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risk management

Commercial Property Insurance: Navigating a Tough Market

While Commercial Property Insurance remains a tough market characterized by unfavorable rates, stringent underwriting, and limited capacity, the good news is that organizations can adopt strategies to enhance their marketability. More encouraging still, relief is emerging on the horizon. Business Insurance reported in a recent article, “Commercial property insurance rate hikes come…

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Managing Employee Health Benefits: The Advantages of Self-Funding

As employee healthcare costs continue their relentless upward march, businesses today face intense pressure to balance attracting top talent through employee health benefits with managing spiraling medical insurance expenses. Employer-sponsored health benefits have become a pivotal component in recruiting and retaining workers in a competitive labor market. However, rising premiums…

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Builders’ Risk Insurance: A Key Part of Construction Risk Management

If you’re embarking on a construction project, there are two ways you can view Builders Risk Insurance: as an unfortunate necessity or as invaluable protection against the many risks inherent to construction. Which view you adopt is a major factor in whether your business succeeds or fails.  Construction companies are…

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Professional Liability Insurance: Improved Market for Critical Coverage

If your career involves providing professional services or counsel, Professional Liability Insurance, also known as professional indemnity insurance, is crucial for safeguarding your assets and reputation against allegations of negligence or mistakes. This coverage, which transfers the professional liability from you to the insurance carrier, is known by various names,…

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Beyond Open Enrollment: Navigating Employee Benefits in the Long Run

Implementing your organization’s employee benefits program is like leading a marathon team.  First, you prepare through regular training sessions, aided by internal communications in the weeks and months leading up to Open Enrollment. Next comes the grind of Open Enrollment itself — the equivalent of a marathoner’s high-mileage training runs….

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Manufacturers Insurance: Trends in Cyber Liability and Property Coverage

In a chaotic time filled with environmental instability, global supply chain issues, and perpetual labor shortages, there’s one industry that insurance companies still largely trust: manufacturing. As a result of the industry’s inherent stability, manufacturing is doing well in today’s property and casualty (P&C) insurance marketplace — for the most…

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Uncertainty Fuels Insurance Rate Hikes and Underwriting Scrutiny

Third annual study from Alera Group predicts 2023 Property and Casualty market conditions A new study forecasting 2023 market conditions in the Property and Casualty Insurance industry reveals that uncertainty related to the economy, inflation, catastrophes and court-related claims is contributing to tighter underwriting guidelines and widely varying price increases….

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Contractor/Subcontractor Uncertainty? The Solution Is Surety.

If your contracting or subcontracting business has not only survived but thrived during the three years of the COVID-19 pandemic, Surety bonds probably are not a top-of-mind concern for you — at least when it comes to private construction projects. But if you’ve struggled with payment, cash-flow or employment issues…

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The Role of Risk Management in Public Sector Insurance

When it is non-existent or poorly executed, risk management becomes the subject of intense scrutiny, especially when a municipality or public entity is assigned responsibility for an occurrence resulting in widespread damage or singular tragedy. “How did this happen?,” we demand to know. “And who is to blame?” From natural…

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A photo of insurance professionals meeting with construction workers on a job site.

Diligence, Innovation Keys to Construction Insurance Solutions

Step back from all the misery the COVID-19 pandemic has caused, including worker shortages and supply chain disruption. Take a good look at all the insurance challenges a years-long hard market for Property and Casualty coverage has created. Scan the landscape of damage from a multi-year series of catastrophic events…

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D&O Insurance for Private Companies and Nonprofits

When you accept an invitation to join a private organization’s board of directors, you might not realize that your activities as a current or former member could include fending off a lawsuit. Before you accept that invitation, ask whether the board is protected by Directors and Officers Liability Insurance, known…

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Performance-Based Insurance: Loss Control and Commercial Auto

A couple of years ago, a Texas company providing services to support the drilling and production of oil and gas wells had a problem. Its driver-safety record had become so troublesome that the state Department of Transportation had slapped it with the DOT’s poorest rating, and the company’s Commercial Auto…

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Benefits Compliance Update: 2022 Reporting Requirements

As a business owner or human resource professional, you’ve been through two years of pandemic-related regulations, adaptations and frustrations. Over the past couple of months, you’ve managed open enrollment for employee benefits amid a resurgent wave of COVID-19 infections and HR legislation, all while assisting colleagues with their demands and stresses — pandemic-related and otherwise. Now a new…

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Justin Foa: 2022 Forecast

If the past two years have taught us anything, it’s the value of preparing for the unexpected. Those who are able to be flexible and meet changing market conditions have a greater chance of success in times of stress and change. So, with that in mind… What do we see…

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A photo of a Justin Foa with a background of the NYC skyline during sunset.

Justin Foa: 2021 Year-in-Review Snapshot

The past year saw an extraordinarily hard insurance market, both nationally and locally.  On the national level, cyber liability, D&O liability, employment practices liability, property risks and excess liability have seen continued hardening.  Many industry watchers had forecasted that some increases would start to slow down in the second half…

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Artwork showing computer monitors displaying cybersecurity graphics.

Cyber Risk in the Manufacturing Industry: What You Need to Know

Cyber security continues to be of critical concern for the manufacturing industry in particular. According to the NTT Global Threat Intelligence Report for 2021, it is the second-most targeted industry, with only financial institutions seeing a higher frequency of cyber attacks. The same report reveals a staggering 300% increase in…

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