Insurance Buyers News – May/June 2023

Cyber Threats Drive Concern About Vehicle Vulnerability

The technological sophistication of today’s cars and trucks is making them increasingly vulnerable to cyber security threats. Read on for details.
 
 

Tort Reform Movement Gains Momentum in Florida

In April, Florida’s Governor DeSantis signed a tort reform bill that will have a significant impact on insurance litigation.Read on for details.
 
 
 

Protect Yourself When Working with Contractors

One of the most effective and simplest ways of protecting your organization from liability due to contractors’ and subcontractors’ operations is with Additional Insured coverage. Read on for details.
 
 

“Nice to Have” Insurance Policies

Nice to have” insurance policies are policies that not all businesses carry but maybe should carry.Read on for details.

Workers Comp & Safety News – April/May 2023

Exclusive Remedy Challenged in Court

According to the annual Court Case Filings updates provided by the National Council on Compensation Insurance (NCCI), there were several court challenges in 2022 to the constitutionality and scope of exclusive remedy. Read on for details.

What Are the Exceptions to the Exclusive Remedy of Workers Compensation?

Is there a way to cover this risk?

The answer is Yes, and it’s called Employer Liability coverage, as we will explain. Read on for details.
 

Study Identifies Low-Volume/High-Cost Med Opioid Substitutes

In our previous issue we wrote about how the CDC has released revised guidelines that steer patients away from using opioids to manage pain.Read on for details.
 
 

Update on COVID-19 Lawsuits Against Employers

With the onset of the COVID-19 pandemic in 2020, NCCI began monitoring COVID-19-related cases with potential implications for workers compensation insurance. Many of the cases to date have dealt with determinations of whether contraction of COVID-19 is work-related and therefore compensable, or the application of exclusive remedy where employees contract COVID-19 and sue their employers in tort. Read on for details.

Workers Comp & Safety News – February/March 2023

Will The PC Industry’s Poor Results Affect Workers Comp Rates?

According to underwriting projections from the Insurance Information Institute, the property casualty 2022 combined ratio is expected to be the worst on record since 2011. Read on for details.
 
 

CDC Urges Switch to Non-Opioid Therapies

In November the U.S. Centers for Disease Control and Prevention released revised guidelines for opioid prescribing with new recommendations for providers that emphasize greater communication with patients and states that opioids should not be on the front line for managing pain. Read on for details.

Fatal Work Injuries Increased Almost 9 Percent in 2021

There were 5,190 fatal work injuries recorded in the United States in 2021, an 8.9 percent increase from 4,764 in 2020, the U.S. Bureau of Labor Statistics reported. The fatal work injury rate was 3.6 fatalities per 100,000 full-time equivalent (FTE) workers, up from 3.4 per 100,000 FTE in 2020 and up from the 2019 pre-pandemic rate of 3.5 (Census of Fatal Occupational Injuries [CFO]). Read on for details.

Deaths to Law Enforcement Increased Nearly 32 Percent in 2021

These are the key findings by Occupation from the 2021 Census of Fatal Occupational Injuries. Read on for details.

Insurance Buyers News – January/February 2023

8 Winter Driving Tips for Commercial and Personal Vehicle Drivers

Driving safely in winter weather can be challenging for even the most experienced driver. Read on for details.
 
 
 
 

What Does “Proximate Cause” Mean in Insurance?

How does it apply in a case involving the ransomware payment from a cryptocurrency account? Read on for details.
 
 
 

Why You Need Equipment Breakdown Coverage

Equipment Breakdown insurance was formerly called Boiler & Machinery insurance. But they changed the name because these policies now cover so much more than boilers and machinery.Read on for details.

What Do Equipment Breakdown Policies Cover?

The typical equipment breakdown insurance policy includes the following coverages: Read on for details.

Workers Comp & Safety News – December 2022/January 2023

New Proposed DOL Rule to Tighten Independent Contractor Definition

A new proposed rule by the U.S. Department of Labor could make it more difficult to classify workers as independent contractors under the Fair Labor Standards Act. Read on for details.
 
 

Access to Telemedicine Tightening

Telemedicine saw a surge in popularity during the COVID-19 pandemic, as it allowed for social distancing and reduced the risk of infection spread. Read on for details.
 
 

How Insurers Calculate Comp Rates

Workers’ compensation ratemaking may seem complicated, but only two factors affect your workers’ compensation costs: your employees’ job classifications and your experience modification factor. Read on for details.

How Losses Get Spread Out to Make Ex. Mods More Accurate

Not all losses are the same. Small, frequent losses need to be handled or “weighted” differently than one-off severe losses that happen only occasionally.
Read on for details.

Insurance Buyers News – November/December 2022

ESG Movement Begins to Impact Insurers

In October, Munich Reinsurance Co., the world’s largest reinsurer, announced new stricter policies for investing in and underwriting oil and gas projects, drawing praise from environmental activists. Read on for details.

90% of Risk Managers at Least Moderately Concerned about Cyber Attacks

A recent survey of risk managers—those charged with identifying, evaluating, and selecting the best techniques to mitigate risk—by Nationwide Insurance revealed that cybersecurity takes up a substantial portion of their budgets. 68% expect these budgets will continue to grow in the coming years. Read on for details.

5 Tips for Getting the Best Cyber Coverage

Not all cyber policies are the same and there are certain features
and enhancements you need to be aware of. Here are five of them: Read on for details.

Workers Comp & Safety News – October/November 2022

Will the Inflation Reduction Act Increase or Lower Workers Comp Costs?

The so-called Inflation Reduction Act (HR 5376) signed into law by President Biden includes certain health care cost-reducing measures.
Read on for details.
 
 

How to Improve Workplace Ergonomics

According to the U.S. Bureau of Labor Statistics, ergonomic injuries (also known as musculoskeletal disorders) make up one-third of all work-related injuries and illnesses. Read on for details.
 
 

How Loss of Consortium Can Shield Workers Comp Awards from Subrogation

While laws relating to who and under what conditions people can recover damages from loss of consortium vary by state, loss of consortium is a type of claim that can involve workers compensation.Read on for details.
 
 

State of US Workers Compensation Industry

The following key insights are from the National Council on Compensation Insurance’s annual report on the state of the workers comp industry:Read on for details.

Workers Comp & Safety News – August/September 2022

How Well Prepared Is the WC Industry for Catastrophe?

As a result of COVID-19, the National Council on Compensation Insurance (NCCI) — the workers comp ratemaking organization used by two thirds of the states — has broadened its definition of catastrophes.
Read on for details.

Pros and Cons of Excluding Owners and Officers from Workers’ Comp Coverage

Some businesses decide owners and officers workers compensation coverage is unnecessary, but it’s important to wiegh the potential savings against the risk of not having it. Read on for details.
 
 

Why Robots Are Taking All the Crummy Jobs

Humans just aren’t that well suited for dangerous and monotonous jobs, say the experts. Let the robots do them, they say. Read on for details.
 
 
 

The Downside of Robots in the Workplace

Robots have become particularly useful for improving workplace conditions. They can undertake tasks that would be too dangerous for humans or assist humans to minimize dangers. Read on for details.

Insurance Buyers News – July/August 2022

FEMA Introduces New National Building Code Strategy

On April 13, 2022, the Federal Emergency Management Agency (FEMA) released a new building codes strategy, defining the goals and objectives it will pursue to promote the application, adoption and enforcement of hazard-resistant building codes across the United States. Read on for details.

How to Reduce Risk in the Construction Industry

Recent technologies — from robotics to project management software — as well as better ways to identify and deal with risk are helping the construction industry save money and reduce accidents. Read on for details.
 

Why Did I Get a “Reservation of Rights” Letter?

Your organization has just been sued, and you’ve notified your liability insurer. Then you receive a reservation of rights letter. Here’s what it means and what to do.
Read on for details.
 

What is Environmental Liability Insurance?

Standard business general liability (GL) policies provide little coverage for pollution damage, including toxic spills like the one in West Virginia in 2014. Today most companies that store or handle potentially toxic materials purchase a separate environmental liability policy. These policies cover the exposure that the GL policy excludes. Read on for more tips.