Business insurance costs are on the rise from class action suits

Business insurance australia

These Australian lawsuits are starting to increase the expenses associated with this form of coverage. The business insurance industry is facing considerably higher costs due to the rising number of payouts being made in shareholder class action lawsuits, and this trend is causing the premiums for directors’ and officers’ coverage to rise. In 2012, there was an estimated total of $506 million in class action settlements made. This was an increase of approximately $200 million over the total payouts that were made in 2007. This, according to a report by…

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GEICO announces cheaper commercial auto insurance rates for businesses in Texas

Business owners in Texas may now have a commercial auto insurance policy available to them at a lower rate, as GEICO announced that they have made this new coverage available in the state. According to the director of commercial lines at GEICO, Kushwant Singh, his company is happy to be able to provide this new coverage to Texas businesses. He added that his company is recognized for providing cheap auto insurance coverage, but that “more and more business owners in Texas are discovering how much they can save with us…

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Towers Watson survey shows prices for commercial insurance continued their rise during Q4 2011

According to the results of the most recent Towers Watson Commercial Lines Insurance Pricing Survey (CLIPS), the prices for commercial insurance increased by a total of 3 percent throughout the final quarter last year, which completed a year in which every quarter saw rising prices for all lines of standard commercial products. Furthermore, according to the report by the global professional services company, earned price increases are starting to compensate for the portions of the reported claim cost inflation levels. Data from CLIPS showed that, yet again, the commercial property…

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Towers Watson research indicates that inquiries into D&O insurance coverage are growing

A Towers Watson survey has shown that a growing number of corporate officers and directors are looking into the coverage that their companies have or need for protection against possible lawsuits, which indicates that there is an increasing concern over the broad range of risks to which they are exposed. The annual survey, performed by Towers Watson, a worldwide professional services company, was called the “2011 Directors and Officers (D&O) Liability Survey”. It also determined that many American public, private, and nonprofit businesses and organizations have increased their D&O liability…

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Paychex Inc. announces new services for business insurance payments

Leading human resource, payroll, and employee benefit solutions provider, Paychex Inc., has unveiled its new Business Insurance Payment Service, which is now being introduced for Paychex Insurance Agency commercial auto, business owner (BOP), and umbrella products that are sold through Guard Insurance Group, The Hartford, and Travelers Insurance companies. This new service will allow policyholders to choose to have their premiums paid for by Paychex using a monthly pay-as-you-go method that will help to decrease the premium deposit that is generally made up-front. The policyholders will also be able to…

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Law firms battle wave of suits with insurance coverage

Though it was once quite rare for a large law firm to face a lawsuit of its own, the frequency of claims being aimed directly at lawyers is rapidly increasing, and the firms are now boosting their insurance coverage to help to protect themselves against costly liability claims. According to legal experts, suing lawyers and their firms got started in the 1980s. This was also especially the case among the law firms that represented collapsed financial institutions in the Savings & Loan crisis, who were targets for FDIC litigation. Today,…

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Lawmakers in Massachusetts approve rate freeze for the state’s unemployment insurance plans

Massachusetts lawmakers have passed a $130 million spending plan this week. The legislation includes a provision that freezes the unemployment insurance rate that businesses have to pay. This is the fourth consecutive year that lawmakers have put a freeze on the insurance rate, hoping to spare the state’s businesses from costly and, at times, excessive rate increases from insurance companies. Legislators believe that the rate freeze will help stimulate the state’s economy, as businesses will be saving approximately $220 per employee on insurance coverage. The nation’s economy is still showing…

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