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Risk Insight

business continuity planning
Risk Insight

Business Continuity Planning: Are You Prepared?

When disaster strikes, it can cost money. The lost revenue and extra expenses incurred by business interruption reduces profits — and insurance cannot cover all costs. Through the implementation of continuity plans, the strongest businesses are able to maintain their operations amidst natural disasters, economic crises, or even so-called “black swan” events like the COVID-19 pandemic.

According to one survey from earlier this year, roughly 51 percent of companies around the world had no emergency plans in place prior to the COVID-19 outbreak. As the pandemic continues, however, more businesses are embarking on the business continuity planning process.

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Legionnaires'
In the Press, Risk Insight

Avoiding Legionnaires’ Outbreaks as Businesses Reopen

Amid COVID-19, remote work became the new normal, with the doors to most commercial offices closed for at least 90 days. The same was true for hotels, restaurants, theaters, gyms, factories, and other businesses that have been temporarily shut due to the pandemic. As businesses reopen, now there are also concerns about Legionnaires’ outbreaks, a potentially deadly consequence of the coronavirus.

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Wildfire Preparedness
Risk Insight

Wildfire Preparedness Part II: Mitigating Risk

Researchers are discovering that embers blown by the wind during wildfires cause most of the fires that burn homes, according to the Insurance Institute of Information (I.I.I.). In addition, homes less than 15 feet apart are more likely to burn in clusters. In such cases, fire is often spread by combustible fences and decks connected to houses, a study by the Insurance Institute for Business & Home Safety (IBHS) found.

There are measures property owners can take to help mitigate the potential of loss from a wildfire. Among these measures is creating defensible space, which we discussed in an earlier blog. A defensible space is an area around a building in which vegetation, debris, and other types of combustible fuels have been treated, cleared, or reduced to slow the spread of fire to and from the property.

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Defensible Space
Risk Insight

Wildfire Preparedness: Creating a Defensible Space

Wildfire season is once again upon us with the Western United States anticipating raging fires after a winter of not much rainfall. Further exacerbating the potential for real devastation from the wildfires is the coronavirus, which interrupted the normal firefighting training and forest management that typically take place in the spring. Social distancing also presents real obstacles in quelling a blaze for fear of spreading the virus among firefighters (The Bureau of Land Management (BLM) has released social distance and hygiene tips for firefighters). For these reasons, it is particularly important to take precautionary measures and establish defensible spaces.

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number one insurance claim
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Risk Insight, Restaurants

Preventing the number-one Insurance Claim: Slips, Trips, and Falls

Year after year, slips, trips, and falls remain the number-one insurance claim for property owners. More than three million people visit the emergency room each year because of falls, according to the CDC (Centers for Disease Control and Prevention). The average hospital visit costs $30,000 to $50,000. Add in factors like ongoing medical bills and lost wages, and the cost of claims mount. Serious slip-and-fall losses, in fact, have plagued the habitational and hospitality sectors, with negligent awards running into the millions. Yet most if not all of these claims are preventable.

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Preparing Office Buildings for Re-Entry
Real Estate, Risk Insight

Opening the Doors to Office Buildings, Shops: Preparing for Re-Entry

Click here for a downloadable safety info sheet

Office buildings, strip malls, indoor malls, light warehouses, and other commercial facilities have been closed for the past two months and more as a result of city COVID-19 stay-at-home and shelter-in-place orders. Non-essential employees for the most part have been working remotely up to now, with many gearing up to return to work as state and city restrictions are lifted throughout the country.

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Keep Community Associations Safe
Risk Insight

How to Keep Community Associations Safe as Stay-at-Home Restrictions Are Lifted

Click here to for a downloadable safety info sheet.

The COVID-19 crisis raises concerns for property managers, board members and the more than 73 million Americans who call condominiums, co-ops, gated communities and the like with community associations home, as stay-at-home restrictions are lifted and individuals once again begin using common areas and amenities like swimming pools, playgrounds, rec rooms, gyms, laundry rooms, business centers, etc. Living in such close quarters and sharing various spaces can make social distancing more difficult and present community associations and its residents with challenges that need to be addressed as everyone navigates through this unknown territory.

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Offices to Get a Makeover
Risk Insight

Offices to Get a Makeover to Keep Staff Safe Post-COVID Lockdown

Over the years professional businesses moved from private offices to open floor plans and collaborative workspaces designed to support ease of communication among employees and encourage teams to work effectively together. This is all set to change in the wake of the COVID-19 pandemic that emptied offices and sent professionals home to work. With stay-at-home restrictions being cautiously lifted, the office workspace is being reimagined to address safety and health issues amid the virus outbreak. 

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Risk Mitigation Covid-19
Market Insights, Risk Insight

Risk Mitigation Takes Center Stage in the Wake of COVID-19

The coronavirus has disrupted businesses across every industry sector, forcing operations to scale back, furlough staff, and/or temporarily close – resulting in a significant economic hit, to say the least. Among the many issues to become clear during this crisis is the increased role risk assessment and risk mitigation will play in business recovery and sustainability moving forward. Insurance agents will hold an even a greater role in helping businesses in the risk-assessment process.

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Liability Immunity from COVID-19
Market Insights, Risk Insight

Businesses Call for Liability Immunity from COVID-19 Litigation

As restrictions are lifted and businesses begin to slowly reopen amid the coronavirus pandemic, they are working to keep their employees and customers safe – following CDC and FDA guidelines that include implementing social distancing requirements, providing workers with personal protective equipment (face masks, gloves, etc., depending on the industry), upgrading cleaning and sanitizing practices, and making workspace floor plan changes, among many other recommendations. But for many businesses, including restaurants, retailers and others, there is fear that if a customer or employee is infected by the virus he or she will turn to the courts alleging the business is responsible for their illness. As a result, businesses are turning to the government for liability protection. 

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social media cyber threats
Risk Insight

CEOs See Cyber Threats from Their Social Media Platforms

Social media has impacted so many aspects of our personal and business lives over the last decade as it’s evolved from a way of individuals keeping in touch into various platforms where people get their news, companies advertise their services and products, influencers get paid to hawk products, and consumers share their delight or vent their dissatisfaction. While changing the way we communicate, social media has also raised questions around privacy and the increasing cyber threats to businesses and their communications outlets, including the social media platforms of CEOs.

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Cyber Attacks as Businesses Go Remote
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Risk Insight, Cyber Liability

Digital Thieves Ramp Up Cyber Attacks as Businesses Go Remote

Hacking activity is up, with cybercriminals taking advantage of remote work vulnerabilities amid the COVID-19 crisis. There are approximately 85 million Americans working from home. In fact, researchers cite that activity against corporations in the United States more than doubled by some measures in March, with malware infections, phishing tactics and ransomware running rampant. That’s because it’s harder to protect data when managed on home computers that use widely varying setups and on company machines connecting remotely.

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