2021 Employment Practices Liability Insurance

Like other lines of insurance, the employment practices liability (EPL) insurance market has hardened. This is due in part to a higher frequency and severity of claims in recent years, as well as increased legislative activity at the state and federal levels. As such, we predict that the majority of businesses will experience rate increases, coverage reductions and additional retention requirements in 2021. Large organizations and insureds who operate in riskier states may encounter more significant rate increases.

Cyber Security Insurance

According to a report published by Cybersecurity Ventures, global cyber losses are predicted to hit $6 trillion by 2021. This figure alone is enough to show how big a risk cybercrime is becoming. The reason why cybersecurity in insurance is extremely critical in today’s day and age is that a network security breach or data breach is a significant balance sheet exposure. It is not just large organizations that suffer multi-million-dollar losses. According to the US National Cyber Security Alliance, 60 percent of small companies shut down within six months of a cyber-attack.

2021 Workers’ Compensation Insurance

The workers’ compensation insurance market has remained mostly stable, performing as an outlier relative to other lines of insurance by producing profitable underwriting results. According to the National Council on Compensation Insurance (NCCI), the private carrier combined ratio for workers’ compensation in 2020 is estimated to be 86%, compared to an 85% ratio for 2019. Yet, some emerging trends have the potential to cause an uptick in workplace accidents and claims. For 2021, we predict that workers’ compensation rates will remain stable, with moderate rate increases becoming the norm.

PEO Industry: State of the Union

Michael A. Ortoll, ARM |Founder, iPEO and JV Partner, BKS-Partners| mortoll@bks-partners.com INDUSTRY OVERVIEW The PEO industry is 30 years young with a bright future filled with opportunity and challenge. The industry is strong and growing with approximately $ 150B in revenue, 150K clients, and 3M+ employees. The market potential is enormous with 80M+ individuals employed by firms with less than 500 employees earning on average[…]


Workers Compensation Market -2018 Outlook

BKS Partners – Michael Ortoll, ARM In 2017, we saw a continued downward trend in Workers Comp (WC), including a reduction in premium rates overall, particularly in the large, loss-sensitive marketplace. Given the lack of deterioration in large WC carriers’ combined loss ratios, we expect similar aggressive targeting to grow market share in 2018. While returns for low-risk investment opportunities remain limited, the marketplace’s appetite[…]


How to Use Your Myers-Briggs Personality Type to Your Advantage

If you know your personality traits, you can master career and life challenges that come your way. Whether you’re just starting out on your career journey or have been in it for years, knowing and utilizing your personality type can prove to be immensely beneficial to help you understand your most authentic self. You can find out what yours is by taking a personality test such[…]


2-Second Rule for Distracted Driving Can Mean Life or Death

The large rubber strip that I was speeding toward on the Ventura Freeway near Los Angeles looked easy enough to avoid. I swerved, but not enough. That strip was actually metal, however, and it ripped through my right front tire, which went spinning across four lanes of the freeway. Moments later, I was driving 80 miles an hour with one bare metal wheel, sparks flying.[…]


FBI warns companies about hackers increasingly abusing RDP connections

Millions of RDP endpoints remain exposed online and vulnerable to exploit, dictionary, and brute-force attacks. In a public service announcement published today by the US Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3), the FBI is warning companies about the dangers of leaving RDP endpoints exposed online. RDP stands for the Remote Desktop Protocol, a proprietary technology developed by Microsoft in the 90s[…]


Internet of Things: A security threat to business by the backdoor?

Tech chiefs are worried by the threat posed by IoT devices, which could provide a new way of attacking corporate networks. The rise of the Internet of Things (IoT) has already sparked concerns about privacy: now security pros are worried that badly configured gadgets might provide a backdoor for hackers looking to break into corporate networks. The rise of the IoT could lead to all[…]


Smart Home Technology Poised for Blockbuster Growth

Among the devices Google announced at its big hardware event on Tuesday was the Google Home Hub, a Google Assistant device that resembles Amazon’s Echo Show by adding a screen to create what is essentially a smart speaker on steroids. As its name suggests, the Google Home Hub is supposed to be at the center of the connected home with the ability to control smart home devices[…]


Some cyber security apps could be worse for privacy than nothing at all

It’s been a busy few weeks for cybersecurity researchers and reporters. There was the Facebook hack, the Google plus data breach, and allegations that the Chinese government implanted spying chips in hardware components. In the midst of all this, some other important news was overlooked. In early September, Apple removed several Trend Micro anti-malware tools from the Mac app store after they were found to be collecting unnecessary personal information from users,[…]


Commitment to Company Culture

For the founders of Tampa, Fla.-based BKS- Partners, being nominated as Insurance Journal’s Best Agency to Work For by their employees is not only an “incredible honor” but also motivation to keep improving. “It’s such an incredible honor because to think that what we do and how we try to interact and engage with colleagues is meaningful – and it also puts a lot of[…]


Driverless Cars Will Kill Cyclists, Warns Nature Magazine

Moral psychologist Azim Shariff believes that autonomous cars will be programmed to redistribute risk away from some people and towards others. “Consider an autonomous car that is deciding where to position itself in a lane – closer to a truck to its right, or a bicycle lane on its left,”said Shariff, an associate professor at the University of British Columbia in Vancouver. “If cars were always programmed to[…]


4 Ways to Disaster-Proof Your Homeowners Insurance Policy

Make sure your home is covered before disaster strikes. One-half to two-thirds of homeowners who experience a total loss don’t have enough Insurance to rebuild their home and replace their belongings, according to post-disaster surveys of homeowners by United Policyholders, a consumer advocacy group. Thankfully, most homeowners never experience a total loss. But when a catastrophic loss does occur, the gap in coverage can amount[…]


How to easily build good habits: 4 secrets from research

It’s no longer something you do, it’s who you are. Start enough good habits and you won’t just do better things … You’ll be a better person. You have a long list of things you know you should be doing regularly… But for some reason, you just don’t do them. What’s the deal? The solution is building habits. Doing hard things isn’t hard if you’re on[…]

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