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Commercial Insurance News

Arthur Hall Insurance / Commercial Insurance News
20 Jul

Inflation and the Commercial Insurance Market

Over the past year, inflation has become a growing concern. Inflation issues have largely resulted from a culmination of labor and supply trends brought on by the COVID-19 pandemic, and they are clearly reflected within the country’s rising Consumer Price Index (CPI). According to the latest data from the Bureau of Labor Statistics (BLS), the CPI for all urban consumers surged by 7.9% in the last twelve months—representing the largest increase over this amount of time since 1982. Inflation issues could create a number of challenges in the commercial insurance market, affecting both insurers and their policyholders. With this in mind,...

28 Apr

Business Email Compromise

Cybercriminals continue to become more sophisticated, leveraging a wide range of tactics in order to attack their victims. One tactic that has increased in frequency, complexity and resulting losses over the past few years is the use of business email compromise (BEC) scams. Put simply, a BEC scam entails a cybercriminal impersonating a seemingly legitimate source—such as a senior-level employee, supplier, vendor, business partner or other organization—via email. The cybercriminal uses these emails to gain the trust of their target, thus tricking the victim into believing they are communicating with a genuine sender. From there, the cybercriminal convinces their target to...

11 Nov

Reducing Auto Claims for Businesses

Vehicle-related crashes are the leading cause of work-related deaths. In addition to the potential for loss of life, work-related automobile accidents expose businesses to liability risks, legal expenses, lost time, decreased productivity, and increased insurance and workers’ compensation rates. Whether your business leases a single passenger car or owns an entire fleet of commercial vehicles, auto liabilities must be monitored in order to try to prevent these ramifications. Businesses can actively manage auto risks by setting driver qualifications, creating driving rules, and implementing driver training. Review the following guidance to learn more about how to reduce auto claims for your business. Set Driver...

13 May

Trends Driving Social Inflation and How to Respond

As an insurance buyer, you may have heard the term “social inflation” used by your insurer to explain the factors driving up the cost of coverage in today’s market. In general, social inflation refers to the rising costs of insurance claims that are a result of societal trends. Trends such as increased litigation, broad insurance policy interpretation, plaintiff-friendly legal decisions and larger jury awards all drive social inflation in the insurance space. As the insurance market changes, it’s important for businesses to understand what’s currently driving social inflation. Doing so not only provides you with a better understanding of the issues...

2 Feb

Cyber Risk – SolarWinds Orion Advisory

The Arthur Hall Insurance team is following the cyber insurance ramifications of the SolarWinds Orion Supply Chain Cyber Incident. FireEye, a cyber-security company, discovered this large cyber incident in December and the extent and scope of the occurrence is still unfolding. malware used in this cyber intrusion is also known as SUNBURST. The hackers compromised SolarWinds Orion software, which in turn impacted a large amount of government entities and private companies. We are providing this notice due to the size of this incident as well as the cyber insurance marketplace response. If you have not already done so, we recommend you contact...

25 Oct

Why Do I Need Directors and Officers Insurance?

D&O insurance protects executives against the consequences of any alleged or actual “wrongful acts” they commit while performing regular supervisory duties. Directors and officers are responsible for making the tough choices that can make—or break—a company’s fortunes. In doing so, they must consider the best interests of employees, customers and shareholders, while also keeping in mind corporate best practices. Limited or imperfect information and tight deadlines add to the overall complexity of the decision-making process and can lead to poor outcomes or even outright mistakes. To hire and retain talented directors and officers, companies need to give them the freedom to make...

25 Oct

Privacy and Cyber Security

With the enormous amount of sensitive information stored digitally, companies need to take the proper measures to ensure this data is never compromised. Ultimately, it is the responsibility of business owners to protect their clients’ data. Failing to do so can result in a data breach, which costs companies billions of dollars every year. Understanding the risks involved with data security can help you prevent a privacy breach. Know the Risks The first step in protecting your business is to recognize basic types of risk: Hackers, attackers and intruders—These terms are applied to people who seek to exploit weaknesses in software and computer systems...

30 Sep

Employment Practices Liability Insurance

From the moment that you start the pre-hiring process until the exit interview, you are vulnerable to an employment-related lawsuit. As a result, your business should take a hard look at whether it can afford to defend itself against alleged wrongful employment practices accusations. If not, there is an insurance solution called employment practices liability that protects against wrongful termination, discrimination or sexual harassment suits from your current, prospective or former employees. This coverage applies to directors, officers and employees, and can sometimes extend to third party liabilities. Why Choose Employment Practices Liability Insurance? According to researchers, three out of five employers...