Insurance Buyers News – March/April 2025
“Forever Chemicals” and Reverse Discrimination Claims Top $40 Billion in 2024
Class action lawsuits continue to pose significant financial risks for companies, especially in a pro-plaintiff litigation environment. Read on for details.
How AI Will Shape the Future of Insurance: Insights for Business Owners
The insurance industry is on the brink of a significant transformation driven by artificial intelligence (AI). Read on for details.
President Trump’s Recent Executive Orders: Impact on Business Risk and Opportunity
President Donald Trump has issued three new Executive Orders (EOs) with significant implications for businesses across the United States. Read on for details.
What is Difference in Conditions Insurance?
A Difference in Conditions (DIC) policy covers risks excluded from standard property insurance policies. They fill gaps left by primary insurance, providing coverage for unpredictable and severe catastrophic events.Read on for details.
Workers Comp & Safety News – February/March 2025
California Workers’ Compensation Market Update (2025)
… The latest report highlights key trends and metrics for 2025, reflecting the ongoing evolution of the market and the impact of various legislative and regulatory changes. Read on for details.
2025 NCCI Annual Updates on State Workers Comp Regulations and Legislation
Here’s a look at how workers comp legislation and rates are trending nationally.
Workers’ Compensation Rate Cuts:
For 2025, the National Council on Compensation Insurance (NCCI) recommended a 6.1% overall average reduction in workers’ compensation premium rates for the voluntary market. Read on for details.
Insurance Industry Trade Associations Plan to Lobby for Mitigation of Third-Party Litigation Funding in 2025
As the insurance industry continues to navigate the complexities of the modern legal landscape, trade associations are gearing up to make a significant push in 2025 to mitigate the impact of third-party litigation funding (TPLF). Read on for details.
How Employers Can Prepare for Pay Equity Scrutiny
As pay transparency and equity laws gain momentum across the United States, federal and state authorities are increasingly scrutinizing employers to ensure compliance. Read on for details.
Insurance Buyers News – January/February 2025
Rising Costs, Natural Disasters and Politics Strain U.S. Property Insurance Market
“Along with the rising cost of living…, property insurance availability and affordability continue to be a challenge across the U.S.,” David A. Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA), told Insurance Journal (November 26, 2024). Read on for details.
How New Building Codes in Florida, California and Other States Are Saving Lives and Dollars
— When Implemented
Last spring, the Federal Emergency Management Agency (FEMA) issued a stern warning to southwest Florida communities still reeling from Hurricane Ian’s devastation in 2022. Read on for details.
17 Add-on Coverages You May Need to Supplement Your Basic Liability Policy
A Commercial General Liability (CGL) policy forms the foundation of a business’s insurance coverage by addressing basic third-party liability risks. However, businesses often face additional exposures that require specialized policies to expand upon the CGL’s protections.Read on for details.
What’s in a Basic Liability Policy?
We often write about many of the policies that expand upon the coverage offered in a basic Commercial General Liability (CGL) policy. But what are the main features of the CGL coverage? Read on for details.
Workers Comp & Safety News – December 24/January 25
Long COVID’s Lasting Impact: Rising Costs and Workforce Challenges for U.S. Businesses
Long COVID continues to pose significant challenges for U.S. businesses, particularly through its impact on employee health and productivity. Read on for details.
Migraine Drugs Emerging as a Workers’ Compensation Cost Driver in California
Migraine medications made up less than 1% of all prescriptions for injured California workers in 2023 but accounted for 4.7% of drug payments, a steep increase from 0.6% in 2018, according to a California Workers’ Compensation Institute (CWCI) study.Read on for details.
Despite DEI Backlash Nearly 60% of US Workers Support Current DEI Policies
A landmark Supreme Court decision. A polarized electorate. ESG in the crosshairs. These factors and others are putting Corporate America’s diversity efforts on defense like never before. Read on for details.
What Do Executives Think of DEI?
The political and legal landscape for corporate diversity efforts is increasingly contested. Read on for details.
Insurance Buyers News – November/December 2024
Court Clarifies Definition of Property Damage in Landmark Construction Defects Case
The Massachusetts Appeals Court has held for the first time in any venue that “construction defects, standing alone, do not constitute property damage within the meaning of a commercial general liability policy.” Read on for details.
Reputation: How to Protect a Priceless Asset
Many events can damage an organization’s reputation: a financial scandal, a highly publicized discrimination case, a product malfunction, and more. Read on for details.
What’s the Difference between Professional Liability and Errors & Omissions (E&O)?
What do an ice sculptor and a real estate agent have in common? Both may need insurance to protect against errors in their services, typically in the form of Errors & Omissions (E&O) coverage. ne storm surge flooding.Read on for details.
How Do Insurance Cases Decided in One State Affect Cases in Other States?
Understanding case law as precedent in the U.S. is crucial, particularly regarding insurance coverage. The Massachusetts Appeals Court ruling discussed in our lead article, while specific to Massachusetts, has broader implications due to the common law tradition that we inherited from England:Read on for details.
Workers Comp & Safety News – October/November 2024
Pros and Cons: Fee Caps on Workers’ Compensation Cases
In August 2024, New Jersey raised the attorney fee cap for workers’ compensation cases from 20% to 25%, aiming to encourage more attorneys to represent injured workers. Read on for details.
Presumption Laws Make Strong Showing Among New Comp Laws Passed
According to a report by the National Council on Compensation Insurance (NCCI), only twelve percent of proposed workers’ compensation bills gained passage this year. Read on for details.
What’s the Difference Between a Stipulation and a Compromise & Release?
There are essentially two types of workers’ compensation settlements: a Stipulated Finding and Award or “Stipulation,” and a Compromise & Release. Read on for details.
Work Comp Fraud Losses Surge Since 2020
As of 2024, workers’ compensation fraud costs U.S. employers and insurers significantly more than previous estimates. Read on for details.
Insurance Buyers News – September/October 2024
Climate Change Impacts Commercial Insurance Rates and Regulations
Recent headlines have highlighted the impact of climate change on homeowners insurance but commercial insurance lines are also experiencing its effects. Read on for details.
DEI Suit Brought Against Wells Fargo Bank
Do D&O Policies Cover Hiring Practices?
The short answer is that a Directors & Officers policy exists to protect the insureds against any type of action brought by shareholders, including allegations of not honoring diversity, equity, and inclusion (DEI)commitments. Read on for details.
Does Your Business Need Flood Insurance?
A standard commercial policy typically does not cover damage due to flooding, including hurricane storm surge flooding.Read on for details.
Six Cybersecurity Coverages To Help Mitigate a “CrowdStrike” Outage
The CrowdStrike outage, significant though it was, could have been much more severe if it had been the result of malicious intent. The event underscores how critical it is for companies to carry comprehensive cybersecurity insurance that includes these key components:Read on for details.
Workers Comp & Safety News – August/September 2024
Today’s Major Workplace Challenges: Weather, Safety, and Mental Health
According to the National Council on Compensation Insurance (NCCI), the three biggest challenges for today’s worker are weather, safety and mental health.Read on for details.
Identifying and Addressing Fraudulent Workers’ Comp Claims
States are cracking down on workers’ compensation fraud. For instance, California’s Workers’ Compensation Fraud Task Force recently uncovered a $30 million scheme involving fraudulent claims. Read on for details.
Cost Containment Strategies in Workers’ Compensation
With medical benefits representing the largest cost component for many state workers’ compensation systems, a new study from the Workers Compensation Research Institute (WCRI) provides a comprehensive understanding of cost containment strategies used across all 50 states and three federal workers’ compensation programs as of January 1, 2024. Read on for details.
Strategies for Improving workplace ergonomics
Ten Strategies: Adjust workstation, promote poperty posture, use ergonomic equipment, implement regular breaks optimize lighting, provide ergonomic training, encourage movement and excercise, use ergonomic accessories, adjust job tasks and monitor and evaluate. Read on for details.
Insurance Buyers News – July/August 2024
How AI Will Change the Risk Landscape
A new report from Swiss Re (“Tech-tonic Shifts: How AI could change industry risk landscapes”) studies the risk posed by AI to ten major industries. It also identifies the opportunities for insurers to help clients mitigate these risks. Read on for details.
Good News, Bad News on EVs
According to a report by Mitchell, there are positives and negatives when comparing Electric Vehicles (EVs) and Internal Combustion Engine Vehicles (ICEs). Read on for details.
How to Create a Risk Management Plan
When we think of risk, the first thing that usually comes to mind is insurance. But insurance is just one component of a sound risk management plan.Read on for details.
Workers Comp & Safety News – June/July 2024
How Targeted Wellness Programs
Can Reduce Workers Comp Claims
According to the Occupational Safety and Health Administration (OSHA), workers’ compensation costs U.S. employers nearly $1 billion per week, including indirect expenses like lost productivity, human resources support, replacement employee training, and reputational damage.
Read on for details.
Workers Comp Ratemaking Bureau Reveals How Rates Have Improved
Over the last several years, there have been notable decreases in workers compensation premium levels in the 36 states where NCCI (National Council on Compensation Insurance) provides ratemaking services.
Read on for details.
Survey Reveals Leading Causes of Distracted Driving
The Travelers Companies, Inc. has announced the results of its 2023 Travelers Risk Index on distracted driving, highlighting the dangerous behaviors that occur on U.S. roadways.
Read on for details.
What’s Driving Workers to Distraction?
32% of business leaders are concerned about their employees using technology while driving for work purposes, up from 26% last year.
31% of employees admit to getting into a crash or collision while driving for work because they’re distracted, up from 26% last year.
Read on for details.
Insurance Buyers News – May/June 2024
What’s the Insurance Impact of the Key Bridge Collapse?
The Key Bridge Collapse is a Major Blow to Insurance Companies,” reads the headline by NPR about Baltimore’s Key Bridge disaster on March 30. Read on for details.
Is it Time to Set Up Your Own Captive Insurance Company?
Last year property insurance rate increases, and rising health insurance costs led more companies to form captive insurance companies.
Read on for details.
Billboard Attorneys Are Driving Up Insurance Rates
Excessive litigation is compounding the problem of rising auto insurance costs, according to a new report by the Insurance Information Institute.Read on for details.
Distracted Driving Accidents Driven Mostly by Cellphones
Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I).
Read on for details.
Workers Comp & Safety News – April/May 2024
Stricter New Rules Limit Independent Contractor Hiring
A new independent contractor rule from the U.S. Department of Labor (DOL) could spark an increase in misclassification lawsuits and make businesses less likely to hire gig workers, experts say.Read on for details.
New Solutions for Employee Mental Health
More than one in five U.S. adults suffer from mental illness each year, according to the National Alliance on Mental Illness.Read on for details.
How Does the Independent Medical Exam Process Work?
The work of independent medical examiners can directly affect what you pay for a claim. Their findings may help determine whether an injury or illness is indeed work-related, or the extent of a permanent disability. Here are some pointers for working with independent medical examiners.Read on for details.
What Is an Independent Medical Examiner?
An independent medical examiner (IME) examines and documents a claimant’s medical condition. Although IMEs evaluate personal injury and disability cases, we’ll limit discussion in this article to workers’ compensation IMEs. Read on for details.