SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: Property & Casualty

Terrorism looks quite different than it did 15 or 20 years ago. In the 1990s and 2000s, terrorist acts were typically carried out by large groups against high-profile targets. However, recent attacks have mostly been carried out by small cells or lone attackers seeking maximum casualties in crowded venues. This shift in terrorism trends has insurers and business owners evaluating new risks as attackers go after “soft targets” (people who are relatively unprotected or vulnerable) in events that result in significant loss of life and business interruption, but minimal property damage. There are a number of basic questions business owners should ask to begin reassessing their terrorism risk management programs and determine if new or altered coverage is needed.

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Owning your own business can be an exciting challenge. The stakes are often high, but the rewards can be great. When managed strategically, companies have the potential to develop into profitable businesses that experience continued growth and success. This can translate into comfortable and secure futures for the owners and the employees. However, it is important for business owners to have a clear, in-depth understanding of the risks tied to their businesses. A thorough risk assessment can help business owners identify vulnerabilities and protect their companies from financial downfalls resulting from unprotected liabilities. Is your company protected from the wide variety of risks and exposures that exist in today’s business environment? If you can’t respond with a confident “yes,” then you need to keep reading.

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Getting hurt on the job can be a pain – in more ways than one. Expensive medical bills and lost time at work often follow serious injuries, making an already bad situation worse. Many states have a statute that requires employers with one or more employees to provide workers’ compensation coverage. Sometimes, however, states exempt certain employees from this mandate. For example, Nebraska exempts federal employees, railroad employees, most volunteers and casual workers, independent contractors, household domestic servants and some employees of agricultural operations. Exempting classes of workers from the statute does not mean that an employer can’t be held liable if an injury, illness or death occurs; it simply means that an employer is not subject to a state’s workers’ compensation law to insure those employees. It also means that those individuals are not restricted by the offerings of the workers’ compensation system and, in the event of injury, illness or death, they can sue the employer. If they can prove negligence, their potential payout could far exceed what the law would have allowed under the workers’ compensation policy.

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