SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: risk management

Rates have been on a steady climb for commercial property insurance coverage. And thus far in 2019, loss trends continue to create pricing concerns. The market began to harden in 2017 following the second costliest year on record for insured and uninsured claims. Matters were made worse in 2018, which is now the fourth costliest natural disaster year on record for insured losses. With a combined loss total of $230 billion, 2017 and 2018 represent the most insured losses for two consecutive years.1

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Managing your workers comp class codes can be a challenge. These complex numbers represent an extensive compilation of job descriptions and they vary by state. Many employers end up using incorrect classifications, while others avoid updating them from year to year. However, workers comp class codes play a vital role in regulating insurance premiums and can have a substantial impact on your workers’ compensation policy. They need to be a priority.

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Building maintenance companies face many exposures during day-to-day operations. From compliance issues to contractual risk, there are numerous factors at play. One of the biggest areas of concern, however, is employee-related loss. Building maintenance companies need effective workers’ comp risk management. Fortunately, they can use key performance indicators (KPIs) to help address this exposure.

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A clear line has been drawn between automatic and manual transmissions in the trucking industry. Most drivers have strong opinions about which semi transmission is better, with arguments ranging from safety to convenience.

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Owning and renting out real estate can be a lucrative business, but certain property management issues can spell trouble. Whether you own a single unit or several housing communities, you face a long list of exposures.

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While looking through a stack of insurance contracts, you’ll likely notice that many include additional insured endorsements – unless you’re looking at workers’ compensation policies. These policies are intended to cover the insured’s employees. Adding an additional insured would require the policyholder to cover an owner or general contractor’s employees for work-related injuries. Therefore, this endorsement is not permitted for workers’ compensation coverage. This restriction has sparked a growing interest in something called the “alternate employer endorsement.”

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Winter brings us many joys – holidays, fun in the snow, endless shoveling (well, maybe not the last one). But winter also brings some dangers. Obvious ones are ice-related car accidents and slips / falls. However, there is a hidden threat that is far more dangerous during cold-weather months, yet it’s often given little thought. Carbon monoxide safety should be a top priority when the temperatures start to drop.

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Life can change in an instant. Residents, business owners, ranchers and farmers across Nebraska, Iowa and surrounding states are currently coping with this reality. Historic flooding has devastated our region, sweeping away homes, buildings, roads and pastures. The destruction is unlike anything we’ve seen and it has directly affected our family, friends, clients and colleagues. As I write this, my own home is sitting in water up to its roofline – and there’s nothing I can do but watch and wait.

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The driver shortage plaguing the trucking industry has made truck driver turnover a frustrating problem. It is especially difficult when companies continually lose quality drivers. Retaining safe and reliable drivers is a vital part of your overall risk management strategy. You may be wondering why you are losing good drivers, and it’s important to know the answer. Understanding the problem is key  to finding a solution.

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When running a business, it can be difficult to keep tabs on your commercial property value because your attention is often pulled in other directions. Losing focus on this number, however, can spell big trouble for your commercial property insurance policy. If you experience a loss and file a claim, your insured property value will be the number that either gets you back to business or forces you to shut your doors – so you better be sure that number is right!

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