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.
DSP is pleased to announce that our very own Bryan Adams has been appointed to the Board of Directors of the Chicago ASA. We are proud to be part of ASA’s mission in supporting the Chicagoland construction industry.
As cyber attacks become more and more common, protecting your data is increasingly difficult. In fact, a study from Juniper Research found that by 2023, cyber criminals are expected to steal an estimated 33 billion records.
When you think of pollution, images of oil spills and toxic waste dumps may come to mind. However, pollution risks extend far beyond these headline-grabbing disasters, quietly lurking in the everyday operations of nearly every business. From construction sites to commercial enterprises, pollution risk management is crucial to prevent environmental exposure that can lead to significant financial losses. Every year, there is an estimated $1 billion of uninsured environmental losses, leaving businesses vulnerable to substantial financial burdens.
There is a lot of information going around about the COVID-19 vaccine. This article contains everything employees need to know right now.
Business owners (CEO), finance/risk managers (CFO), and operations teams should follow the tenets Trust and Verify for cybersecurity. Trust and verify has been a standard for accounting and auditing firms for decades. Trust and verify is also a standard for governance risk and compliance teams.
DSP is pleased to have recently been recognized in the Insurance Journal’s “Best Agencies to Work For”. We wish to thank our employees, clients, colleagues and everyone else that made this possible. Click HERE to view the article.
When it comes to purchasing insurance, you have two primary options: working with an insurance agent or buying directly from an insurance company. While going direct may seem quicker, hiring an insurance agent offers a range of benefits that can save you time, money, and stress in the long run. Here’s why working with an agent is a smart choice: