Insurance Risk & Rising Premium Rates – Why, & What Can be Done to Change Them

Posted by The ALS Group on Feb 19, 2020 12:53:36 PM

Three Questions for Managing Principal, Albert Sica, of The ALS Group

For the last 12-18 months commercial insurance rates have been rising and many business leaders are ill-equipped to either understand why or what they can do about it. Recently, this was captured in a good article in The Wall Street Journal and we thought we would explore this a bit more.

Business leaders often rely on a broker, whose primary role is to “sell” insurance to guide them through a complex mix of their company’s exposures, insurance policy language (including exclusions) and what can be done to, both, mitigate risk and the cost of coverage. Understanding the financial impact of a risk on a company’s balance sheet or earnings statement and what can be done to protect against that uncertainty is key to complex questions it is now essential to explore.

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Topics: business, Insurance, Risk Mitigation, The ALS Group, Total Cost of Risk (TCoR), catastrophic loss,

Threats to Consider When Crafting a Social Media Risk Mitigation Plan

Posted by Jon Edwards on Feb 10, 2020 3:13:10 PM

 

Over the last decade, social media has quickly become a prominent way for businesses to advertise, communicate, and educate. On the flip side, it can be a huge risk for those businesses that cannot keep up with the ever changing tools and trends in privacy, security, and marketing. We often see businesses and even public figures falling prey to social engineering scams, ransomware, hacking, and a multitude of other cyber risks. Luckily, with some planning and diligence, mitigating these risks can be quite simple. Below are examples of some threats as well as solutions you can implement now that will help protect your business from some of the most prevalent social media threats.  

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Topics: Risk management, cyber attacks, social media for businesses, social media, social media risks

Can Novel Coronavirus be a Risk to Your Business?

Posted by The ALS Group on Feb 4, 2020 12:55:11 PM

Last month, the World Health Organization (WHO) issued a warning about the potentially dangerous, rapidly spreading coronavirus that originated in Wuhan City, Hubei Province of China. According to the WHO the public must be “alert but not anxious”. Information is changing by the hour as doctors and officials evaluate how dangerous this outbreak is, and race against the clock to stop it. For those of you who would like the latest information from the WHO, you can visit their website and view the daily Situation Reports.

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Topics: Healthcare, Supply Chain Risk, Travel Risk, pandemics, coronavirus

OSHA Raises Penalties Once Again

Posted by The ALS Group on Jan 29, 2020 3:43:44 PM

 

According to a memo from the Occupational Safety and Health Administration (OSHA), the official maximum penalty amounts for citations in 2020 will increase slightly.

The Federal Civil Penalties Inflation Adjustment Act of 1990 was just recently evoked once again as the Occupational Safety and Health Administration raises its penalty rates.

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Topics: Bodily Injury, Claims Management, Construction Accidents, Strategic Risk Management, Workplace Safety

'Tis The Season to be Jolly…

Posted by Albert Sica on Dec 13, 2019 11:14:38 AM

 

We have all heard that phrase before, and now that Thanksgiving has passed it will be a sprint to New Year’s Eve – surely, with a few holiday parties in the middle. This is when companies often are not thinking about the risks that come with partying employees, liquor, music, dancing and potentially driving. Certainly sounds like a volatile mix!

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Topics: Holiday Risk, Liability, Risk management, Safety and Compliance, Strategic Risk Management, Total Cost of Risk

Don’t Get Buried with Snow Removal – Effective Risk Transfer is Key

Posted by The ALS Group on Dec 4, 2019 4:52:27 PM

This week’s unexpected snowstorm should be a reminder to be diligent in making sure your snow removal provider has the proper insurance coverage.

With winter almost here, many companies are putting the final touches on snow removal contractor agreements. Liability claims, like slip and falls, relating to the “improper removal of snow and ice”, are frequent, and in many cases, severe. Here are the facts:

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Topics: Bodily Injury, Compliance, Contracts, Enterprise Risk Management, Indemnity, Insurance, Property Risk, Safety and Compliance, Strategic Risk Management

NY Employer Alert: NEW Sexual Harassment Training Requirements Going Into Effect

Posted by The ALS Group on Aug 1, 2019 10:32:42 AM

On October 9, 2018, NYS and NYC Governments enacted an anti-sexual-harassment law that carries pretty stringent requirements relating to employers’ anti-harassment policies and training. These labor laws have been revised and training requirements have been put in place by the Department of Labor in consultation with the Division of Human Rights. Originally, training was required by January 1, 2019 but, after some push back, the deadline was extended until October 9, 2019.

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Topics: Employment Practices, Human Capital Risk, Human Resource Management, Risk management

Cyber Risk Preparedness

Posted by The ALS Group on Jul 16, 2019 9:49:55 AM

Given the widespread awareness of Cyber Risk and the increasing trend for companies to consider insurance around this exposure, a company’s preparedness for a Cyber risk related event should be a part of their risk management plan.  Unfortunately, for most organizations, this part of the plan has not been matured. That’s a mistake…

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Topics: Crisis Risk Management, Cyber Breach, Cyber Insurance, Cyber Risk, cyber attacks

Allianz Risk Barometer – A “gut check” on how top 10 risks can impact you….

Posted by The ALS Group on Jun 4, 2019 11:56:20 AM

For the last several years Allianz has published a concise and informative report on the top risks that businesses face globally. It is a great opportunity to think about how these risks could affect your business operations and what the impact would be. When thinking about risk, it is important to think about "materiality" and what "financial impact" would be material for your company to cause a disruption. Even through many of the risks on this year’s report are readily insurable, the "disruption factor" of having to manage through a loss is worth considering.

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Topics: Cyber Risk, Property Risk, Risk Identification, Supply Chain Risk

How Site Safety Management and Site Security Reduce Construction Risk

Posted by The ALS Group on May 29, 2019 9:53:37 AM

 

Site Security

Protecting a Project’s assets is at the top of the list for most Developers and Lenders these days. Whether it be finances, property, or business, setting up some type of a security blanket for your project assets always adds additional comfort to the certainty of the project and desired outcomes. Most of the time these everyday risks can be covered through insurance; but what do you do when you are faced with protecting a growing (maturing) asset?

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Topics: Construction, Construction Project Risk, Construction Workplace Safety

The ALS Group

Risk Management Blog

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Our areas of expertise include:

  • Enterprise Risk Management (ERM)
  • Cyber Security & Cyber Liability Insurance
  • Construction Management
  • Customized Risk Management Assessments (RMAs)

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