Insurance merger between Aon and Willis Towers Watson abandoned

Insurance Merger - Broken Chain

The largest broker in the world won’t be forming due to delays from US regulator objections. Aon Plc (NYSE stock symbol AON) and Willis Towers Watson Plc (NASDAQ stock symbol WLTW) have announced that they are calling off their planned $30 billion insurance merger. Had the two companies joined together, they would have become the largest insurance broker in the world. According to the companies, the insurance merger faced an unacceptable delay and level of uncertainty due to US regulator objections. The deal had been initially announced in March 2020.…

Read More

Professional liability insurance protects small businesses from civil lawsuit costs

Professional Liability Insurance - lawsuit - money

The expense of malpractice, negligence, common mistakes, and misrepresentation claims suits could be devastating. Professional liability insurance, also known as Errors & Omissions coverage, is the type of policy that protects a business against civil lawsuits. Many small businesses assume that this is an unnecessary coverage because of their size but in our highly litigious society, it is a greater requirement than they realize. This type of coverage is also known as an E&O, professional indemnity or malpractice policy. No matter what you call it, professional liability insurance protects a…

Read More

SBA requires a business hazard insurance policy for an EIDL loan

business hazard insurance required by SBA

Small businesses receiving Economic Injury Disaster Loans will require the coverage. The Small Business Administration (SBA) is requesting that applicants for Economic Injury Disaster Loans (EIDLs) provide proof of hazard insurance, which is a type of business owners policy insurance. Business owners are advised to inform themselves about how much insurance they need for an SBA loan. The SBA is requesting hazard insurance from applicants applying for EIDLs. Therefore, small businesses will find it worth their while to learn about this type of coverage, how to get it, and how…

Read More

Unemployed Americans to receive health insurance coverage among stimulus benefits

Health insurance coverage - Stethoscope and hand

Beyond the $1,400 check and child tax credit payments, the America Rescue Plan includes health care. The American Rescue Plan has extended health insurance coverage to people who qualified for unemployment assistance in 2021. The low-cost and no-cost health care plans became available at the start of this month. The health insurance coverage, beyond the $1,400 stimulus checks and the monthly child tax credit payments are available for individuals who qualified for unemployment assistance. According to the Centers for Medicare & Medicaid Services (CMS) the plans became available at the…

Read More

Mercury homeowners insurance rates to reduce in New Jersey and Georgia

Homeowners Insurance Rates - House with keys

NJ property owners will pay 5.2 percent less and those in Georgia will pay 5% less. Mercury Insurance recently announced that it would be dropping the homeowners insurance rates paid in New Jersey and Georgia. The insurer pointed out that the biggest reductions were for people combining with auto policies. The insurer announced that in New Jersey, homeowners insurance rates would be falling by an average of 5.2 percent and those in Georgia would drop by an average of 5 percent. That said, deeper reductions will be seen by those…

Read More

Network of Employers for Traffic Safety adds State Farm Insurance to board

Network of Employers for Traffic Safety - office - conference room

The NETS has announced that the insurer has joined the Board of Directors. The Network of Employers for Traffic Safety (NETS) has announced that State Farm Insurance has now been added to its Board of Directors. Two representatives from the insurer have been added to the NETS Board of Directors. “The Board of Directors welcomes State Farm Board representatives Scott Winn, Small Business Insurance Loss Control Administrator, and Liz Pulver, Transportation Safety Research Senior Program Manager, to NETS,” read a statement from Network of Employers for Traffic Safety Board Chair…

Read More

Governor DeSantis signs overhaul of Florida homeowners insurance law

Florida homeowners insurance - Homes in Florida

Insurers are hopeful that this could help to ease losses but say more changes are still needed. Governor Ron DeSantis recently signed a Florida homeowners insurance overhaul into law. This will change many of the regulations regarding property coverage. Starting in July, the state will launch efforts to halt contractors pushing policyholders to add repairs. The legislation is meant to help stop contractors from pressuring policyholders from approving unnecessary repairs that will then be charged to Florida homeowners insurance companies. Moreover, it will also limit the capacity of adjustors to…

Read More