Businessowners should get ready for a more challenging insurance environment. The insurance market is showing signs of hardening, and this could make obtaining coverage more difficult for businessowners. Hard markets aren’t unusual, however, and there are steps you can take to minimize the impact. The key is to start preparing now.

Labor represents a significant expense for many businesses. Keeping labor costs under control is essential. At the same time, businesses must follow all local and federal wage and hour laws. Many of these laws have recently changed, and missteps can lead to expensive lawsuits. 

What do high-tech wearables, bird-friendly windows, and ancient ruins have in common? They’re all part of today’s evolving construction industry. In this week’s blog, we’ve tapped our sources to bring you some recent developments in the industry to keep you informed. Here are just a few.

We’ve seen some jaw-dropping liability claim settlements against big business in recent years. Just recently, corporate giant Johnson & Johnson was slapped with a whopping $8 billion products liability settlement for failing to sufficiently warn doctors of the side effects of the antipsychotic medication Risperdal.

Cyberattacks have become a part of daily life, but this doesn’t mean they’re becoming less of a risk. These days, no one is immune from the threat. Local governments are being hit with coordinated ransomware attacks, while the National Cyber Security Alliance reports that 25 percent of small- and medium-sized businesses file for bankruptcy after a cyberattack. To survive, your business needs to make cyber risk readiness the new normal.

In today’s litigious environment, employers must have employee practices liability insurance. This important policy provides coverage for employee lawsuits over common claims, including harassment, discrimination and wrongful termination. It can cover legal costs including defense and settlements.

It’s a lesson too many contractors learn the hard way… One pollution liability claim can ruin you.

It only takes a split second for an employee to get injured on the job. A slip and fall. The careless handling of a power tool. Lifting gone wrong. There are almost endless ways your workers can be injured in an instant.

One of the most complex aspects of any construction project is the insurance requirements. It can be a confusing pile of gobbledygook. And confusion can easily lead to misunderstandings and errors that cost project stakeholders time and money.

The construction industry has a problem. A big, expensive problem. Wage and hour violations continue to plague the industry.