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Category: Risk Management
The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.
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Key Elements of an Effective Cyber Incident Response Plan
February 26, 2023
Through proper response planning, businesses can mitigate potential damages that may arise from cyber incidents. Yet, it’s important to note that cyber incident response planning requires coordination across a company. An effective response plan should outline: Cyber incident response plans should address a variety of possible scenarios and be communicated to all applicable parties. These…
Read MoreSmall Business Insights – How to Manage Business Risks
February 15, 2023
A vital aspect of running a small business involves managing its associated risks, as no operations are immune to internal or external threats. A risk management plan involves implementing various techniques that can help mitigate or prevent loss. There are multiple ways a company can organize its risk management plan, but steps commonly consist of…
Read MoreCybercrimes Against Small Businesses Decrease, Although Risks Remain
January 28, 2023
Small businesses and self-employed people saw fewer cyberattacks and data breaches over the past 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report. The ITRC recently surveyed 450 people who led small businesses or were self-employed about their experiences with…
Read MoreDOE Proposes Regulations to Reduce Federal Student Loan Payments
January 21, 2023
On Jan. 10, 2023, the U.S. Department of Education (DOE) proposed regulations that would reduce monthly payments for certain federal student loan borrowers. The agency’s proposal overhauls one of the four existing income-driven repayment (IDR) plans—also known as the Revised Pay As You Earn (REPAYE) plan—that aims to make student loan payments more manageable, especially…
Read MoreHouse of Worship Insurance Trends for 2023
January 9, 2023
Over the past few years, the COVID-19 pandemic, international crises and natural disasters have greatly changed the economy and how businesses operate. As 2023 begins, evolving insurance underwriting trends will likely affect many types of organizations, including houses of worship. The following are five insurance trends regarding houses of worship that are likely to be…
Read MoreElectric Vehicles Present New Insurance Challenges
December 19, 2022
Electric vehicles (EVs) continue to gain traction in the U.S. auto market. Last year, Americans bought nearly 450,000 EVs—an 83% jump over 2020. With many federal and state governments pushing for lower CO2 roadway emissions, EV demand is expected to soar during the next decade. This has commercial fleet owners wondering what a world without…
Read MoreMissouri Legalizes Recreational Marijuana and Adds Employment Protections for Medical Users
December 5, 2022
On Nov. 8, 2022, Missouri voters approved Amendment 3, Marijuana Legalization Initiative, which legalizes recreational marijuana for adults aged 21 and older in the state. The new law goes into effect on Dec. 8, 2022. Employer Impact Amendment 3 does not prevent employers from enforcing drug-free workplace policies or disciplining or firing employees for using…
Read MoreJob Openings Increased in September, Exceeding Forecasts
November 20, 2022
The U.S. Bureau of Labor Statistics (BLS) recently released its September Job Openings and Labor Turnover Summary. The month’s reported number of job openings increased by 437,000 to 10.7 million, surpassing what economists had forecasted. The September report follows several months of record-high job openings and quit rates. September’s increase in more than 400,000 job…
Read MoreDOL Extends Comment Period for Proposed Independent Contractor Rule
November 16, 2022
On Oct. 26, 2022, the U.S Department of Labor (DOL) announced it would extend the comment period for its proposed independent contractor rule after pressure from business groups and lawmakers regarding the original timeline. Originally, the DOL provided 45 days for public comment. Stakeholders will now have until Dec. 13, 2022, to comment. Business groups…
Read MoreKey Differences Between Commercial Excess Liability and Umbrella Insurance Policies
November 15, 2022
Commercial excess liability insurance and umbrella insurance are secondary coverage policies that attach after primary insurance policy limits—such as general liability, employer’s liability and commercial auto insurance—have been exhausted. This additional coverage can protect your business from the financial consequences of large losses that exceed what your primary insurance can cover. While excess liability and…
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