Inflation, supply chain issues, labor shortages, cyberattacks, natural disasters and rising jury awards and all key factors impacting the current state of the insurance market. Insurance rates continue to rise, but some lines are seeing higher rate hikes than others. Underwriting capacity is also varied across different lines and sectors.

A cyberattack can do more than disrupt your organization’s computer systems. The world has become increasingly dependent on the internet; at the same time, cyberattacks have become more sophisticated and damaging. As a result, cyberattacks can cause real-world disruption.

Over the past several years, commercial auto insurance rates have risen due to inflation, lower deductible requirements, and higher litigation, repair, and medical costs. According to the Commercial Property/Casualty Index from the Council of Insurance Agents & Brokers (CIAB), commercial auto coverage premiums saw an average increase of 8 percent in the last quarter, following 29 consecutive quarters of premium increases.

Forget about graveyards and spooky mansions. If you really want to see a scary location, look no further than the nearest construction site. According to the National Safety Council (NSC), construction can be considered the most dangerous industry in terms of workplace deaths. Watch out for the top dangers lurking around your construction sites.

Construction insurance rates have trended upward as claim values have increased, fueled by recent workforce upheaval, supply chain shortages, and record-high inflation. According to MarketScout Barometer, the contracting industry class experienced an average insurance rate increase of 6.2% in Q2.

Is your company as devoted to social causes as it claims to be? If there’s a discrepancy between what your organization claims and what you actually do, you could face litigation. Diversity initiatives could also result in claims of discrimination. DEI trends are creating exposures, and this is an area where businesses need to advance cautiously.

Fire is one of the deadliest threats to commercial properties. According to the National Fire Protection Association (NFPA), there were 499,500 structure fires in the United States, and 28% of these structure fires affected commercial buildings, causing billions of dollars in damages.

As the construction industry rebounds from the COVID pandemic, supply chain issues and inflation are creating new challenges. Both building materials and skilled labor are in limited supply, and costs are increasing at rates not seen in decades. These market conditions affect construction insurance and risk management in many ways.

Violent crime is on the rise. If a violent assault takes place in your business, your company may be held liable. Recent rulings show that lawsuits against businesses after violent crimes have had mixed results. Strong security measures may be needed to protect the people in your business and to reduce your liability.

The summer season is a busy time in construction. Warm weather not only means more projects, but longer hours and busier schedules. Although working outdoors in the summertime can be a safer, more positive experience, there are still inherent risks to be cautious of. This article discusses some heat-related construction exposures in the summertime and some safety tips to implement for your jobsite.