Because insurance carriers are experiencing higher than expected losses, a hardening insurance market is rearing its ugly head. A hardening market means increased premiums and tighter underwriting requirements for many lines of coverage, including; commercial property, E&O, D&O, Auto and EPL. The 2017 hurricane season and the 2018 California wildfires resulted in a combined insured loss of more than 212 billion dollars and are major contributors in this turn.
One area being hit particularly hard is the adoption & foster care sector. Due to increased litigation, settlements and judgments, some carriers are now reluctant to offer broad coverage with high limits. Some carriers are even exiting these markets all together, making it much harder for some brokers to have access to carriers that are willing to write these risks, let alone even to provide a quote.
In a hardening market, there are three things that can help you ride out the storm:
- Specialty Broker:Having a broker that specializes in your line of business and knows your unique risks and exposures is imperative in positively representing your best interest to the insurance carriers. Their specialty allows them stronger relationships with underwriters, greater negotiating power to lower premiums and access to more carriers than that of a generalist broker. Remember, an insurance broker (vs. an agent) works for YOU, not the insurance carrier.
- Risk Management:A clean loss history is always more favorable than a poor loss history. A poor loss history tells the carrier that you are a bad risk. This can result in even higher premiums or worse yet a non-renewal notice. By designing and implementing a strong risk management plan, your broker can paint a positive picture to the insurance carrier and show that you are proactive in helping to eliminate or reduce your risk.
- Don’t Hop Around:Believe it or not, jumping from carrier to carrier every year looking for the lowest price can cost you more in the long run. Carriers have been known not to quote simply for the fact that the insured is not loyal to any one carrier. Showing stability and loyalty (even if you have a loss and premiums increase) is a positive indicator in the eyes of the carrier.
Even in this hardening market, Hawley & Associates continues to exclusively serve the nonprofit and social service community. Our specialty allows us broad access specialty markets & programs, including programs for hard-to-place risks, such as adoption & foster care. Let our mission empower your mission!
The Wayne Hawley Giving Grant is exclusive to Hawley & Associates’ clients, and has help support programs, projects and organizations whose focus is to benefit children, families, and our communities.
We would like to thank everyone who applied for the grant in 2019. We had a record number of applicants and it was so difficult to make our selection! Everyone was so deserving! Thank you to all our clients for the amazing things they are doing to help make the world a better place for so many.
Please click here for information on this year’s recipients.
Many organizations are embracing a remote working lifestyle and this trend is only rising. Nearly 3% of the US workforce works remotely in some capacity. This is a 115 percent increase from 2005.
For all the benefits it may bring, it is opening your business up to an increased risk of a serious data breach. There are many factors that can contribute to your business becoming the next victim of a cyber attack:
- Inability to enforce security protocols
- Remote workers risky behavior
- Not adhering to security best practices
- Sharing devices with family and friends
- Not recognizing suspicious behavior
So, what can you do?
Cyber threats will always be a part of our reality, and cyber security has a hard time keeping up in this ever-changing environment. If you have employees that work remotely, now is the time to take another hard look at the security of your data. Here are 10 steps you can take to help minimize your risks:
- Establish written company security protocols
- Restrict or limit the use of public Wi-Fi
- Use a Virtual Private Network (VPN)
- Raise awareness by educating workers on how to recognize suspicious behavior
- Monitor company issued devices (check your state statutes)
- Apply cloud services
- Enable data protection software on all devices
- Restrict employees use the internet and not to use device for personal reasons
- Proper password management
- Do not share devices with friends or family
Contact Hawley& Associates today for information on Commercial Cyber Insurance and how it can protect your organization in the event of a data breach.
Our thoughts and prayers go out to all those in the path hurricane Dorian and the subsequent tropical storm. Our sincere wish is for everyone’s well-being and safety.
We talked to a client who was in an evacuation zone. They were in surprisingly good spirits and had already moved their residential clients to a safe place. We do stand in awe of the resilience of our clients who live and work in these affected areas and their continued commitment to serve and care for others.
If your agency is impacted by the storm, please be assured we are here for you every step of the way. We are just a phone call or email away. If you need assistance after-hours, please don’t hesitate to call our emergency claims/service line at (425) 577-4957.
On behalf of everyone at Hawley & Associates, we wish everyone strength and safety during this difficult time.
This year we celebrate the 125th anniversary of the Labor Day holiday. Has it really been around that long?!
Labor Day officially became a federal holiday in June 1894 and was enacted to honor the American labor movement. Oregon was the first state to make Labor Day an official public holiday. By the time it became a federal holiday, thirty U.S. states officially adopted and celebrated Labor Day.
Labor Day has often been called “the unofficial end of summer”. Many families take their yearly vacations around this time of year, just to have one last ‘fling’ before the kids go back to school and the season changes.
So, here’s to the hard-working American; the backbone of our country! Enjoy the long holiday weekend!
Far and away the best prize that life offers is the chance to work hard at work worth doing. – Thomas Jefferson
Please enjoy Hawley & Associates’ 2nd Qtr. Newsletter. Full of great information!
Hurricane season begins June 1st, 2019 and the National Oceanic and Atmospheric Administration (NOAA) is predicting a ‘near-normal’ hurricane season, due to El Nino and warmer-than-average Atlantic waters. They also predict a range of 9 to 15 named storms, which could include 2 to 4 major hurricanes (winds over 111 per hour).
If you operate your nonprofit or social service organization anywhere near a coastline, preparation is your best defense in minimizing the impact to your agency.
A thorough review of your commercial insurance policies is essential in preparing for the unpredictable. Get to know all of the exclusions in your policy, and if needed, talk to your insurance broker about purchasing separate coverage, such as flood or business interruption insurance. Without the proper coverage, you could be forced to pay out of pocket for the damages that are excluded in your policy. Could your agency survive that?
Contact Hawley & Associates today for more information on the specialized insurance solutions your nonprofit needs to protect your mission this hurricane season.
May is National Foster Care Month!
Hawley & Associates is honored to partner with our foster care clients’ commitment of making the world a better place for our countries foster children.
These inspiring real-life stories from families and professionals made our day! Help us raise awareness by sharing these empowering experiences.