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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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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Don’t Get Caught without a Business Succession Plan

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. The one area that the majority of business owners often neglect is planning for business continuity if they die or become disabled, according to the "MassMutual Business Owner Perspectives Study."  While the question of your death or disablement is not one that's fun to ponder, it makes good sense for business owners to put plans in place in case the worst happens. This is especially important now amid the COVID-19 pandemic…

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