Reputational risk a growing concern for companies and insurers

In the advent of social media, a person’s reputation is beginning to play a much more important role in the world of business. A new trend has been born in the insurance industry in the form of reputational risk. This risk is most apparent in companies that have had their reputations damaged by some sort of incident that caused consumer backlash. Companies with bad reputations tend to fare poorly in their given industry, as consumers often steer clear of such companies. In some cases, this avoidance can mean the end…

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Strategic alliance formed between Aspen U.S. Insurance and V3 Insurance Partners LLC

Aspen U.S. Insurance has announced that it has formed a strategic alliance with the managing general underwriting agency, V3 Insurance Partners, in order to be able to sell the optional premises liability and miscellaneous professional liability program called Vantage 360® MPL+ to every state in the country. This program was created with professional service companies in mind; specifically those with less than $15 million in yearly revenues. The program is for wholesale brokers only by way of V3. Protection is made available on both a non-admitted and admitted basis. V3…

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Buying business insurance to protect yourself and your company

Just as it is important to obtain insurance coverage when you own a house or a car, it is equally important to protect your business. If you are the owner of a company of any size, it is highly recommended that you speak with an independent business insurance agent in order to find out about the types of coverage that are available to you, and to help decide which ones are right for you. This is a decision that should not be rushed, as shopping around will help you to…

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Identifying the insurance needs of a small business

One of the single most common problems with commercial insurance is,  most small business owners understand that insurance is a necessity, but they struggle to understand what form of insurance is right for them. The need to make sure they have all of the coverage for their particular business, which can be very challenging, and no one wants to end up paying for more than they require. Often, it is advised that small business owners seek professional advice from trustworthy sources, such as an accountant, or an insurance broker or agent that specializes…

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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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