By Gary Semmer for AssuredPartners The construction industry is facing a number of “external” challenges ranging from materials price inflation, supply chain delays, and labor shortages which translates into scheduling, productivity, and profitability issues. Although we have no control over these external factors, we can help our construction clients control the following equation: Total Cost of Risk (TCOR) Premiums + Deductibles + Risk Management Expenses/Construction Revenues= .0050% to 1.5% (acceptable range) and maintain a competitive advantage. Let’s explore the “Best Practices” of a Risk Management Program to achieve these results: See these results here>>>
News Release From OSHA & U.S. Department of Labor
By Kyp Ross for AssuredPartners On July 14th, 2022 the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) issued a press release regarding an uptick in fatalities. The press release, titled “Alarming rise in trench-related fatalities spurs US Department of Labor to announce enhanced nationwide enforcement, additional oversight” announced that during the first half of 2022, 22 workers have been victims of deadly hazards involving a trench and/or excavation work. This number is alarmingly high, as there were a total of 15 fatalities in all of 2021. With this unfortunately high number, OSHA is evaluating the tools at their disposal to protect workers and keep safe working conditions. In additional to asking employers involved in trenching and excavating activities …
Captives: Is Company Size a Factor?
By Denise Gillin for AssuredPartners Captives have been a financial strategy for managing risk for decades. In the 1960s about 100 captives existed. Significant growth in this sector came in the 1970s as Bermuda became a leading captive domicile. Growth continued through the 1980s and 90s mostly due to the hard insurance market and increasing difficulty to find coverage for liability claims through traditional insurance. What initially started as a funding option for larger organizations’ property and casualty coverage needs has more recently changed to become more amenable to all business sizes as well as a mechanism to cover new and emerging types of risks. The most recent growth trend includes captives as a tool for employee health population management. …
Using Telematics to Improve Driver Safety
By Gina Ekstam for AssuredPartners The number of vehicle accidents continues to rise, putting people at risk and disrupting agribusiness operations. With the use of technology, however, it is possible to improve safety and enhance operations. As commercial ag operations have grown, telematics has become a cost-effective way to gather data about drivers, individual vehicles, or an entire fleet. Typically, data such as location tracking, driver behavior, and vehicle diagnostics are collected by GPS, dashcams, or sensors installed on the vehicle. By analyzing the data, it’s possible to prevent and resolve accidents. Addressing operator behavior, such as speed, acceleration rates, and hard braking, not only keeps drivers safe it can also help prevent vehicle damage. Safety training and safe driving …
Cargo Losses Escalate as Thieves Target Cars, Electronics
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>>>
Mass Shootings and Your Workplace
Know the Signs of a Looming Threat and Understand Mitigation Techniques to Protect Your Team By Maura Keller for Risk&Insurance.com 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
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>>>
What’s the Difference Between Construction Insurance and a Surety Bond?
By Sarah Licata for AssuredPartners Construction insurance and surety bonds both provide different types of protection on a construction project, but a common misconception is that a surety bond is another type of insurance. So, what is the difference between the two? What is Construction Insurance and How Does it Work? What is a Surety Bond and how Does it Work? Click to find out>>>
When Phishing Isn’t Phunny. 3 Critical Steps to Take
By Courtney DuChene for Risk&Insurance.com When it comes to phishing and other business email compromise cyberattacks, the question is not if a company will be targeted; it’s when. Last year, the FBI’s Internet Crime Complaint Center received 19,954 complaints concerning business email compromise attacks, resulting in nearly $2.4 billion in losses. With phishing attacks becoming both common and costly, businesses may be wondering what they can do in the event an attack occurs to limit its scope. Click here to get three critical steps employers should take if they’re exposed to a business email compromise attack.
OSHA’s National Emphasis Program on COVID-19
By AP Senior Living National Emphasis Programs (NEPs) have been used relatively sparingly in recent years, the last being focused on limiting workers exposure to silica, approximately a year ago. These seemingly have been reserved for exposures typically found in heavy industrial or manufacturing type risks. The most recent NEP, titled “Coronavirus Disease 2019,” was implemented by Executive Order by President Biden, which became effective March 12, 2021, and is scheduled to run one year. This NEP, in contrast to others, will have far reaching implications to almost every industry in the country. OSHA is prioritizing industries who they perceive are most at risk. Not surprisingly, Residential Care Facilities are at the top of that list. This NEP is a combination of targeted inspections, outreach …