Before COVID-19 was really even a thing, property insurance rates in California were on the rise.
Wildfires had caused significant property damage ($85 billion in 2017, $400 billion in 2018, $80 billion in 2019). As a result, both the cost to build property in California and the cost to insure it increased significantly. Rate hikes began showing up in the premiums we were seeing earlier this year (typically 20%-100%+ particularly in wildfire zones).
A "nuclear verdict" is defined as a settlement exceeding $10,000,000. They have been awarded in an unprecedented number of lawsuits as of late. Jury verdicts of $30,000,000+ are commonplace. The annual cost was in the billions of dollars last year.
America's attention was first captured by a nuclear verdict in 1994 when a jury awarded $2.7 million in punitive damages for selling scalding coffee. While the amount was reduced after appeal and then settled for an undisclosed amount, the large verdict set a new standard.
The goal is to maximize team member time and achievement.
COVID re-entry, with all of its changes and new requirements, brings with it an excellent opportunity to re-set the way we accomplish things. It's an opportunity to realign the team, save time and money, and to accomplish a better result.
As employers, we hire great people. We pay them well to deliver specialized expertise... only to see them distracted by "other things" that just have to get done...the whack-a-mole!
When we shop for automobile insurance, one priority is typically "low price". We all want to save 15% in 15 minutes, don't we?
Well, we do, but not when it leaves us under insured.
It's important that we purchase adequate liability insurance limits. When we buy insurance to keep premium down, we risk buying limits that are too low to actually pay for the damage we caused.
Riots, vandalism and civil unrest can create unique challenges for business owners-resulting in stolen, damaged or defaced goods and extensive property damage.
Here is an overview of the coverage, important coverage considerations, and best claim practices to consider...
Coverage for Riots, Vandalism and Civil Unrest
The following forms of commercial insurance coverage can provide protection in the event that your business suffers a loss related to riots, vandalism or civil unrest: