INSURANCE RATES are rising rapidly for contractors, particularly for builder’s risk and excess liability policies as the cost of claims continues to increase dramatically. While rates for builder’s risk have been averaging 10 to 20%, pricing for excess liability and umbrella coverage has in some cases doubled from the year prior. Both lines of insurance …
INSURANCE COMMISSIONER Ricardo Lara has approved a regulatory filing that will change the premium threshold for employers to qualify for an experience modifier (X-Mod). The approval was part of a larger regulatory filing the Workers’ Compensation Rating Bureau made to also change expected claims costs, eliminate a few class codes and make new rules for …
Continue reading “July 2021 – Workers’ Compensation – New Changes to X-Mods, Classification Rules”
THE CAL/OSHA Standards Board has approved changes to the COVID-19 Emergency Temporary Standard that greatly loosen workplace restrictions that were implemented last year to protect California workers. The biggest news in the changes is that workers who have been fully vaccinated are no longer required to wear face masks as protection or physically distance, regardless …
Continue reading “July 2021 – Masks for Vaccinated Staff No Longer Required”
BESIDES THE health and economic devastation that the COVID-19 pandemic has left in its wake, it has also caused supply chain disruptions that have affected a number of industries. The fallout for companies of all types illustrates the fragility of most businesses’ supply chains. The pandemic has left retailers with half-empty shelf space because product …
Continue reading “April 2021 – Risk Management – Supply Chain Disruption Lessons from Pandemic”
BUSINESS COMPROMISE scams that use both technology and a human touch to steal funds from businesses are growing as criminals engage in social engineering tactics to dupe unsuspecting employees. Businesses have lost millions of dollars to social engineering scams, where attackers impersonate a company president or executive who is authorized to approve wire transfers to …
Continue reading “April 2021 – Social Engineering Crime – Business Compromise Scams Growing Fast”
CYBER INSURANCE rates are going to increase dramatically in 2021, driven by more frequent and more severe insured losses, according to a recent industry study. The report by global insurance firm Aon plc predicted that rates would jump by 20% to 50% this year due to two main factors: 1. Cyber attacks are becoming …
Continue reading “April 2021- Cyber Insurance – As Attacks and Costs Mount, Rates Climb Higher”
THE $1.9 TRILLION American Rescue Plan Act (ARPA) that President Biden signed into law on March 11 contains a number of provisions intended to help small businesses and other organizations hurt by the pandemic. Foremost, it includes additional Paycheck Protection Program (PPP) loans to struggling businesses, and a number of special grants to companies in …
Continue reading “April 2021 – Stimulus Plan Expands Business Assistance”
THE CAL/OSHA Standards Board has approved new emergency regulations that will impose strict rules on employers to implement safeguards in order to reduce the risk of COVID-19 spreading in the workplace. The sweeping rules extend the reach of protections to employer-provided housing and transportation, as well as THE CAL/OSHA Standards Board has approved new emergency …
AS 2021 gets underway and while you’re making New Year’s resolutions, you should also resolve to review the state of your business’s insurance program. The best way to do that is to start by reviewing your enterprise’s activities in the past year and how they may affect your insurance policies in the new year. What …
Continue reading “December 2020 – COVERAGE ISSUES – Your New Year Insurance Checklist”
EVERY YEAR starts with a bevy of new laws and regulations affecting employers and business in California, and many of the new rules this time around are an outgrowth of the COVID-19 pandemic and its effects on workers. Employers in the year ahead have a number of changes they will have to contend with, some of which …
Continue reading “December 2020 – Top 10 Business Laws and Regulations for 2021”
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