Articles

Turnover, Inflation, Operating Costs Add to Insurance Woes for Senior Living Industry

Professional liability and property insurance are top of mind for senior living operators, who are experiencing a challenging market driven by high staff turnover, inflation and heighted operating costs. The cost of labor and staffing shortages are the primary drivers impacting senior care and housing facilities, insurance experts specializing in senior living say. “Turnover has been a historic is...

Private Clients Need More Than the Standard Coverage – From Baseball Cards, Sneakers, Jewelry, Cyber and More

When it comes to helping high net worth (HNW) clients get optimal coverage, there’s more to it than just adding a couple of zeroes to premiums and payouts. HNW clients have different interests and concerns that require customized insurance programs. Whether it’s real estate, cyber threats, or protecting the collections that fire their passions, insurers and their agent partners must take extra car...

Challenges of Insuring Rentals and Multi-Unit Housing

The age-old question in insuring rentals and multi-unit housing is, “Who covers what?” Whether it’s owner-occupied housing or a landlord-tenant relationship, the changing landscape — from higher costs to the rise of short-term rentals — has demanded the market change along with it. In the Insurance Journal Academy of Insurance course, “Challenges in New and Old Multi-Unit Housing,” Joe Harrington,...

The Vital Role of Crop Insurance: Protecting Farmers, Ensuring Food Security, and Strengthening Rural Economies

Crop insurance is more than just a risk management tool for farmers — it is a vital component of the American agricultural sector, supporting price stability, promoting food security, strengthening rural economies, and reducing reliance on government aid. It’s also part of the Farm Bill, the federal government’s primary agriculture and food policy legislation, which is up for renewal this year. Da...

Workers’ Comp and Mental Health: Panel Examines Why Worker Wellbeing Matters

American workers are struggling. Employee stress has reached record highs. Symptoms and formal diagnoses of mental illnesses like anxiety, depression and PTSD are rising. Substance abuse disorders are up, too — as are suicide rates in some demographics. Understanding how employee well-being impacts workers and employer workers’ compensation programs has become increasingly important. During a rece...

Q&A: Consultant Stephen Bushnell Digs into Green Insurance Products

After learning about green buildings, after examining their structural characteristics that may not be covered by traditional insurance policies, and after studying green rating guides and the commissioning process, Stephen Bushnell came to a notable conclusion. “It seems that green buildings would be better risks for us to write than a traditional building,” he thought. Bushnell researched green...

3 Emerging Risks to Watch: The Rise of Robotics, Infrastructure Spending, Vehicle Subscriptions

Years ago, it may have been hard to imagine a time when robots could have nine-to-five jobs and handle household chores, drivers could subscribe to luxury vehicle features like heated seats and big infrastructure projects would become common across the country. Remarkably, these aren’t future endeavors — they’re happening today. And they represent three emerging risks insurers should keep track of...

Brokers Must Get Creative As Construction Market Grows Amid Project Delays, Labor Shortage, Higher Costs

The U.S. construction sector continues to see strong growth in various sectors and geographies but higher interest rates, higher building costs, and a decades-long shortage of skilled labor are contributing to a “cautiously optimistic” outlook for the rest of 2023 into 2024. Insurance costs are among those that are rising, which insurance professionals say means that they must find creative ways t...