Worldwide disasters push commercial insurance rates higher

In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…

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Cargo theft is are out of control and costing companies millions

The National Insurance Crime Bureau (NICB) released its latest report on cargo theft for last year. They show more than 740 cargo thefts across the U.S. valued at more than 171 million dollars. Topping the chart for the states with the highest amount of thefts is California. Any time that merchandise is in transport from the shipper to its destination; regardless of transport method, it is considered as cargo. Most thefts occur mainly from truck or railcar mediums but thefts from air freight and goods in between transport modes are…

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Business claims on the rise due to discrimination

 A recent survey by the Chubb Group of Insurance Companies, show that lawsuits against businesses for discrimination have risen dramatically; and are still rising. The Equal Employment Opportunity Commission (EEOC) reported a record breaking number of discrimination charges in 2010. The Chubb Group’s report revealed that one third of employees they surveyed felt their company is less likely to protect them from various forms of discrimination. More than 30 percent also stated that they felt companies were less likely to protect consumers from id theft or data leaks. According to…

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Ramifications from Japan disaster hits industries around the world

The people of Japan know that it may take years to get their country back to some stage of normal again. The powerful quake and tsunami that devastated areas of Japan two months ago are having some lingering effects in the United States also.  At least one third of businesses in the states have experienced supply problems that have disrupted their normal work flow. A recent market study shows that more than 80 percent of all businesses surveyed had experienced some type of business interruption due to the disaster in…

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Alabama tax deductions for small business insurance prolonged

Alabama governor Robert Bentley recently signed into law a bill that would extend the state’s existence income tax deductions for small businesses offering health insurance benefits. The new law will apply to the current tax year and state officials hope that it will drive down the unemployment rate. Small businesses all over the country have had to make cuts to the benefits they offer employees. Currently, the state’s unemployment rate is at 9.2%. Lawmakers believe that if they can encourage employers to hire more, many of the financial problems the…

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