As companies expand their reach beyond the borders of the United States, their insurance policies should too. A multinational policy protects a company’s physical locations, their operations, their employees, and revenue stream abroad.
In today’s environment, companies face scrutiny at every turn, especially on the directors’ and officers’ levels. Lawsuits have become increasingly normal for many, and without the right insurance coverage, companies are risking their reputation and their wallets.
Emphasizing employee safety in the workplace not only protects employees, but also a company’s bottom line. Workers’ Compensation claims can be extremely costly and drawn out depending on the type of injuries and litigations surrounding them. Additionally, and often unnoticed, a company’s experience modification factor or “mod” can also create major cost implications.
When it comes to succession planning, most people think of protecting their legacy by arranging their personal estates ahead of time, and the same holds true for business operations. Depending on if and how continuity plans are structured, a company may become employee-owned through an ESOP (Employee Stock Ownership Program). The stability of ESOPs can strongly influence the outcome of obtaining surety bonding and are often underutilized in the construction industry. There are many factors in bond underwriting, but one of the most under-discussed is continuity planning.
According to a recent report from the National Center for The Middle Market, 21% of Middle Market businesses have experienced a business interruption loss as the result of damage to their facilities and of this number, only 77% completely recover from this loss. Every company’s worst nightmare is a disaster striking, causing significant damage to its infrastructure and a shutdown of operations. The damage to buildings and contents are just the tips of the icebergs. The resulting loss of business income and continuing expenses that continue during the rebuilding can be far greater than the cost to repair the damage. Business Interruption insurance can be the difference between being able to focus on strategically planning the company’s next steps while rebuilding or having to permanently close the doors. With that said, simply having Business Interruption coverage may not provide the coverage you need following a loss, therefore, it is important to make sure you have the appropriate language and limits in place prior to a loss.
In the News:
Ironwood Adds Risk Management Veteran to Its Property and Casualty Team
ATLANTA, GA (March 1st, 2018) - Atlanta-based Ironwood Insurance Services announced today that Doug Susco will serve as Ironwood’s newest Client Executive/Producer. Susco brings with him almost a decade of experience working within the commercial property and casualty insurance industry on both the carrier and broker side.
Will Underwood, President of Ironwood said “We are thrilled to have such a talented individual join our team. We expect him to do great things and have a long, successful career at Ironwood.”
The summer of 2017 brought a plethora of catastrophic insurance events including: hurricane heavy-hitters Harvey, Ivan, and Maria, two earthquakes in Mexico and scorching wildfires in California causing over $100 billion in insured losses.1 The rising costs of property and casualty (P&C) rates are no secret and our projection is that these increases will continue through at least the first part of 2018. This along with the unique exposures faced by multi-family owners and managers poses a challenge for their insurance renewal. Despite these increasing costs, losses and the inherent risks that may come with writing coverage on Multi-Family Real Estate business, a well-informed property owner partnering with an experienced broker with industry knowledge, can work together to obtain a comprehensive program at the best possible price and coverage terms.