve as a serene escape from the stressful realities of school and work. Anyone who embarks on their boating journey is looking for a vacation. While taking advantage of this relaxing luxury is encouraged, staying safe is key to making the most out of the boating experience. Click here to learn how>>>