Rarely is a first bond request planned for… More often the requirement arises when a business is going through something new. New customer, new public market opportunity, or new business relationship perhaps with a union. The point is that the business is expanding and likely encountering all the administrative pains that come with growth. On top of that, the company is now navigating securing its first bond, and needed it yesterday, a real test of “Surety Bond Success.”
Distracted driving is more than just a buzzword—it’s a pervasive issue that significantly impacts road safety. At DSP Insurance, we’re committed not only to providing top-tier insurance solutions but also to promoting safe driving habits among our clients and their communities. This commitment to safety is why we’re addressing the serious issue of distracted driving, a leading cause of accidents on our roads. We always prioritize road safety in our discussions.
An umbrella policy is essential because it kicks in when your basic liability limits are exhausted. In the event of a major accident or a liability lawsuit, you’ll be grateful for this extra layer of protection.
Coronavirus is continuing to spread with cases reported in 22 countries around the world. The article below contains a brief overview of the virus and outlines the various laws that an employer must consider in the event that any of its employees have been or reasonably may be exposed to the virus, including OSHA, FMLA, ADA, workers’ compensation and premises liability.
Each year, the Occupational Safety and Health Administration (OSHA) collects work-related injury and illness data from employers. This data collection is called the OSHA Data Initiative (ODI).
When it comes to managing healthcare expenses and securing your financial future, it’s essential to explore your options beyond traditional insurance plans. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) offer innovative ways to navigate the complex world of healthcare costs while enjoying some significant tax advantages. Let’s break down these options and help you make informed decisions for your financial well-being.
In 2023, the U.S. trucking industry faced a series of overwhelming challenges, leading to the closure of nearly 88,000 trucking firms—around 10% of the nation’s total. The primary drivers were rising operational costs, especially as driver salaries and legal expenses soared. These factors, in turn, pushed up trucking insurance costs, creating a difficult cycle of shrinking profit margins and higher costs for goods transported by trucks. As these increased expenses trickled down, the impact was felt in prices for everyday goods, affecting both businesses and consumers alike. (Source: Legal System Abuse Hammers Truck Insurance)
Contractual risk transfer (CRT) is a risk management strategy commonly employed by businesses to shift potential liability to another party through non-insurance contracts or agreements. The objective is to transfer risk to the party (e.g., vendor, supplier, subcontractor) to the at-fault party.
In late October 2019, the Federal Reserve announced they would lower the Federal Funds Interest Rate by a quarter of a percent. This was the third such decrease of the year. What impact does this have on the commercial property & casualty insurance market and the annual premium paid by a business? In general, when interest rate falls, insurance premiums tend to rise. The rationale behind this is tied into the two ways that commercial insurance companies typically generate revenue; Underwriting Operations and Investment Activities.
As we near the end of 2024, it’s crucial for employers to reflect on the key 2024 employment law trends that shaped the year. Significant updates at both federal and state levels make it essential to stay informed and proactive. Here’s an overview of the most impactful changes and how they may affect the employee benefit landscape moving forward, emphasizing the need for a more adaptable and inclusive approach to benefits as employers respond to evolving regulations and workforce needs.