Post anniversary to September 11, the horrible event occurring over ten years ago now, there has been a tremendous change to the way that border security and terrorism have been viewed in the United States. This is true of the government, businesses, individuals, and the insurance industry, which suffered tremendous losses to its own people when the planes hit the twin towers of the World Trade Center in New York City. Though damages resulting from acts of terrorism had been covered in typical all-risk commercial policies before the attacks, after…
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Identifying the insurance needs of a small business
One of the single most common problems with commercial insurance is, most small business owners understand that insurance is a necessity, but they struggle to understand what form of insurance is right for them. The need to make sure they have all of the coverage for their particular business, which can be very challenging, and no one wants to end up paying for more than they require. Often, it is advised that small business owners seek professional advice from trustworthy sources, such as an accountant, or an insurance broker or agent that specializes…
Read MoreWorldwide disasters push commercial insurance rates higher
In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…
Read MoreBusiness claims on the rise due to discrimination
A recent survey by the Chubb Group of Insurance Companies, show that lawsuits against businesses for discrimination have risen dramatically; and are still rising. The Equal Employment Opportunity Commission (EEOC) reported a record breaking number of discrimination charges in 2010. The Chubb Group’s report revealed that one third of employees they surveyed felt their company is less likely to protect them from various forms of discrimination. More than 30 percent also stated that they felt companies were less likely to protect consumers from id theft or data leaks. According to…
Read MoreCompanies that don’t carry cyber liability better think again…
As the world continues to become increasingly reliant on technology, a new breed of threat has emerged. The Internet is rife with scams and a vast array of dubious activities. It is also home to some of the most skilled and tenacious hackers. This fact has led many insurance companies around the U.S. to start offering insurance protection against what they are calling “cybercrime.” The majority of these policies are tailored for big companies, but they have not received the interest insurers thought they would. Cybercrime is a real issue,…
Read MoreRamifications from Japan disaster hits industries around the world
The people of Japan know that it may take years to get their country back to some stage of normal again. The powerful quake and tsunami that devastated areas of Japan two months ago are having some lingering effects in the United States also. At least one third of businesses in the states have experienced supply problems that have disrupted their normal work flow. A recent market study shows that more than 80 percent of all businesses surveyed had experienced some type of business interruption due to the disaster in…
Read MoreAlabama tax deductions for small business insurance prolonged
Alabama governor Robert Bentley recently signed into law a bill that would extend the state’s existence income tax deductions for small businesses offering health insurance benefits. The new law will apply to the current tax year and state officials hope that it will drive down the unemployment rate. Small businesses all over the country have had to make cuts to the benefits they offer employees. Currently, the state’s unemployment rate is at 9.2%. Lawmakers believe that if they can encourage employers to hire more, many of the financial problems the…
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