Category: Property & Casualty

Top Risk Concerns for Businesses and Individuals

Business leaders and consumers share many common concerns, according to data compiled from the 2016 Travelers Risk Index. The annual survey found that cyber risk is still considered one of the greatest risks facing both Americans and American businesses. And while businesses worry more about the implications of getting hacked, consumers are primarily concerned about personal privacy loss, identity fraud and cyber threats.

Top Business Risk Concerns

Medical cost inflation, increasing employee benefit costs and cyber-related technology risks/data breaches again topped the Travelers Risk Index for business concerns in 2016, although the overall proportion who felt the business environment is becoming more risky declined slightly from 2015 to 2016, from 44 percent to 41 percent. 

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Opioid Use in the Workplace

Companies and organizations of all sizes have an important role managing risks in the workplace and promoting the safety and health of their employees. Strong workplace policies, health benefit programs and education create safe and healthy environments in which employees and business can thrive.

The coverage of prescription medication in healthcare benefit packages, when used wisely and correctly, can contribute to favorable treatment outcomes and quality of life. However, a disturbing trend driven by the use and abuse of opioid painkillers in the workplace is something that poses a unique challenge for employers and deserves attention.

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New FAA Commercial Drone Regulations

Earlier this year, we shared information with you regarding the use of Unmanned Aircraft Systems (UAS), or drones, for commercial use. Regulations and guidance from the Federal Aviation Administration (FAA) has been confusing, even frustrating, for many companies who were looking to integrate this emerging technology into their operations. Thankfully, new rules from the FAA make commercial drone use significantly easier. The UAS Part 107 rules, effective August 29, still require UAS owners to register their drones, but it eases some of the more burdensome restrictions.

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What Should You Look for When Reviewing a Contract? Reduce Risk Through Effective Contract Management

Whether you’re signing a lease agreement or a multi-million-dollar service agreement for new software, contracts are a fact of life in any business. A contract review requires diligence and an eye for detail. Managing expectations, focusing on outcomes and getting the key information from vendors can also help achieve better outcomes in contract management.

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Data Security Breaches

When it comes to a data security breach, it isn’t as much a matter of if it will happen as when. Technology is a double-edged sword. The technology your company relies on to conduct its business can also significantly increase its vulnerability to cyber security threats—any of which can result in significant out-of-pocket and reputational costs that can devastate your bottom line.

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