Business Insurance

Is your business ready for employee benefits liability? Find out now!

Is your business ready for employee benefits liability? Find out now!

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Shield Insurance Agency Blog | Employee Benefits Liability | Business Insurance | Start A Quote Today!

As a business owner, you understand the importance of protecting your company from potential risks and liabilities. You have likely invested in business insurance to safeguard your assets and mitigate any potential financial losses. However, have you considered the need for employee benefit liability coverage?

Employee Benefits Liability Insurance

Employee benefit liability is a type of insurance that provides protection for your business in the event of employee lawsuits related to employee benefits. This coverage is designed to cover legal expenses, settlements, and judgments that may arise from claims made by employees regarding their benefits.

Employee benefits are an essential part of attracting and retaining top talent in today’s competitive job market. These benefits can include health insurance, retirement plans, paid time off, and other perks that contribute to employee welfare and satisfaction. While offering these benefits is crucial for your business’s success, it also exposes you to potential risks and legal obligations.

Protection From Employee Benefits Liability

Employee lawsuits related to benefits can arise from various situations. For example, an employee may claim that they were wrongfully denied certain benefits or that the benefits provided did not meet legal requirements. They may also allege that the company failed to properly administer the benefits or provide accurate information about them.

Without employee benefit liability coverage, your business may be responsible for covering the costs associated with these lawsuits, including legal fees, settlements, and judgments. These expenses can quickly add up and have a significant impact on your company’s financial stability.

By obtaining employee benefit liability coverage, you can protect your business from these potential risks and ensure that you have the necessary resources to defend against employee lawsuits. This coverage can help cover legal expenses, settlements, and judgments, providing you with peace of mind and financial protection.

In addition to protecting your business financially, employee benefit liability coverage also demonstrates your commitment to your employees’ rights and welfare. It shows that you take their benefits seriously and are prepared to address any issues that may arise.

Employee Benefits Liability Coverage

When considering whether your business needs employee benefit liability coverage, it is essential to assess your current employee benefits program and the potential risks associated with it. Evaluate the legal obligations and responsibilities that come with offering these benefits and consider the potential impact of employee lawsuits on your business.

It is also crucial to review your existing insurance coverage to determine if it includes employee benefit liability. While general business liability insurance may provide some coverage for employee lawsuits, it may not be sufficient to fully protect your business in these situations. Employee benefit liability coverage is specifically designed to address the unique risks associated with employee benefits.

To ensure that you have the right coverage for your business, it is recommended to consult with an experienced insurance agent or broker. They can assess your specific needs and help you find the appropriate employee benefit liability coverage that aligns with your business’s size, industry, and risk profile.

Shield Insurance Agency represents over 40 insurance companies and can provide you with a free quote tailored to your business’s needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK, and an agent will be in touch soon.

In conclusion, employee benefit liability coverage is an essential component of your business insurance portfolio. It protects your business from potential risks and liabilities associated with employee lawsuits related to benefits. By obtaining this coverage, you can ensure that you have the necessary resources to defend against these claims and protect your business’s financial stability. Consult with an experienced insurance agent to determine the right coverage for your business and secure the peace of mind you deserve.

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Unlock the Secrets of Coinsurance and Protect Your Building Insurance

Unlock the Secrets of Coinsurance and Protect Your Building Insurance

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Shield Insurance Agency Blog | Coinsurance | Business Insurance | Start A Quote Today!

When it comes to building insurance, there are many terms and concepts that can be confusing. One such term is coinsurance. If you’re not familiar with this term, don’t worry, you’re not alone. Many people are unsure of what coinsurance is and how it affects their building insurance. In this blog post, we will explain what it is and why it is important to understand it when it comes to your insurance protection.

Coinsurance is a term used in insurance policies to describe the percentage of the covered loss that the policyholder is responsible for paying. It is a way for insurance companies to share the risk with the policyholder. In simple terms, its the amount of money you agree to pay out of pocket for a covered loss, while the insurance company pays the remaining percentage.

So, how does coinsurance affect your building insurance? Let’s break it down.

Insurance Coverage Limits and Coinsurance

When you purchase building insurance, you will have a coverage limit. This is the maximum amount that the insurance company will pay for a covered loss. For example, if your building has a replacement cost of $500,000 and you have a coverage limit of $400,000, the insurance company will only pay up to $400,000 for a covered loss.

Now, here’s where it comes into play. If your building insurance policy has a coinsurance clause, you will be required to insure your building for a certain percentage of its replacement cost. This is typically 80% or 90%. If you fail to meet this requirement, you may be subject to a penalty.

The Penalty

The coinsurance penalty is a financial penalty that is applied when the policyholder fails to meet the requirement. The penalty is calculated based on the difference between the amount of insurance you carried and the amount you should have carried. This means that if you have a covered loss and you did not meet the coinsurance requirement, you may be responsible for a larger portion of the loss than you anticipated.

To avoid the coinsurance penalty, it is important to accurately assess the replacement cost of your building and insure it for the required percentage. This can be done by working with an insurance agent who can help you determine the appropriate coverage limits for your building.

Coinsurance Formula

To calculate the coinsurance penalty, you will need to use the coinsurance formula. The formula is as follows:

(Insurance carried / Insurance required) x Loss = Insurance Settlement

Let’s break it down with an example. Say you have a building with a replacement cost of $500,000 and a coinsurance requirement of 80%. You insure your building for $300,000. If you have a covered loss of $100,000, the coinsurance formula would look like this:

($300,000 / $400,000) x $100,000 = $75,000

In this example, you would be responsible for paying $75,000 out of pocket, while the insurance company would pay the remaining $25,000.

Understanding the formula and meeting the coinsurance requirement is crucial to ensure that you are adequately protected in the event of a covered loss.

Insurance Valuation and Building Replacement Cost

To accurately determine the replacement cost of your building, it is important to have an insurance valuation done. An insurance valuation is an assessment of the cost to replace your building in the event of a total loss. This includes the cost of materials, labor, and any other factors that may affect the cost of rebuilding.

Working with an insurance agent who specializes in building insurance can help ensure that your building is properly valued and insured. They can also help you understand the coinsurance requirement and how it affects your policy.

Contact Shield Insurance Agency for a Free Quote

If you’re in need of building insurance or have questions about coinsurance, contact Shield Insurance Agency. They represent over 40 insurance companies and can provide you with a free quote tailored to your specific needs. You can reach them at (616) 896-4600 or start the quoting process by visiting this LINK. An agent will be in touch soon to assist you.

In conclusion, coinsurance is an important concept to understand when it comes to building insurance. It affects the amount you are responsible for paying in the event of a covered loss and can have financial implications if not properly understood. By working with an insurance agent and accurately assessing the replacement cost of your building, you can ensure that you are adequately protected and avoid any potential penalties.

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Real World Test Shows All-Electric Big Rigs Can Go Farther and Charge Faster

Real World Test Shows All-Electric Big Rigs Can Go Farther and Charge Faster

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Good News | By Andy Corbley | Sep 28, 2023 | Big Rigs | Business Insurance

An industry research non-profit has found that battery-electric big rigs have doubled their range and charging speed numbers in just 2 years of operation.

In conducting a real-world test on 21 freight trucks for three weeks, the North American Council for Freight Efficiency (NACFE) found this lighting-fast innovation occurring across the market for battery-electric big rigs

This includes models from Ford, Daimler, Tesla, Volvo, and General Motors.

All-Electric Big Rigs

“This gives us real data, real-world experience to look into the future a bit — and I think the future of battery electric commercial trucks is bright,” said Mike Roeth, NACFE’s executive director.

While the NACFE’s 2023 report didn’t contain weight details for the trucks involved, which Roeth admits was frustrating since weight affects range, he confirmed that each of the 21 vehicles was hauling average freight for the shipping company who owned it, and included trailers full of produce or bottled water, and international freight on shipping containers.

All-Electric Big Rigs Prove in the Zone

The exciting part of the data is the range and charging times were bang in the zone of what Roeth told Canary Media is known as the “sweet spot in… medium regional haul return-to-base,” and represents the largest part of trucking routes within states and encompasses around 300 miles of movement.

The Daimler eCascadia electric tractor-trailer, for example, averaged 322 miles per day which consisted of 26 deliveries.

For those who live inside built-up or urban areas, the idea of silent, emission-free freight trucks passing through town is a tantalizing prospect. Depending on the size, freight trucks, and big rigs can have between 10 to 18 gears, meaning their 0-35 time is extremely smog-filled, slow, and noisy.

However, there’s another aspect to stop-and-go city traffic that makes electric big rigs ideal—regenerative braking systems. This clever bit of tech can recharge the battery pack by utilizing the braking force of the huge heavy vehicle, and NACFE found that the Daimler eCascadia was able to recover a quarter of its charge simply in the course of braking during a 13-hour haul day.

There are big hurdles to overcome before electric trucking is adopted widely. At the moment, without state and federal government support, no trucking company could afford the upfront price tag of electric trucks over diesel ones, even if they represent savings over time due to reduced maintenance costs. For this reason, outside of EV-friendly states, e-trucking would be very difficult.

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What if everything turns out OK? The power of imagining a better future

What if everything turns out OK? The power of imagining a better future

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Positive News | Gavin Haines | August 29, 2023 | power of imagining | Shield Insurance Blog

The news is full of the catastrophic scenarios that could face humanity, but where are the heartening visions of the future we’re all longing for? Transition Town Network founder Rob Hopkins is on a mission to help us dream it into reality with the power of imagining.

Rob Hopkins has seen the future – and it’s glorious. You should see it too, he says. Smell it. Hear it. There are children playing in the street again. Deafening dawn choruses. Cycle lanes chocka with rush-hour traffic. Indie shops galore. Restaurants spilling onto streets. No homelessness. Oodles of civic pride. Crystal-clean rivers were rewilded by beavers. Community orchards. Pollen on the breeze. No fumes, no smog, just fresh air.

The year? 2030. Just seven years away. How did he get there? Well, the writer and activist has – whisper it – a time machine. It’s hidden in a secret laboratory under Totnes Castle in Devon, near to where he lives, along with a “disbelief suspender” and a “cynicism override”. At least that’s the yarn he spins when he’s invited to give talks on what he believes is a curiously underrated tool for tackling the climate and biodiversity crises: our imaginations.

The part of the brain associated with imagination is the hippocampus, which is also where our memories are stored. This may explain why fantasizing about the future, like recollecting past events, can be so evocative. Tapping into that is a powerful tool for driving positive change, reckons Hopkins. It gives people a hopeful vision to work towards, a longing, that breeds creativity and action, although he’s preaching to the converted – this ethos underpins our journalism.

Curious things happen when Hopkins gives his talks. People come up to him afterward and ask him, with no hint of sarcasm or cynicism, about the future, as though inquiring about a foreign city he’s just returned from. After a talk he gave to people in the sports sector recently, someone asked him if there would be many repair cafes in 2030.

“I said, ‘Well, I can answer that in a minute, but I just want to say that I love how you’ve suspended your disbelief to the point where you’re asking me that’,” he tells me, grinning.

That anecdote, says Hopkins, underscores his point, which is that we need to fire up our imaginations with creative storytelling.

Read the full story at Positive News about the power of imagining...

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Why tackling biodiversity loss could solve the climate crisis

Why tackling biodiversity loss could solve the climate crisis

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Positive News | Martin Wright | September 13, 2023 | biodiversity | Shield Insurance Agency Blog

Is tackling biodiversity loss or climate change more important? The beautiful thing that many people don’t realize is that doing the first will fix the second, writes Martin Wright

Can a grey wolf calm the climate? Can a whale tame the skies?

No, those aren’t the chorus lines of some whimsical 70s folk song. Rather, they’re the sort of legitimate questions arising from a fascinating new study into a previously overlooked, but potentially crucial, benefit of rewilding.

It found that maintaining healthy populations of just nine key wild species (or groups of species) – including elephants and wolves, but also wildebeest, musk ox, and bison, as well as marine fish, whales, sharks, and sea otters – can play a vital role in controlling the carbon cycle on land and sea. How? Because in order for such creatures to thrive, they need a viable habitat. And if that’s conserved, whether in the oceans, forests, grasslands, or swamps, so are the many ways in which its natural properties of sequestering and storing carbon are maintained, too.

The overall impact could be, to put it mildly, massive. Compiled by 15 scientists from eight different countries, the study concluded that it could collectively enable the capture of 6.41 billion tonnes of carbon dioxide every year. This is equivalent to a cool 95 percent of the total needed to meet the Paris Agreement target of removing enough carbon from the atmosphere to keep global temperature rises below the 1.5C threshold.

The mechanisms by which this can happen are many and varied. Whales, for example, directly store carbon in their bodies, while the (substantial) quantity of whale poo is thought to stimulate the growth of phytoplankton. These in turn sequester shedloads of CO2 – as much as 1.7tn trees, or four Amazon rainforests’ worth.

Other creatures have a less dramatic, but no less beneficial impact. Take wolves. When they were reintroduced into Yellowstone Park in the US in the mid-90s, they triggered an extraordinary array of changes, from the recovery of local woodlands to the revival of populations of beavers, swans, and wildflowers, regenerating a climate-friendly ecosystem.

The study’s leader, Yale School of the Environment’s Professor Oswald Schultz, commented that “wildlife species, throughout their interaction with the environment, are the missing link between biodiversity and climate. This interaction means rewilding can be among the best nature-based climate solutions available to humankind.”

This news couldn’t come at a better time for advocates of a wilder world. Because rewilding’s had a mixed press of late. While many applaud the progress made in places like the Knepp Estate in Sussex, or Wild Ken Hill in Norfolk, others are skeptical. Much, but not all, of that skepticism is unfounded.

Fears that rewilding would harm food security are largely groundless: most nature recovery projects are happening on relatively unproductive land, and the benefits they bring, such as reducing floods, boosting populations of natural pest controllers, and conserving soil, can actually have positive impacts on food production in fields nearby.

At various times, though, sweeping efforts to rewild land or sea, in places as diverse as Wales, Scotland, the Netherlands, and Tanzania, without bringing local people on board, have drawn some understandable criticism. This is why the best nature recovery projects make sure to put humans at the heart of it all.

Read the full story at Positive News

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Oregon Is Turning Sewage Into an Endless Supply of Green Energy

Green Energy: Oregon Is Turning Sewage Into an Endless Supply

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Good Good Good | SEP 7, 2023 | Green Energy | Shield Insurance Agency Blog

Converting sewage into heat and electricity offers a compelling proposition: more waste equals more green energy and clean power.

In the summer of 2020, as wildfires burned across more than a million acres in Oregon, workers at Clackamas County’s water treatment facility started calling each other.

From their homes, they could see that the towers of flames were closing in on the wastewater treatment plant. Power was failing all over the state.

If the facility lost power, it could flood the Willamette River with untreated waste, causing untold environmental damage.

In the end, the facility remained powered up and the Willamette was spared. But with wildfires and extreme weather increasingly common, the incident underscored how generating and storing renewable power on-site could build resiliency into the system.

“It’s extremely energy-consumptive to treat wastewater,” says Dave Moldal, program manager at Energy Trust of Oregon.

As the region grows in population, the more energy the wastewater plant requires. But what if increasing volumes of wastewater could provide the treatment plant with more energy rather than consume it? That’s exactly what’s been happening at Clackamas County’s Tri-City Water Resource Recovery Facility for the past seven months.

Since August 2021, the plant has been pumping out renewable power produced from methane, a natural byproduct of human waste decomposing in an oxygen-free environment.

Now, this loop of green energy represents a powerful example of how waste can become something we benefit from rather than expend resources disposing of.

By turning human waste into power, wastewater treatment facilities have the potential to become energy generators instead of consumers, while creating clean water that’s returned to the local ecosystem.

When wastewater arrives at Clackamas Water Environment Services’ treatment plant, it contains pretty much what you’d expect — human waste, paper, food, soap, sand — plus a random assortment of items that people accidentally flush or drop into drains, like a miniature Stormtrooper helmet, a Pee-wee Herman doll, and a rubber elephant, all of which are proudly on display at the facility.

However, the individuals who work here don’t consider this to be a mere waste treatment facility. Instead, they see it as a place where clean water and fertilizer for non-food crops is produced. And now, they’ve added a third item to the list of beneficial resources they churn out: green energy.

Visit the full story at Good Good Good

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Renewables are on track to keep getting cheaper and cheaper

Renewables are on track to keep getting cheaper and cheaper

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A new report says that ongoing improvements in renewables tech will keep driving steep cost declines that make them even more competitive against fossil fuels.

Canary Media | Sept 2023 | Alison F. Takemura | Renewables | Shield Insurance Blog

Canary Media’s chart of the week translates crucial data about the clean energy transition into a visual format.

Renewable energy already beats fossil fuels on cost globally — and according to analysts, the gap is only going to grow.

By 2030, technology improvements could slash today’s prices by a quarter for wind and by half for solar, according to the authors of a recent report from clean energy think tank RMI. (Canary Media is an independent affiliate of RMI.)

These remarkable and ongoing cost declines have made clean energy so attractive that it now outcompetes fossil fuels for new investment: 62 percent of global energy investment is expected to flow to clean energy technologies this year.

That cash is helping push renewables to new heights. According to estimates from the International Energy Agency, global clean energy capacity is expected to jump a jaw-dropping 107 gigawatts to more than 440 gigawatts this year — its largest increase ever.

What we’re living in ​“is an energy technology revolution,” said report co-author Kingsmill Bond, an energy strategist at RMI. It’s obvious from the data, yet the point is often lost in ​“a consistent drumbeat of counternarratives” about how difficult it is, and will be, to leave fossil fuels behind, he added.

“U.S. fossil-fuel demand peaked 15 years ago,” Bond said. ​“This is happening; people have just missed it.”

Renewable energy costs have fallen, and are projected to keep falling, because these technologies are riding ​“learning curves”: For every cumulative doubling of the deployed tech, its cost declines by a quantifiable percentage that varies by technology. Learning curves are a robust phenomenon that’s been observed for over 50 kinds of tech. Over the past 40 years, the average learning rate has been 20% for solar and 13% for wind.

That’s the underappreciated power of learning by doing; the more solar panels and turbines people make, the more they discover how to make them better, faster and cheaper. The RMI report’s range of forecasted cost declines is based on both these long-term average learning rates and the higher rates observed in more recent years (30% for solar and 25% for wind).

Fossil fuels, by contrast, have not gotten on empirical learning curves. For more than a century, fossil fuel prices have swung wildly without trending consistently downward. 

Visit Canary Media for the full story

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Discover the Ultimate Restaurant Insurance Program for Your Business

Discover the Ultimate Restaurant Insurance Program for Your Business

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Shield Insurance Blog | Restaurant Insurance | Contact Shield Agency to get started

Restaurant insurance is important for several reasons. It provides financial protection, ensuring that the restaurant is not financially devastated by unexpected accidents, injuries, or lawsuits. It also helps restaurants comply with laws and regulations that require certain types of insurance coverage. Having the right insurance coverage gives restaurant owners peace of mind, allowing them to focus on running their business without worrying about unforeseen risks. Additionally, restaurant insurance helps protect the restaurant’s reputation by covering the costs of repairs, lost income, and other expenses in the event of a covered event.

What Does Restaurant Insurance Cover?

Restaurant insurance is designed to protect your business from a variety of risks and liabilities. Here are some of the key coverages typically included in a restaurant insurance policy:

  • Property Insurance: This coverage protects your building, equipment, inventory, and other physical assets from damage or loss caused by fire, theft, vandalism, or other covered perils.
  • General Liability Insurance: General liability insurance provides coverage for bodily injury, property damage, and personal and advertising injury claims that arise from your restaurant’s operations. This coverage can help pay for medical expenses, legal fees, and settlements or judgments if you are found liable for an accident or injury.
  • Liquor Liability Insurance: If your restaurant serves alcohol, liquor liability insurance is essential. This coverage protects you from claims and lawsuits related to alcohol-related accidents or injuries caused by intoxicated patrons.
  • Workers’ Compensation Insurance: If you have employees, workers’ compensation insurance is typically required by law. This coverage provides benefits to employees who are injured or become ill on the job, including medical expenses, lost wages, and rehabilitation costs.
  • Business Interruption Insurance: Business interruption insurance helps replace lost income and cover ongoing expenses if your restaurant is forced to temporarily close due to a covered event, such as a fire or natural disaster.
  • Food Contamination Coverage: This coverage protects your business in the event of a foodborne illness outbreak or contamination that leads to a loss of income or damage to your reputation.
  • Equipment Breakdown Insurance: Equipment breakdown insurance covers the cost of repairing or replacing essential equipment, such as refrigeration units or cooking appliances, if they break down due to mechanical or electrical failure.
  • Cyber Liability Insurance: In today’s digital age, cyber liability insurance is becoming increasingly important for restaurants. This coverage helps protect against data breaches, cyberattacks, and other cyber-related risks that could compromise your customers’ personal information.
  • Employment Practices Liability Insurance: This coverage protects your restaurant from claims related to employment practices, such as wrongful termination, discrimination, or harassment.
  • Commercial Auto Insurance: If your restaurant owns vehicles for deliveries or other business purposes, commercial auto insurance is necessary to protect against accidents, property damage, and liability claims.

How Much Does Restaurant Insurance Cost?

The cost of restaurant insurance can vary depending on several factors, including the size of your restaurant, the type of cuisine you serve, your location, your claims history, and the coverages and limits you choose. On average, restaurant insurance can cost anywhere from $1,000 to $10,000 per year.

To get an accurate quote for your restaurant insurance, it’s best to contact an insurance agent who specializes in restaurant insurance. They can assess your specific needs and provide you with a customized quote based on your unique circumstances.

Why Is Restaurant Insurance Important?

Restaurant insurance is essential for protecting your business from the many risks and liabilities that come with operating a restaurant. Here are a few reasons why restaurant insurance is important:

  • Financial Protection: Restaurant insurance provides financial protection in the event of a covered loss or liability claim. Without insurance, you could be responsible for paying out of pocket for property damage, injuries, or legal fees, which could be financially devastating for your business.
  • Compliance with Laws and Regulations: Many states and local jurisdictions require restaurants to carry certain types of insurance, such as workers’ compensation or liquor liability insurance. By having the necessary insurance coverage, you can ensure that you are in compliance with these laws and regulations.
  • Peace of Mind: Running a restaurant is already a challenging endeavor, and the last thing you want to worry about is unexpected accidents, injuries, or lawsuits. With the right insurance coverage, you can have peace of mind knowing that you are protected against these risks and can focus on running your business.
  • Reputation Protection: In the event of a foodborne illness outbreak, property damage, or other covered event, restaurant insurance can help cover the costs of repairs, lost income, and other expenses. This can help protect your restaurant’s reputation and ensure that you can quickly recover and get back to serving your customers.

In conclusion, restaurant insurance is a crucial investment for any restaurant owner. It provides financial protection, ensures compliance with laws and regulations, and offers peace of mind knowing that your business is protected against a wide range of risks and liabilities. To find the best restaurant insurance program for your business, it’s important to work with an experienced insurance agent who can assess your needs and provide you with a customized insurance solution. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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3 Factors Driving A Hardening Market In The Construction Sector - Shield Insurance Agency Blog

Social Inflation: 3 factors driving a hardening market in the construction sector

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Shield Insurance Blog | Social Inflation | Start A Quote Today

1. Social inflation leads to increasing liability claim costs

Though workplace injury has always been a major cost driver for the construction industry, social and medical inflation are leading to larger liability claims payouts, whether as a result of a third-party injuries due to vehicle accidents or other worksite incidents. According to Ironshore’s Britt Sellers: “…juries are taking sympathy with the plaintiffs across all liability lines, alleging that ‘the general contractor should have done this or could have done that to prevent an injury.’”

Because of social inflation and the rising cost of medical treatment, the trend toward “nuclear” jury verdicts – where payouts surpass $10 million – has been on the rise since 2015. And this is forcing change in the insurance market. Beauvais reports, “Back in 2016, $25 million was the nominal limit deployment that we saw on a lead umbrella, but by 2019, we saw that get pulled back to somewhere between $10 million and $15 million. Now we’re seeing the limit pulled as low as $5 million in the lead umbrella space.” For companies seeking more coverage, the market is limited – and prices are much higher.

2. Cost-saving measures lead to construction defects

Another factor influencing the hard P&C market are “value engineering claims.” Though value engineering is beneficial in the right hands, at times, some cost-saving measures can lead to failure points – and those failures come at a high cost.

In response to questions about the frequency of value engineering claims, Sellers notes, “Our claims group has identified two factors that are resulting in greater frequency and severity of design-related claims. The first is when architectural plans or project specifications lack sufficient detail in some respect. The second factor involves inadequate communication between design professionals and general contractors and subcontractors.”

Lack of communication and inadequate project specifications can lead contractors to opt for alternative methods that cut costs. But when those methods fail, the contractor is liable – and potentially expensive claims may follow.

3. Design/build contracts shift liability

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One of the most common questions people have is why it takes longer to get a business insurance quote than an auto insurance quote.

Cracking the Code: Why Auto Insurance Quotes Beat Business Insurance Quotes in Speed

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Shield Insurance Blog | Business Insurance | Insurance Quotes | Start A Quote Today!

Business Insurance Quotes vs Auto Insurance Quotes

When it comes to insurance, there are many factors that can affect the time it takes to get a quote. One of the most common questions people have is why it takes longer to get a business insurance quote than an auto insurance quote. In this blog post, we will explore the reasons behind this and provide some insights into the process.

Firstly, it is important to understand that business insurance is a much more complex and specialized type of coverage compared to auto insurance. Business insurance covers a wide range of risks and liabilities that are unique to each individual business. This means that the insurance company needs to gather more information and assess a greater number of factors in order to provide an accurate quote.

One of the main reasons why it takes longer to get a business insurance quote is the level of customization required. Unlike auto insurance, which has standardized coverage options, business insurance needs to be tailored to the specific needs of each business. This means that the insurance company needs to gather detailed information about the business, such as its size, industry, location, and the specific risks it faces. This information is used to determine the appropriate coverage and limits for the business, which can take time to assess.

Insurance Quotes

Another factor that can contribute to the longer quote process for business insurance is the number of insurance companies involved. Unlike auto insurance, where there are a limited number of providers, business insurance has a much larger market. This means that there are more insurance companies to choose from, each with its own underwriting guidelines and pricing models. In order to provide the best quote for a business, the insurance company needs to shop around and compare quotes from multiple providers. This can take time, especially if the business has unique or specialized needs.

Additionally, business insurance often requires more documentation and verification compared to auto insurance. This is because businesses typically have more assets and liabilities that need to be assessed. For example, a business may need to provide financial statements, inventory lists, or proof of compliance with certain regulations. This additional paperwork can add to the time it takes to get a quote, as the insurance company needs to review and verify the information provided.

Furthermore, the complexity of business insurance policies can also contribute to the longer quote process. Business insurance policies often have more coverage options and endorsements compared to auto insurance. This means that the insurance company needs to carefully review and assess each option to ensure that the policy meets the specific needs of the business. This level of detail and customization can take time to evaluate and determine the appropriate coverage and pricing.

In conclusion, there are several reasons why it takes longer to get a business insurance quote compared to an auto insurance quote. The level of customization required, the number of insurance companies involved, the additional documentation and verification, and the complexity of the policies all contribute to the longer quote process. However, it is important to remember that the extra time and effort put into obtaining a business insurance quote is necessary to ensure that the business is adequately protected. So, if you are in need of business insurance, be patient and provide the necessary information to get the best coverage for your unique needs.

If you are looking for the best RV insurance quote, camper van insurance, or the best insurance for Motorhome Insurance near you, Shield Insurance Agency can help. With over 40 insurance companies represented, they have the expertise and resources to find the right coverage at an affordable price. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. Protect your family and your business with the right insurance coverage from Shield Insurance Agency.

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