SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Category: Risk Management

Try to imagine that you’re stranded in the ocean, struggling to keep your head above water. Someone finally throws you a life preserver, but you find out it’s full of holes and isn’t going to keep you afloat. It’s a devastating feeling to be thrown a lifeline, only to discover it isn’t strong enough to provide the help you need. This could be the unfortunate reality for many people who count on the National Flood Insurance Program (NFIP) for financial protection in the event of a flood.

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You don’t have to watch the news for long to know that gun violence is a serious problem in the United States. What many people aren’t aware of is that nearly half of all active shooter events occur in a place of business. This alarming statistic should serve as a wake-up call for business owners. Does your business have terrorism insurance in the event of workplace violence?

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Remember that story about the three little pigs and the big bad wolf? It had an important message, but as children we were probably just relieved to learn that one of the pigs outsmarted the big bad wolf. As you may recall, the old fable was about three little pigs who were each building a house. The first little pig quickly built a house of straw, while the second little pig built a house of sticks. The third little pig worked hard all day to build a house of bricks. One day, the big bad wolf paid them all a visit. He huffed and puffed and quickly blew the straw and stick houses down. The big bad wolf then found the third little pig’s house. He huffed and he puffed, but he couldn’t blow down the strong house made of brick. Determined to get in, the big bad wolf climbed on the roof and slid down the chimney, but the third little pig had a cauldron of boiling water waiting on the fire and the wolf met his demise. The lesson was simple, but significant. A little hard work and preparation can pay off.

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Have you ever been caught in the rain without an umbrella? As your clothes got soaked and your shoes filled with water, you probably thought with frustration, “Why didn’t I have my umbrella today?” Sometimes it’s easy to plan for life’s unexpected storms – like keeping a small umbrella in your purse or briefcase. That’s why we encourage you to consider a personal umbrella policy. It might keep you from asking a similar question if you’re ever faced with large personal insurance claim.

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Since late 2013, the Occupational Safety and Health Administration (OSHA) has been working on a revision to Title 29 of the United States Code of Federal Regulations (CFR) Parts 1902 and 1904. The primary purpose of the amendment is to improve the tracking of workplace injuries and illnesses. Adoption of the final ruling was released on May 12, 2016, and the components applicable to reporting are set to become effective on January 1, 2017. Anti-retaliatory regulations were initially slated to become effective on August 10, 2016, but due to industry concerns with the scope of these regulations, the implementation date has been delayed (at the time of this writing) to November 1, 2016. The delay will impact the anti-retaliatory components that directly affect the ability of employers to perform post-injury drug screens. Given the current and impending changes, it is important that employers understand the new rules and ensure that their post-injury drug testing policies are compliant with the guidelines set forth and enforced by OSHA.

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Virtually all liability insurance policies require insureds to give notice of an occurrence promptly (or as soon as practical). When an actual claim is made or a lawsuit is filed, the notice requirements become even more important. Furthermore, the reporting requirements can be different depending on whether the liability policy is written on an occurrence basis or a claims-made basis. The following article will elaborate on the two policy types and outline the important differences in those requirements.

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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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Mention Joslyn Art Museum to someone in the Museum's hometown, Omaha, and you can typically expect a lively conversation or a good story to follow.

Maybe in the form of a memory of a visit long ago or just this past weekend; a “did you know” bit of information (possibly about daily free admission, the Rembrandt or the latest major exhibition); a comment about what an exquisite location it was for a recent wedding; and often an expression of endearment. People speak of their love for Joslyn – for the building, for the art, for its history and for its future. Having served as a cornerstone of Omaha’s cultural life for 85 years, Joslyn Art Museum has played an important role in the lives of generations of families across Nebraska.

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Would you accept a financial contract from your bank that required you to pay a term interest rate of 150%? Of course not – that would be an unfair deal! So it is a bit puzzling why so many business owners accept highly unfavorable terms when it comes to their workers’ compensation policies. When claims go unmanaged and experience modification factors are left unchallenged, policy premiums can skyrocket. The good news is that workers’ compensation is one of the most controllable lines of risk.

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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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