For decades road fatalities were on a steady decline thanks in large part to new technologies that have made our cars safer, like anti-lock brakes, airbags, early warning systems and better construction.
When stores lease real estate spaces or construction firms win jobs, the party on the other end usually has a particular set of requirements.
One of the requirements is that the tenant, contractor, or borrower show proof that he or she has adequate insurance.
Copies of insurance documents may be sufficient. But, not all companies want copies sitting around. A suitable substitute for document copies is a certificate of insurance.
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.
More businesses are finding fewer insurers willing to write their policies for certain types of coverage that are seeing rapidly escalating claims costs, particularly in some liability lines as well as property insurance in areas with exposure to natural catastrophes.
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.
Even businesses that own fleets of autos sometimes use vehicles that do not belong to them. Often, a business asks an employee to run an errand or visit a customer or vendor using that employee's car.
As 2021 gets underway and while you're making New Year's resolutions, you should also resolve to review the state of your business's insurance program.
While most companies focus on driver training to help reduce the chances of accidents pushing up their insurance premiums, many executives have been frustrated to see their rates climb.
Many business owners may be good at running their companies, but the majority of them are failing to address essential long-term planning that is critical to sustaining their businesses.
One area the majority of business owners often neglect is planning for business continuity.
Commercial property insurance rates are on the rise across the country as insurers continue wrestling with the toll of increasing natural disasters, rising social unrest, and the COVID-19 pandemic.
An AssuredPartners Agency
In February 2020, Molyneaux Insurance joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.