Bonding companies use qualitative and quantitative factors to determine the credit they will extend to a contractor. They underwrite their book of business with the assumption that there will be no claims. Issuance of a bid or performance bond is a seal of their confidence in you. When a contractor has sufficient capital and liquidity, a reputation for quality, timely work, and capacity to complete the work, a surety will extend adequate credit. Weaknesses in…

As cyberattacks become more frequent and severe, it’s increasingly important for organizations to practice good cyber hygiene—habitual practices ensuring critical data and connected devices are handled safely—to minimize their digital exposures. Some consequences of poor cyber hygiene include: Security breaches Data loss Software vulnerabilities Antivirus weaknesses Here are some essential elements of cyber hygiene for organizations to consider: Passwords—Employees should be required to create strong and complex passwords and avoid sharing or using the same…

The commercial property insurance market has hardened in recent years, with consistent rate increases since the third quarter of 2017. These rate increases were evident in the beginning of 2022, with first-quarter rates rising by an average of 7.6%, according to industry data. Similar pricing trends occurred in the reinsurance markets during the same period through moderate, single-digit rate increases for most carriers. Yet, it’s important to note that some insureds may have encountered above-average…

Improving the fuel efficiency of a company’s fleet of vehicles can have many financial and environmental benefits, especially with fuel prices on the rise. Fuel can be one of the largest and most difficult expenses to predict and control. Vehicle fleet managers must conserve fuel, maximize efficiency and reduce vehicle emissions by implementing fuel-efficient policies, technology, and maintenance strategies. Best Practices Managing a fleet’s fuel usage—even for just a couple of vehicles—can feel overwhelming. The…

On average, two workers are killed every month in trench collapses. As employers, it is our responsibility to provide a safe workplace, free of recognized hazards that may cause serious injury or death. By instituting safe work practices and procedures while excavating and working in trenches, we can prevent needless worksite injuries. Defining an Excavation and Trench An excavation is any man-made cut, cavity, trench or depression in an earth surface formed by earth removal.…

Unlike other lines of coverage, the market for workers’ compensation insurance has remained stable across most states and industries, performing as an outlier by producing profitable underwriting results. According to the National Council on Compensation Insurance (NCCI), the private carrier combined ratio for workers’ compensation in 2020 carriers was 87, up from 85 in 2019, marking the seventh consecutive year of underwriting profit. Nevertheless, there are still trends that could pose concerns within the market…