Element Risk Management
149 FOLLOWERS
A personalized approach to risk management. Our latest articles on business insurance, personal insurance, employee benefits and specialty insurance as well as other related topics.
Element Risk Management
6d ago
Roofers are in high demand and can make good money. But roofing has its risks, some of which can financially devastate your roofing company if you aren’t properly insured.
According to the Bureau of Labor Statistics, roofers have some of the highest rates of occupational injury, illness and death compared to other jobs. You must also contend with property damage, both at job sites and during supply deliveries.
If you’re an experienced roofer, you know insurance is key to managing your risk and protecting your business from property damage, liability claims and work-related accidents. You may ..read more
Element Risk Management
1w ago
Fraudsters have been targeting properties with absent or deceased owners and transferring the titles to other names or corporations. The scam is known as house deed or title theft.
Some criminals falsify property deed documentation using stolen information and assume the property owner’s identity. Others are trusted caregivers who target seniors, taking advantage of their frailties.
One real-life example involved an unscrupulous caregiver. The caregiver tricked her elderly client into signing over his power of attorney. With the help of a shady notary public, she transferred the man’s ti ..read more
Element Risk Management
3w ago
Blackbaud is a software company that provides customer relationship management cloud solutions to about 45,000 nonprofits. Its services include client data management, communications and fundraising solutions.
Sometime between February and May 2020, when the world’s attention was elsewhere, ransomware code made its way through Blackbaud’s systems. That ransomware slowly corralled Blackbaud’s data and locked it down for ransom.
Once it learned of the hack, Blackbaud paid the ransom to have the data returned and then informed its clients. In turn, those nonprofit clients had to b ..read more
Element Risk Management
3w ago
Since the COVID-19 shutdowns, restaurateurs have taken bold steps that have redefined the food service industry. For example:
Outdoor dining alongside or in converted roadways
Robotic servers
Kiosk ordering
Online menus patrons pull up on their phones
Dynamic pricing, where the price of food changes based on supplies or demand for seating
These innovations, along with the persistent labor shortage, make it more important than ever to develop a solid risk management program. This should include training employees on workplace safety, keeping track of hours and wages, managing worker stress, a ..read more
Element Risk Management
1M ago
According to the U.S. Small Business Administration, over half of the U.S. workforce either owns or works for a small business. Twenty-five percent of small businesses with employees are home based. When you consider single-owner operations with no employees, this percentage jumps to approximately 50%.
If you run your business from home, you may think directors and officers (D&O) insurance isn’t necessary. However, the size and location of your business aren’t what determines the need for protection or the amount of coverage you need. If you have employees, or work with vendors, companies ..read more
Element Risk Management
1M ago
Cybercriminals use lo-fi manipulation tactics to infiltrate personal and work networks. Their aim: to gain your trust before scamming you out of everything.
In late 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) alerted financial institutions and the broader public about an investment scam that’s been circulating. It’s called “pig butchering,” named after the practice of fattening a pig for slaughter. In this case, the pigs are the human victims, and the slaughter is draining their bank accounts.
Read on to learn the scam and ways to avoid becoming a ..read more
Element Risk Management
2M ago
Crop insurance is just as essential for urban farmers and gardeners as it is for large-scale farms.
Farmers need crop insurance to secure their ability to feed their community. Coverage helps minimize financial losses after natural disasters, extreme weather or other catastrophes that can affect crops.
Urban farmers have two options for crop insurance:
Federally subsidized multiple-peril crop insurance (MPCI)
U.S. Department of Agriculture (USDA)-regulated private crop insurance
The USDA’s Risk Management Agency (RMA) provides urban farmers with resources that help them manage risks to their ..read more
Element Risk Management
2M ago
HOAs and condominium associations can be sued for accidents on HOA property and director negligence or misconduct. In addition, HOAs must cover the cost of vandalism and property damage to common property.
Directors and officers, trustees, employees and even volunteer board members can be held personally liable for decisions and actions taken by a community association. Insuring your homeowners association (HOA) against the many risks associations face is critical.
Luckily, HOA insurance (aka community association insurance) covers many of these risks. It protects the association, its bo ..read more
Element Risk Management
2M ago
The Occupational Safety and Health Administration (OSHA) enforces safety regulations and sets civil penalties for violations under the Occupational Safety and Health Act. If OSHA inspects your business and finds a violation, it will assign a penalty. OSHA has the discretion to reduce penalties for smaller businesses or an employer’s good faith efforts.
2024 OSHA civil penalty minimums and maximums
OSHA assigns a violation type and penalty for each safety infraction. There is no limit to the number of violations OSHA can cite during an inspection.
Posting OSHA citation notices
Employers are re ..read more
Element Risk Management
2M ago
As part of its 2023 “Global Risks in Focus” report, the Internal Audit Foundation asked internal audit leaders across the world to identify some of the greatest risks organizations must address in the coming years.
Among North American companies, the top three risks were:
Cybersecurity, cited by 85% of respondents
Human capital, cited by 65%
Regulatory changes, cited by 43%
Here, we’ll look at these risks and identify ways to manage them.
1. Cybersecurity and data privacy
Cyberattacks have become an expected part of business. According to Splunk’s 2023 “CISO Report,” 90% of chief information ..read more