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Business Insurance

Apr 19

Streamline Training & Tracking with Kapnick’s Risk Services Center

By Business Insurance, Risk Solutions
Successfully managing the many risks in your organization is essential for long-term growth. Employee training for risk management plays a critical role in preventing worker injuries and avoiding citations, fines, lawsuits, and workers' compensation claims. Streamlining risk tracking, training employees to prevent risks, and finding solutions before issues arise are key steps to creating a safer workplace. Kapnick’s risk services center can help.
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Apr 11

Be Ready: Safeguard Your Business From Unexpected Disruptions

By Business Insurance
Business interruption occurs when a company is unable to operate due to a negative event, such as a fire or flood. These disruptions are among the most worrisome hazards in today’s unpredictable environment. Preventing business interruptions is essential to protect your operations and ensure long-term success. With careful planning, you can reduce risks and safeguard your business from unexpected disruptions.
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Mar 07

Why Alternative Risk Transfer Might Be The Right Move For Your Business

By Business Insurance
The term "alternative risk transfer" (ART) refers to a variety of insurance and risk management products and strategies. These approaches aim to help businesses manage and transfer risk more effectively without relying solely on traditional insurance. But with so many alternative risk transfer strategies available, how do you know if ART is right for your organization? In this article, we’ll explore what ART is, its benefits, and key considerations to help you decide.
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Jan 20

The Benefit of Construction Wrap-Up Programs

By Business Insurance, Insurance Update
Construction projects often involve multiple contractors and operate on tight profit margins. For savvy owners and contractors, construction wrap-up programs offer a smarter way to manage risks, reduce expenses, and improve safety standards. By consolidating coverage under a single insurance program, wrap-up programs eliminate many of the challenges associated with traditional risk-shifting models. THE PROBLEM WITH TRADITIONAL RISK-SHIFTING MODELS The typical approach of shifting risk from owners to contractors or subcontractors through contractual agreements can lead to unforeseen consequences. Not only is this model more expensive, but it often results in liability disputes due to conflicting contractual provisions and insurance terms. These…
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Jan 13

Overlapping Programs and Gaps in Coverage – A Kapnick Case Study

By Business Insurance, Case Studies, Employee Benefits
Managing multiple insurance brokerages can lead to overlapping programs, gaps in coverage, and inefficiencies. A commercial and residential property developer faced these challenges with separate brokers for Employee Benefits, Private Risk Management, and Property & Casualty insurance. Kapnick stepped in to provide integrated insurance solutions for developers, streamlining their coverage and delivering innovative remedies. PRIVATE RISK MANAGEMENT: STREAMLINING COVERAGE The developer’s private risk management program had inadequate liability limits, uninsured assets, and overlapping coverage. Kapnick’s Solution: Consolidated the insurance program to simplify billing and renewals. Broadened coverage by transitioning to a high-net-worth specialist insurer. Conducted replacement cost assessments and eliminated coverage…
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Apr 25

Recommended Practices for Safety and Health Programs in Construction Handbook

By Business Insurance
Effective construction safety and health practices are essential for safe and productive job sites. These practices offer a proactive way to address safety and health issues. Instead of reacting after an injury or illness, employers can prevent problems before they happen. THE BENEFITS OF PROACTIVE SAFETY AND HEALTH PRACTICES Responsible employers know the main goal of safety programs is to prevent injuries, illnesses, and deaths. However, there are other benefits too. For example, these practices can: Improve production and quality Boost employee morale Help with recruiting and retention Enhance your reputation with customers, suppliers, and the community By addressing hazards early, employers…
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Mar 28

How Insurance Purchasing Decisions Vary by Construction Specialty

By Business Insurance
The recently published Construction Insurance Benchmark Report by Assurex Global provides valuable insights into the insurance purchasing decisions of 1,983 construction companies across five specialties. This data helps validate industry experiences and offers contractors a clearer understanding of how insurance policies and limits vary by specialty. INSURANCE TRENDS BY CONSTRUCTION SPECIALTY The report categorizes construction companies into five specialties based on NAICS codes: General construction (NAICS 2361XX and 2362XX) HVAC, electrical, and plumbing (NAICS 2382XX) Highway/underground (NAICS 2371XX and 2373XX) Trade contractors (NAICS 2381XX and 2383XX) Other specialties (NAICS 2389XX) Key Findings: Highway/underground contractors purchase higher limits of contractor’s equipment and excess liability coverage due to their exposure…
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Mar 14

Should You Consider Contractor’s Professional Liability Insurance?

By Business Insurance
General liability insurance covers bodily injury or property damage caused by a contractor’s negligence. However, it does not protect against financial damages resulting from negligent professional advice. As claims for monetary damages from professional advice become more common, contractors need contractor’s professional liability insurance to safeguard their business from these risks. WHAT IS CONTRACTOR’S PROFESSIONAL LIABILITY INSURANCE? Professional liability insurance protects contractors who provide advice or services from claims that their errors or omissions caused financial losses to clients. Unlike general liability insurance, it does not cover bodily injury or property damage, making it a complementary policy rather than a replacement. According…
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Feb 28

Construction Benchmark Report Now Available

By Business Insurance
Making informed decisions is critical for your business, especially when it comes to insurance. That’s why we’re excited to share the 2021 Construction Benchmark Report, part of our series of industry-specific reports. This comprehensive study provides construction company executives with valuable insights, statistics, and peer comparisons to guide their insurance purchasing decisions. WHY THE 2021 CONSTRUCTION BENCHMARK REPORT MATTERS The construction industry plays a vital role in the U.S. economy, generating $1.3 trillion annually and supporting over 7 million jobs, according to the Associated General Contractors (AGC). With economists forecasting continued growth in the sector, having the right insurance coverage is…
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