​In today’s digital landscape, the threat of cyber attacks has escalated, posing significant risks to businesses of all sizes. A recent example is the Medusa ransomware, which has targeted users of popular email services like Gmail and Outlook, underscoring the urgent need for robust cybersecurity measures and comprehensive cyber liability coverage.

Why Traditional Business Insurance Isn’t Enough

Many businesses operate under the assumption that their standard commercial insurance policies provide adequate protection against all potential risks, including cyber threats. However, traditional business insurance often falls short in addressing the unique challenges posed by cyber incidents. These policies typically cover tangible assets and general liabilities but may exclude or limit coverage for losses resulting from data breaches, cyber extortion, or system outages caused by malicious cyber activities. ​

How Cyber Insurance Can Protect Your Business

Cyber liability insurance is specifically designed to fill the gaps left by traditional policies, offering comprehensive coverage tailored to the complexities of cyber risks. By investing in a cyber insurance policy, businesses can mitigate the financial impact of cyber attacks and ensure a more resilient operational framework.​

Key Benefits of a Cyber Liability Policy

• Data Breach Response Costs: Expenses related to notifying affected individuals, credit monitoring services, and public relations efforts to manage reputational damage. ​

• Legal and Regulatory Expenses: Costs associated with legal defense, settlements, and fines resulting from regulatory investigations or lawsuits following a cyber incident. ​

• Business Interruption Losses: Reimbursement for lost income and additional expenses incurred due to the disruption of business operations caused by a cyber event. ​

• Cyber Extortion and Ransom Payments: Coverage for monies paid to threat actors to prevent or resolve cyber extortion incidents, such as ransomware attacks. ​

• Data Restoration and System Repair: Costs related to recovering or restoring data, software, and hardware damaged during a cyber attack. ​

• Forensic Investigations: Expenses for hiring experts to determine the cause, scope, and impact of a cyber incident. ​

• Reputational Harm: Costs incurred to manage and mitigate damage to the company’s reputation following a cyber incident. ​

Who Needs Cyber Liability Coverage?

Virtually every business can benefit from cyber liability coverage. Any company that collects, processes, or stores sensitive data online is susceptible to cyber threats. If your business engages in e-commerce or maintains databases with personal details—such as customer names, credit card numbers, or contact information—investing in cyber insurance is a smart safeguard.

Key Cyber Risks to Businesses:

• Exposure of confidential client information
• Data breaches caused by employee mistakes
• Identity theft, malware infections, or phishing attacks
• Unauthorized access to business social media accounts

Any of these incidents can lead to financial losses, reputational harm, and operational disruptions. Cyber liability insurance provides an essential layer of protection, helping businesses recover from the impact of a data breach.

If your company handles digital information—whether employee records, financial data, or customer details—consider the potential costs of a cyberattack. For small and mid-sized businesses, cyber insurance can serve as a crucial financial safety net.

Cyber Threats Affect Businesses of All Sizes

Even small businesses are not immune to cybercrime. Hackers often target them through vulnerabilities like compromised point-of-sale (POS) systems or weak security measures.

Additionally, many clients and corporate partners now require businesses to carry cyber insurance as part of contractual agreements, underscoring the importance of a proactive approach to cybersecurity.

Work with a Trusted Insurance Partner

As cyber threats continue to evolve in sophistication and frequency, it is imperative for businesses to reassess their risk management strategies. Relying solely on traditional insurance coverage may leave critical vulnerabilities unaddressed. Implementing comprehensive cyber liability coverage is a proactive step toward safeguarding your organization’s financial stability and reputation in the face of an ever-changing cyber threat landscape.

Did you know that 75% of small businesses are underinsured? Many business owners believe they have adequate coverage—until an unexpected claim arises. Whether it’s a lawsuit, property damage, or an unforeseen disruption, the lack of sufficient insurance can lead to devastating financial consequences.

Underinsurance can happen for many reasons, from underestimating risks, to failing to update policies as the business grows, even inflation. At Relation, we are here to help you assess whether your business is properly insured and provide steps to close any coverage gaps.

What Happens If My Business Is Underinsured?

If your business is underinsured, you risk not having enough coverage to fully protect your company in the event of a claim. Resulting in a shortfall between what your policy covers and what your actual financial exposure is. Common reasons businesses end up underinsured include:

• Failing to update coverage as the business grows.
• Underestimating the value of assets, property, or potential liabilities.
• Choosing minimal coverage to save on premiums.
• Not considering emerging risks, such as cyber threats.
• The cost to replace assets due to rising inflation costs.

If you haven’t reviewed your policy in the last year, your business may already be at risk.

Signs Your Business Might Be Underinsured

Inadequate Liability Limits

Liability insurance is essential for protecting against lawsuits, but many small businesses don’t have high enough limits. If your policy only covers $500,000 in damages but a lawsuit results in a $1 million judgment, your business would be responsible for the remaining $500,000. In industries where legal claims are common, such as construction or retail, low liability limits can be financially disastrous.

Lack of Cyber Insurance

With cybercrime on the rise, having cyber liability insurance is no longer optional. Data breaches, ransomware attacks, and phishing scams can cost businesses thousands—or even millions—in damages. Yet, many small business owners assume that a general business policy covers cyber threats, which is often not the case.

No Business Interruption Coverage

Natural disasters, fires, and even supply chain disruptions can bring operations to a halt. Without business interruption insurance, companies may struggle to pay rent, salaries, and other expenses while recovering. This type of coverage helps replace lost income, ensuring that your business stays afloat during an unexpected shutdown.

Insufficient Property Insurance

Your business property—whether it’s an office, storefront, or warehouse—faces risks such as fires, floods, theft, and vandalism. However, many business owners assume their existing property insurance covers all damages, only to find out after an incident that they don’t have enough coverage.

Common issues with property insurance include:

• Coverage limits that don’t reflect current market values.
• Exclusions for natural disasters like flood, earthquakes or hurricanes.
• Failure to include coverage for equipment, inventory, or outdoor signage.

Underestimated Replacement Costs

Inflation and rising construction costs mean that rebuilding a damaged property or replacing equipment could cost far more than what your policy covers. Many businesses rely on outdated valuations, leaving them with insufficient funds when they need to rebuild.

How to Reevaluate and Strengthen Your Business Insurance

One of the best ways to ensure your business is properly insured is by performing a coverage audit. This involves reviewing your existing policies, identifying gaps, and determining whether your coverage aligns with your current risks.

Key questions to ask:

• Do my policy limits match my business’s revenue, assets, and liabilities?
• Am I covered for emerging risks like cyberattacks?
• Do I have the right endorsements for my industry?
• Does my current policy reflect inflation and market changes?

Work with a Trusted Insurance Partner

Businesses evolve, and so should their insurance coverage. Whether you’re expanding, hiring more employees, or adding new services, your risk profile changes over time. Regularly reviewing your policy with a trusted insurance broker ensures you remain fully protected as your company scales.

At Relation, we know insurance policies can sometimes feel complex, and it’s easy to overlook important details. When you work with Relation, we are proactive about your risk. Our team of experts regularly checks in on our clients to help with:

• Analyze your current policy and suggest necessary adjustments.
• Compare options from different providers to find the best coverage.
• Ensure you’re not overpaying for unnecessary coverage while still protecting your business.

Let Relation help you change the way you look at insurance. Find a location near you and contact us today!

Nonprofits are built on a mission to serve, uplift, and drive meaningful change. While their focus is on improving lives and communities, navigating the complexities of risk and insurance can often feel overwhelming. That’s where trusted partners like Relation Insurance’s Lauren Erickson come in—bringing expertise, responsiveness, and a relationship-first approach to ensure nonprofits have the coverage they need to thrive.

Going Beyond the Policy: Lauren Erickson’s Commitment to Nonprofits

The unique risks that nonprofits face require more than a one-size-fits-all solution. Lauren Erickson has built her career on understanding the distinct needs of nonprofit organizations and crafting bespoke insurance solutions that align with their mission and operations. Her dedication and expertise have earned her the prestigious title of 2025 Nonprofit Power Broker—an honor that reflects her commitment to outstanding client service, problem-solving, and industry knowledge.

But don’t just take our word for it—Lauren’s clients say it best.

“We were just starting out as a new nonprofit with a unique risk profile. We run a restoration crew with forestry work, chainsaw work, prescribed fire—which gives us a higher risk, because you usually see prescribed burns with firefighting companies or timber operations, but we are neither of those things,” shared Lindsay Dailey, Executive Director of the Tribal EcoRestoration Alliance.

The nonprofit’s previous broker didn’t take the time to fully understand their work. When their renewal deadline loomed and frustration mounted, Lauren stepped in.

“She was responsive. It was night and day starting to work with Lauren and her team, and they took the time to learn our operations, who we serve, our program,” Dailey said.

This “night and day” difference is a common theme in the experiences of Lauren’s clients. Sam Chery, Assistant General Counsel at TSNE, echoed a similar sentiment.

“Lauren is a business partner to us,” Chery shared. “In the last two years, I’ve learned so much about how insurance works and works for us thanks to Lauren. Her philosophy is to be a partner first.”

The Power of Partnership in Insurance

At Relation Insurance, we believe in a teammate approach to insurance. Our goal isn’t just to provide policies—it’s to understand your business, your customers and your unique needs.Our mission is to build lasting relationships that help us serve solutions that empower our clients to focus on their mission with confidence. Lauren’s recognition as a 2025 Nonprofit Power Broker is a testament to this philosophy in action.

What Is a Power Broker?

The Risk & Insurance Power Broker® designation is awarded to individuals who stand out among their peers for exceptional client service, problem-solving abilities, and industry knowledge. Winners are selected based on client testimonials, highlighting the direct impact they have had on organizations. Lauren’s recognition reflects her deep commitment to serving the nonprofit sector with expertise and care.

Ready to Partner with a Team Who Puts You First?

Insurance should never be a roadblock to achieving your mission. At Relation Insurance, we specialize in crafting tailored solutions for many industries, including nonprofits. If you’re looking for a trusted partner who will take the time to understand your unique risks and advocate for your needs, let’s talk.

Read the original article on Risk & Insurance here

Find a Location and Contact us today to see how Relation Insurance can help protect your mission.

The insurance industry is undergoing a significant transformation as it adapts to emerging trends driven by climate change and technological innovation. Two key developments are reshaping the landscape: the rising impact of climate-related risks on insurance costs and the shift toward proactive risk management.

Climate Impact on Your Insurance Costs

Climate change is no longer a distant concern but a present reality with far-reaching implications. Homeowners in disaster-prone areas feel financial strain as insurance premiums soar due to heightened climate risks. This trend is particularly pronounced in Western and Eastern states, where wildfires, hurricanes, and flooding are becoming more frequent and severe.

Insurance carriers are reevaluating their pricing models to account for these risks. For instance:

• Increased Premiums: Homes in high-risk areas are experiencing steep rate hikes, with some homeowners facing double or even triple their previous premiums.
• Coverage Limitations: Insurers impose stricter policy terms, reducing coverage for specific climate-related damages.
• Market Withdrawals: In extreme cases, some insurers are withdrawing from high-risk markets altogether, leaving homeowners with limited coverage options.

These changes underscore the importance for consumers understanding their risk profile and exploring preventative strategies, such as retrofitting homes to withstand disasters or investing in renewable energy solutions that may qualify for premium discounts.

Proactive Risk Management: Your Partner In Insurance

Another transformative trend that Relation Insurance is embracing, is the pivot towards proactive risk management. Instead of merely reacting to claims, we are working with carriers who are leveraging advanced technologies to predict and prevent risks. This proactive approach not only reduces losses but also helps our team fosters stronger customer service for our clients.

Here’s how proactive risk management is taking shape:

• Predictive Analytics: Carriers use data analytics and artificial intelligence to identify patterns and predict potential risks. For example, AI-powered models can forecast weather-related events, allowing our team of experts to advise policyholders on precautionary measures.
• IoT Integration: The Internet of Things (IoT) plays a crucial role. Smart home devices, such as water leak detectors and fire alarms, enable real-time monitoring and alerts, helping policyholders prevent damages before they occur.
• Customized Solutions: Proactive engagement allows our team of experts to offer tailored solutions. For instance, a customer living in a flood-prone area might receive specific guidance on how to minimize risk.

For policyholders, this shift means more than just financial protection. It’s about peace of mind and the assurance that we are a partner in safeguarding their assets and well-being.

Navigating These Trends as a Policyholder

As these trends evolve, clients should stay informed and take a proactive approach to their insurance needs. Here are some actionable tips:

1. Assess Your Coverage: Regularly review your policy to ensure it reflects current risks and offers adequate protection.
2. Invest in Risk Mitigation: Explore ways to reduce your risk profile, such as upgrading your home’s resilience to natural disasters.
3. Leverage Technology: Consider installing IoT devices that provide early warnings and reduce the likelihood of damage.
4. Engage with Your Insurer: Open communication with your insurance provider can help you understand available resources and proactive measures.

The Road Ahead

The insurance industry’s response to climate change and technological advancements signals a new era of innovation and customer-centricity. At Relation, we are excited to provide opportunities to collaborate with our clients to build a more resilient future. By staying informed and embracing these trends, our clients can better navigate the evolving landscape and secure the protection they need in an uncertain world.

Partner with Relation Insurance

Interested in working with team of insurance experts who specialize in Proactive Risk Management? With Relation Insurance —you’ve got a local partner right around the corner with buying power all over the country. That’s because we’re backed by a national network with deep, specialized expertise and long-standing relationships with a vast network of carriers. It means you get more choices, and more ways to find the perfect fit for the protection you need. Whether for personal or business, let us change the way you think about insurance.

As a vineyard owner, safeguarding your crops against unforeseen events is crucial. The Federal Crop Insurance deadline is fast approaching on January 31, with coverage commencing on February 1. This insurance is essential for protecting your vineyard from potential losses due to natural disasters, pests, or diseases.

What’s new in Crop Insurance for 2025:

• Enhanced Coverage Option (ECO): County-based coverage option allowing you to insure up to 95% of your crop value using county-based losses.
• Fire Insurance Protection – Smoke Index (FIP-SI) – County-based smoke exposure coverage option allowing you to add additional smoke coverage to your underlying policy using county-based NOAA air quality data to determine a loss.

Want to learn more about the Federal Crop Insurance Program? Check out the recorded webinar hosted Agribusiness Risk Expert, Kristine Fox in partnership with CAWG, that covers the ins and outs of crop insurance, featured on Wine Business. 

Comprehensive Agribusiness Insurance Solutions

Relation Insurance Services has been a trusted partner in the agribusiness sector for over 75 years, offering tailored insurance solutions to meet the unique needs of agricultural businesses. Their expertise spans various areas, including:

• Crop Insurance: Protects your crops from losses due to natural disasters.
• Workers’ Compensation: Ensures your employees are covered in case of work-related injuries.
• General Liability Packages: Offers protection against potential legal claims.
• Life and Health Benefits: Provides comprehensive benefits for you and your employees.
• Loss Control Services: Helps in identifying and mitigating potential risks.
• Farm Labor Contractor (FLC) Licensing Assistance: Assists in navigating the complexities of FLC licensing.
• Claims Management Assistance: Supports you through the claims process to ensure timely resolutions.
• Compliance Training: Keeps your business up-to-date with the latest regulatory requirements.

By partnering with Relation Insurance Services, you can ensure your vineyard is well-protected, allowing you to focus on producing quality wine.

Success Stories in Agribusiness Insurance

Relation has a proven track record of assisting Agribusiness clients in managing risks effectively. For instance, our team a helped a California-based grower-shipper launch a new company by designing a health insurance program that closely mirrored his existing coverage. We also facilitated a client’s entry into a group captive insurance company for workers’ compensation, resulting in significant cost savings.

Act Now to Secure Your Vineyard’s Future

With the January 31 deadline looming, it’s imperative to review your crop insurance options promptly. Partnering with experienced providers like Relation Insurance Services can offer you peace of mind, knowing that your vineyard is protected against potential risks. Don’t miss this opportunity to safeguard your investment and ensure the longevity of your vineyard.

For more information on Agribusiness Insurance Solutions, connect with one of our US Locations today.

Winter storms and cold snaps bring a unique set of challenges for homeowners and business owners alike. By preparing ahead of time, you can safeguard your property, loved ones, and customers from the harsh realities of severe weather. Below we walk through some essential steps to help you stay protected when the temperatures plummet.

Prevent Freezing Pipes and Water Damage

Frozen pipes can lead to costly damage, but a little preparation goes a long way:

• Insulate pipes: Pay special attention to pipes in attics, basements, and along exterior walls. Seal cracks and gaps with insulation or caulking.
• Monitor heating fuel levels: Before the cold sets in, check your fuel levels and schedule a refill if necessary.
• Locate your water shut-off: In the event of a burst pipe, shutting off the water promptly can prevent extensive damage. Know where your shut-off valve is located.
• Service sprinkler systems: Ensure your sprinkler system is serviced and consult with a professional about freeze prevention.
• Encourage warm airflow: Open indoor cabinets to allow warm air to circulate around pipes.
• Allow faucets to drip: Running water is less likely to freeze, so let faucets trickle during extreme cold.
• Set your thermostat: Maintain a minimum indoor temperature of 60 degrees Fahrenheit.
• Thaw pipes safely: If pipes freeze, use a hair dryer, space heater, or another safe method—never an open flame—to thaw them.
• Business precautions: Regularly monitor your building’s heating systems to catch problems early.

Manage Snow Loads and Ice Dams

Heavy snow and ice can damage roofs and lead to water backups. Take these steps to minimize risk:

• Clear snow responsibly: Use a roof rake to remove snow from the bottom four feet of your roof and around chimneys and valleys.
• Identify hazards: Before removing snow, locate skylights, vents, and other obstacles to avoid accidents.
• Practice ladder safety: Position your ladder on stable, ice-free ground and ensure it’s securely set.
• Use a safety harness: For steep roofs, consider hiring a professional. If you’re tackling the task yourself, wear a safety harness to reduce fall risks.

General Severe Cold Weather Preparation

Being ready for extreme weather ensures the safety of your household or business. Here’s how:

• Stock emergency essentials: Keep blankets, batteries, portable phone chargers, flashlights, drinking water, and non-perishable food on hand.
• Check detectors: Test smoke and carbon monoxide detectors to confirm they’re functioning properly.
• Plan for power outages: Seal drafts and keep exterior doors and windows closed to retain heat.
• Limit travel: If travel is unavoidable, carry a winter emergency kit with warm clothing and supplies.
• Protect children and pets: Keep everyone inside as much as possible. Pets should only go out briefly.
• Avoid unsafe heating methods: Never use gas ovens, grills, or other open-flame appliances indoors for heat, as they produce toxic fumes.

Why Preparation Matters

Taking proactive steps before winter’s worst hits isn’t just about avoiding inconvenience; it’s about protecting your home, your business, and the people who rely on you. Whether it’s insulating pipes, clearing snow, or stocking emergency supplies, every action adds a layer of security.

At Relation Insurance, we understand that life doesn’t pause for a snowstorm. That’s why we’re here to help you plan ahead, so you can focus on what matters most—your family, your business, and your peace of mind.

Find an Insurance location near you and talk to one of our experts. Your partner in protection. For Life’s Unpredictable moments. 

Your Home Office: A Space Worth Protecting

These days, your home office isn’t just where you work—it’s where creativity happens, goals are crushed, and dreams come to life. That’s why taking care of it matters! As we mark Home Office Safety and Security Week, let’s chat about simple but important ways to keep your workspace safe from fire, theft, and cybersecurity risks while also making sure your valuable equipment is properly covered.

Why Your Home Office Deserves Extra TLC

Working from home has its perks—hello, comfy socks and coffee refills—but it also means your home office faces unique risks. Think about it: your space likely holds pricey tech, sensitive info, and important papers. A little planning now can help protect all that from unexpected mishaps like fires or online threats.

Easy Ways to Keep Your Home Office Safe

🛡️ Prevent Fire Hazards

• Check Your Cords: Make sure wires and equipment aren’t frayed or overloaded.
• Use Surge Protectors: These little lifesavers shield your gadgets from power spikes.
• Keep a Fire Extinguisher Nearby: Know where it is and how to use it (just in case).
• Don’t Overheat Devices: Avoid leaving laptops or chargers running unattended for too long.

🔒 Guard Against Theft

• Secure the Space: Add locks to nearby windows and doors for extra peace of mind.
• Use a Safe for Valuables: Perfect for stashing important docs or gadgets when you’re away.
• Consider a Security System: Cameras or alarms can help protect your space.

💻 Step Up Your Cybersecurity Game

• Create Strong Passwords: Think unique and complex for all your devices and accounts.
• Enable Two-Factor Authentication: It’s an extra layer of defense for sensitive info.
• Keep Software Updated: Regular updates for systems and antivirus programs go a long way.
• Secure Your Wi-Fi: Use a strong password or even a VPN for added safety.

Protect What You’ve Built

No matter how prepared we are, surprises happen. That’s why it’s a smart move to make sure your home insurance covers your office equipment. Policies can help safeguard:

• Computers, printers, and electronics
• Furniture and office supplies
• Data recovery services if you ever face a breach

Let’s Make Your Space Safer This Week

Home Office Safety and Security Week is the perfect time to give your workspace a little extra love. With these tips and the right protection in place, you can stay focused on what matters most—doing amazing work in a space that feels safe, secure, and totally you.

Visit our Relation Locations page to find a local risk advisor to help you review your policy. Or Contact Us to have a risk advisor contact you to help identify any gaps in coverage. After all, a well-protected office isn’t just practical—it’s peace of mind. 💻✨

Since the pandemic, the shift toward digital operations in the business world has become a vital evolution. However, with the many benefits of a connected, online enterprise comes a slew of risks that traditional insurance packages, such as Business Owner’s Policy (BOP) Coverage Insurance, may not address. This gap has led to the increasing importance of Cyber Insurance for businesses, and it’s time you find an insurance broker who understands this is a crucial aspect of modern insurance coverage.

Why Is Cyber Insurance Important?

A 2022 Official Cybercrime Report by Cybersecurity Ventures predicted the global annual cost of cybercrime would reach $8 trillion in 2023—an amount greater than the annual GDP of every nation on Earth, barring China and the United States. And the cost of cybercrime isn’t expected to slow down, with damages projected to reach $10.5 trillion by 2025. Along with significant financial losses, businesses of all sizes may suffer reputational harm and lawsuits from affected customers.

How Misconceptions About BOPs Can Affect Insurance Brokers

Many businesses erroneously think that cyber threats are already covered under their BOP. But what does a Business Owner’s Policy cover? Typically, BOP Coverage Insurance addresses property damage, liability, and other conventional business risks. Cyber threats often fall outside this umbrella.

The Real Cost of a Cyberattack

The real cost of a cyberattack might surprise you. While CNBC reports the average cost of a cyberattack is $200,000, Business.com says the average cost of a data breach to a small business ranges from $120,000 to $1.24 million. Whatever the number, these can feel like abstract stats that don’t really apply to your business.

So, here are a few real claims examples we know of that might bring it closer to home:

• An online retailer went offline for six hours due to a cyberattack on the data center that hosted their site. The cost of recovering the website, lost revenue, and incident response expenses was $144,000.
• A public relations firm was hacked, and its system was infected with malware. IT forensics, legal, and notification costs were $50,000.
• A law firm had $118,830 fraudulently transferred overseas by cybercriminals posing as the firm’s bank.
• An employee in a manufacturing company clicked on a malicious link in an email, infecting the system with malware and encrypting all data. Incident response and recovery costs totaled $60,000.

Fortunately, all the above had cyber liability insurance so those costs and losses were covered. But without a policy, each company here would have been responsible for every dollar.

Is Your Company Covered For A Cyberattack?

Cybersecurity has now become a necessity for every business that uses technology. Could your company afford to pay the above costs or lose revenue due to downtime while you figure out how to respond to a cyberattack? With cyber liability insurance, you wouldn’t have to.

We can work with you to find what coverage best fits your needs. We’ll walk you through the process at every step to ensure your bottom line is protected and you have the resources to respond in case you are targeted.

Call one of Insurance experts today to make sure your business is protected from Cyber Threats.

April Is Distracted Driving Awareness Month. The National Safety Council recognizes April as Distracted Driving Awareness Month to help raise awareness about the dangers of distracted driving and encourage motorists like you to minimize potential distractions behind the wheel. Learn more on ways you can help prevent distracted driving.

Distracted Driving Overview

According to the Centers for Disease Control and Prevention, distracted driving refers to any activity that may divert a motorist’s attention from the road. There are three main types of distractions that can interfere with drivers’ attentiveness behind the wheel, including:

Visual distractions

These distractions involve motorists taking their eyes off the road. Some examples of visual distractions include reading emails or text messages, focusing on vehicle passengers, looking at maps or navigation systems, and observing nearby activities (e.g., accidents, traffic stops or roadside attractions) while driving.

Manual distractions

Such distractions entail motorists removing their hands from the steering wheel. Key examples of manual distractions include texting, adjusting the radio, programming navigation systems, eating, drinking or performing personal grooming tasks (e.g., applying makeup) while driving.

Cognitive distractions

These distractions stem from motorists taking their minds off driving. Primary examples of cognitive distractions include talking on the phone, conversing with vehicle passengers or daydreaming while driving.

Regardless of distraction type, distracted driving is a serious safety hazard that contributes to a significant number of accidents on the road. In fact, the National Highway Traffic Safety Administration reported that more than 2,800 people are killed and 400,000 are injured in crashes involving a distracted driver each year—equating to approximately eight deaths and 1,095 injuries per day. Considering these findings, it’s crucial to take steps to prevent distracted driving.

Distracted Driving Prevention Tips

Whenever you get behind the wheel, keep these distracted driving prevention measures in mind:

• Put away your phone. Silence your phone and store it in a location that is out of reach while driving to lower the temptation to check it.
• Plan your trip before you leave. Program your navigation system prior to hitting the road to get familiar with your journey and feel confident in your route.
• Don’t fumble with your playlist. Select a radio station or plug in a predetermined playlist before driving to limit the need for music adjustments.
• Secure passengers. Ensure kids are properly situated in car seats (if needed) with seat belts fastened. Keep pets stationary in the back seat.
• Avoid multitasking. Never complete additional tasks—such as eating or personal grooming—behind the wheel.
• Stay focused. Concentrate your mind on the road by keeping distracting conversations to a minimum and looking straight ahead.

This article is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional at Relation Insurance for appropriate advice.

©2023 Zywave,Inc. All rights reserved.

Recent market developments have demonstrated signs of an improving commercial insurance landscape. Yet, industry experts asserted that ongoing headwinds facing certain lines of coverage will continue to generate hardened conditions overall, therefore driving up premiums. As such, it’s essential for businesses to be aware of the following market trends and how they may impact coverage costs:

Labor shortages trends impacting commercial insurance costs

The last few years have seen widespread labor shortages, largely stemming from employees adjusting their job priorities in response to the COVID-19 pandemic. Such shortages have motivated some businesses to hire less experienced workers and place extra demands on existing employees to fill labor gaps; however, doing so can heighten liability exposures and increase the risk of workplace accidents, paving the way for rate jumps in several commercial insurance segments.

Supply chain disruptions trends impacting commercial insurance costs

Continued pandemic-related challenges, global transportation breakdowns and commercial driver shortages have slowed shipment and delivery times for many high-demand goods, creating supply chain issues for businesses across industry lines. These issues have led to considerable disruptions, prolonged recovery times, compounded claim expenses and elevated premiums in multiple commercial insurance segments.

Inflation issues trends impacting commercial insurance costs

In recent years, labor shortages and supply chain issues have fueled rising inflation concerns throughout the commercial insurance space, as evidenced by a surging consumer price index (CPI). Altogether, the elevated CPI has driven up claim costs, inflated total loss expenses and prompted rate hikes for various lines of coverage.

Recession risks trends impacting commercial insurance costs

Some economic experts have forecasted that the United States is headed toward a recession in the near future. During a recession, businesses usually experience decreased sales and profits, which may cause them to reduce their workforces and cut their spending to help maintain financial stability. Although having fewer employees could minimize occupational injuries and associated claims, limited funding for risk management and cybersecurity initiatives may create further liability exposures, making busi- nesses more vulnerable to increased losses and higher commercial insurance premiums.

Social inflation trends impacting commercial insurance costs

Social inflation refers to societal trends that push insurance costs above the overall inflation rate. Current drivers of social inflation include increased third-party litigation funding and the rise of anti-corporate culture. Amid these trends, businesses have been held more ac- countable for their wrongdoings, sometimes resulting in nuclear verdicts (jury awards exceeding $10 million). Social inflation has been a main factor in rising claim severity and rate jumps across many commercial insurance segments.

Extreme weather events impacting commercial insurance costs

Natural disasters (e.g., hurricanes, tornadoes, hailstorms and wildfires) continue to make headlines as they become increasingly devastating and costly. Making matters worse, these events aren’t limited to one geographic area; they impact establishments across the United States. Natural disasters have left businesses with significant repair and re- placement expenses, exacerbating losses and resulting in higher commercial insurance premiums.

During these challenging times, we are here to provide much-needed market expertise. Contact us today for additional risk management guidance and insurance solutions.

This article is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional at Relation Insurance for appropriate advice.

©2023 Zywave,Inc. All rights reserved.