Now that we’re halfway through 2024, it’s a good time to take stock of insurance market trends and projections. This mid-year commercial insurance review will help you do just that. As is often the case, we’re sharing both good and challenging news. On the positive side, rate increases appear to be slowing, giving companies some much needed relief. On the challenging side, new risks are emerging, especially related to artificial intelligence, natural disasters, and class-action lawsuits. Although there are challenges in insurance and risk management, these bring opportunities for business lead ..read more

Rapid advancements are creating both opportunities and risks for technology companies. It’s an exciting time for the sector, but there are also many exposures stemming from evolving regulations, social issues, and technology itself. Bespoke insurance solutions help technology companies navigate growth with confidence. Risk Management for Tech Companies Businesses in all industries face risks, but tech companies face additional risks due to the nature of their work. Consider the following scenarios: Your company designs an AI solution for a client. The client is unhappy with the results, claim ..read more

A hailstorm just blew in through Central Texas. We understand that such events can significantly impact your home and business operations. We are reaching out to provide you with essential information and guidance to navigate any potential damages and disruptions you might have experienced. Watkins Insurance Group Claims Department At Watkins Insurance Group, we understand that dealing with an insurance claim can be stressful and complicated. That’s why we’re proud to offer our clients the support of our Claims Advocacy team. Our dedicated Claims team is here to support our clients, especially ..read more

The insurance industry is undergoing a digital transformation. Insurance companies are investing in AI, machine learning, analytics, new risk management tools, fraud detection and other high-tech advancements. For businesses, this digital transformation is bringing increased value to commercial insurance. Digital Transformation in Insurance According to PwC, digital investments are increasing as most insurance companies realize that digital transformation is necessary to compete, stay relevant and grow their market share. The COVID-19 pandemic accelerated digital transformation efforts by exem ..read more

Non-profit organizations are adapting their strategies in response to changing economic realities, workforce challenges, and emerging risks. By keeping up with these trends, non-profit directors can navigate challenges and manage risks effectively. Demand for Transparency in the Non-Profit Industry Some non-profits are leveraging new AI tools to fine-tune their marketing strategies and automate many of their processes. At the same time, the rise in big data has lead to calls for transparency, which extends to the non-profit sector. Donors want to know how organizations will be using their dona ..read more

Construction has always been a dangerous industry, but better technology and safer practices can make a difference. The latest construction site safety trends provide actionable insights to reduce risk and limit liability. The Critical Role of Construction Industry Safety  The National Safety Council says construction is the most dangerous industry, based on the number of workplace deaths. In 2022, there were 1,069 deaths, which amounted to a death rate of 10 per 100,000 workers. There were also 71,700 nonfatal injuries, amounting to a nonfatal injury rate of 100 per 10,000 workers. Altho ..read more

This is an exciting time for pharmaceutical and biotechnology companies. New breakthroughs are moving the life sciences industry forward and opening the door to treatments that would not have been possible just a few years ago. At the same time, though, these innovations are creating new exposures, precipitating the need for robust insurance coverage. Recent Innovations Recent innovations are shaping life sciences trends in 2024. A few recent breakthroughs that could play a role this year include: CRISPR Gene-Editing Cures. According to MIT Technology Review, scientists developed the gene-sni ..read more

Watkins Insurance Group, a leading insurance agency with deep roots in the community, is proud to announce its 75th anniversary. Starting as a local firm in 1949, Watkins Insurance Group has grown into a trusted provider of comprehensive insurance solutions, demonstrating a commitment to its clients and community. Today, Watkins Insurance Group offers a wide range of insurance services, catering to the diverse needs of individuals and businesses alike. Under the visionary leadership of its CEO, Patrick Watkins, the agency has flourished, expanding its reach while maintaining its core values of ..read more

Watkins Insurance Group has been honored as one of the top 30 agencies by Society Insurance. This recognition, Society’s Best, goes beyond accolades. It’s a testament to the trust and strength we bring to our client relationships. Building Trust Through Excellence This achievement directly results from our unwavering commitment to one of our core values: Excellence. For us, excellence means more than just delivering services. It’s about becoming a trusted advisor to each of our clients. We understand that choosing an insurance partner is a significant decision, and this recognition reassures y ..read more

If you enjoy a luxury lifestyle, you know that building and maintaining wealth isn’t easy. A thoughtful and proactive high-net-worth insurance strategy can safeguard your assets and protect your lifestyle, while also upholding your values. State of the Market: Luxury Asset Protection If you own luxury properties, you’ve probably faced some steep property insurance rate increases. You’re not alone. According to a 2023 Home Insurance Pricing Report, average home insurance premiums increased by 21% nationally, and by 27% in Texas, between May 2022 and May 2023. Several factors are behind the pric ..read more