Getting a Handle on Commercial Auto Insurance Rates

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. The top two factors affecting your commercial auto premiums are your history of claims and the driving records of your individual drivers. To get a handle on your insurance rates you should focus on hiring on mature, experienced, responsible drivers. Once you have selected solid people, the next step is to enforce safety standards and provide them with adequate rest and the tools they need to drive safely. New technologies and…

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Understanding the Term ‘Totaled Vehicle

You've had an accident and your vehicle is in bad shape. After you report your claim, the insurance company sends out an adjuster to determine if it is worth paying out for the required repairs or instead of paying you for the value of the vehicle at the time of the accident. If the cost of repairs exceeds the value, the insurer may tell you the car is "totaled," even if it doesn't look that way. Before an accident occurs, it is wise for you to learn how insurance companies determine the value of your vehicle, which will mean one…

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Three Major Cyber Threats to Businesses
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Three Major Cyber Threats to Businesses

Cybersecurity threats have continued growing, in fact they been ramping up during 2020, and the trend according to experts is that the risks will continue to grow at an exponential rate. And small to mid-sized firms that think they will fly under the radar of cyber threats are sadly mistaken, as they are usually easier pickings for criminals. Worse yet, one incident could put a firm out of business. To protect your company from attack, here are three cybersecurity threats you should prepare for now. Ransomware attacks In a ransomware attack, hackers access your data and hold it hostage until…

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Five Tips for a Safer New Year for Your Family

As we ring in the New Year, one of your resolutions for the year should be to improve safety for you and your family.  There are many things we can all do better in terms of ensuring that we are safe and that our home and valuables are protected.  This year we offer up these five actions you can take to reduce the chances of one of your family members or a house guest getting hurt, and to see your possessions are well protected. Remember too that after the New Year, robbers are on the prowl, looking for opportunities to…

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Your New Year Insurance Checklist

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. The best way to do that is to start by reviewing your enterprise's activities in the past year and how they may affect your insurance policies in the new year. What you find as you go through the following checklist may surprise you. Did your operations change last year? Workers' compensation and commercial general liability (CGL) insurance premiums are based in part on the type of work your business does. If your business changed, the insurance company…

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Losing Everything Due to Inadequate Auto Liability Coverage

All states set minimum coverage levels for drivers, but if you are involved in a serious accident, minimal coverage may not get you off the hook for the full extent of damages.  Your state's goal is to make the required insurance affordable, but in many cases the established minimum coverage is not adequate to cover the liability costs if you are found to be at fault in a costly accident. Even limits that are several tiers above the minimum may not be adequate for some drivers, because once those limits are exhausted, any remaining damages must be paid out of…

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New Fitness Guidelines for Children and Adults

The U.S. Department of Health and Human Services has issued new fitness guidelines that recommend adults get two and a half hours of moderate exercise every week, at a minimum. The slogan of the new guidelines is "move more, sit less," in an attempt to address the two main reasons many of us don't get enough exercise. This new guidance is the first update to the guidelines since 2008, when they were first released. Here are the report's main suggestions: Adults At least two and a half hours of "moderate-intensity aerobic" exercise a week. Exercise should be done in intervals…

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The Story Behind Increasing Commercial Auto Insurance Rates

Commercial auto insurance rates have been on the rise since 2011, increasing often by more than 10% a year as accidents and claims costs have soared. The trucking industry has been the hardest hit by the steep increases, and there are a number of factors contributing to the rate hikes, according to a recent study by Risk Placement Services. One of the biggest factors is that insurers have had trouble keeping up with increasing accidents and spiraling claims costs, leaving them in the red for most of the past decade.  Huge court verdicts, higher maintenance expenses, reduced freight demand and…

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