News

WHILE RANSOMWARE is making the headlines as the major cyber threat, small and mid-sized businesses are increasingly being targeted by lower fraud that dupes them into wiring criminals funds, according to a new report. These funds transfer fraud crimes involve hackers gaining access to a firm’s mailbox and extracting payments that go into their accounts. …

Continue reading “April 2022 – Growing Threat – Funds Transfer Fraud Hits Small Firms the Hardest”

COMMERCIAL PROPERTY insurance rates are continuing to climb, as the segment faces a number of headwinds that have pushed claims costs to new heights. A number of factors are affecting rates, including the frequency and severity of extreme weather claims. the cost of rebuilding, rates for commercial properties not keeping pace with claims costs, and …

Continue reading “Jan 2022 – COMMERCIAL PROPERTY – Factors that are pushing the insurance rates higher”

EVERY YEAR starts with a flurry of new laws and regulations that California employers have to contend with. And 2022 is no different as the California legislature had a busy year and the stresses of the COVID-19 pandemic resulted in more activity. The end result is another round of new laws that employers need to …

Continue reading “Jan 2022 – RISK REPORT – Stay on Top of New Laws, Rules in New Year”

SOME BUSINESSES are finding fewer insurers willing to write their policies for certain types of coverage that are seeing rapidly rising claims costs, particularly in liability lines as well as property insurance in areas with exposure to natural catastrophes. When no insurers that are licensed in California are willing to write a policy, we as …

Continue reading “July 2021 – Non-Admitted Carriers – The Option When No Insurers Will Cover You”

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 …

Continue reading “July 2021 – Construction Coverage – Builder’s Risk, Excess Liability Rates Climbing Fast”

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”

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”