Over the past decade, the commercial auto space has been largely unprofitable for insurance carriers. According to a recent report from AM Best, commercial auto underwriters saw more than $22 billion in underwriting losses between 2011 and 2020, despite underwriters increasing premium pricing for 41 consecutive quarters. Various factors have led to this poor underwriting performance, including litigation trends, driver shortages, unsafe driving habits and surging accident expenses. In 2022, most policyholders are predicted to…

Because ongoing inflation issues have the potential to result in heightened premium costs, coverage restrictions and underinsurance concerns, it’s important for policyholders to do what they can to minimize such complications. Some steps that insureds can take include the following: Have policy renewal conversations early. Especially amid these challenging market conditions, policyholders should work with their trusted insurance professionals to discuss the coverage renewal process well in advance. Doing so will allow insureds to stay…

Are you worried about security online? Cybersecurity insurance is something that should be top of mind for every business owner. 68% of construction executives have no cybersecurity measures in place (Helpnet Security) GlobalData predicts that the industrial sector’s value will soar to $12.9 trillion in 2022. After rising consistently by 3.6% for more than 5 years, this industry is catching the eye of cybercriminals. Over half of construction executives believe their firms will be hit in…

No business big or small is immune to a cyber attack! How prepared you are will determine if you stay in business after a cyber attack. We had the opportunity to chat with Floyd native, Cybersecurity and Data Privacy attorney, Beth Burgin Waller from Woods Rogers. She has significant experience in technology and counseling clients on cybersecurity risk management, incident response, and privacy laws. As chair of the Cybersecurity & Data Privacy Practice at Woods Rogers, Beth’s…

On Nov. 4, 2021, the Occupational Safety and Health Administration (OSHA) announced a federal emergency temporary standard (ETS) to address the grave danger of COVID-19 infection in the workplace. Affected employers will be required to comply with most provisions of the ETS by Dec. 6, 2021, and with its testing requirements by Jan. 4, 2022. Affected employers include private employers with 100 or more employees (firm- or company-wide count). State plans will have 30 days…

On Thursday, Sept. 9, 2021, President Joe Biden signed executive orders requiring federal workers and contractors to get vaccinated against COVID-19. Biden also directed the Occupational Safety and Health Administration (OSHA) to draft a new emergency rule requiring all businesses with 100 or more employees to ensure all of their workers are either tested for COVID-19 once a week or fully vaccinated. These new rules come shortly after the Pfizer-BioNTech coronavirus vaccine was fully approved…