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Category: P&C
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Coverage Insights: Commercial Property Insurance Rating | PA Employee Benefits Team
Understanding the outside factors that impact your commercial property insurance can be complicated, particularly for those with little to no knowledge of what goes into the underwriting process. While the type of business you’re in, your location and the state of the insurance industry in general can all affect commercial property coverage pricing, there’s often…
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News Brief: Despite Signs of Improvement, U.S. P&C Insurers Likely To Post 2024 Underwriting Loss Of $2.6 Billion | Pennsylvania Benefits Agency
The U.S. property and casualty insurance industry improved its underwriting results in 2024 despite “significant” insured catastrophe losses, reducing its net underwriting loss to an estimated $2.6 billion, according to a recent report from AM Best. Despite the net loss expected, 2024’s results mark a “steep improvement” from the more than $24 billion underwriting loss…
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Know Your Insurance: Factors That Affect Your Home Insurance Premiums r | Pennsylvania Benefits Partners
Home insurance coverage can differ from policy to policy depending on a multitude of factors. Being aware of these factors that affect your premium can ensure that you are appropriately covered. Review this Know Your Insurance to understand the factors that are influencing your home insurance premiums. Your Personal Information Your credit history, claims history…
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Small Business Insights: How to Avoid Insurance Gaps | Pennsylvania Benefits Agency
How to Avoid Insurance Gaps Small businesses in all industries face numerous risks that can lead to significant financial losses. To mitigate these exposures, businesses secure insurance. Many considerations go into building an insurance portfolio; business leaders must be mindful of policy specifics, such as limits and exclusions. Failure to adequately address a business’s insurance…
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The Value of Commercial Umbrella Insurance | Pennsylvania Benefits Team
In today’s increasingly litigious environment, lawsuits stemming from liability incidents have surged in frequency and severity, leaving many organizations with substantial losses. Due to the complex nature of these losses, they could potentially surpass organizations’ primary liability coverage limits, which refer to the maximum amount that an insurer will pay toward a claim. In these…
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Benefits Insights: A Primer on Medical Stop-loss Insurance | PA Benefits Team
Catastrophic and unexpected health care claims are on the rise. This increase in catastrophic claims is, in part, the result of medical and pharmaceutical advances, such as specialty drugs and cell and gene therapies, as well as medical price inflation. As a result, many employers with self-funded health plans are actively looking for ways to…
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Trends and Insights: Social Inflation: What it is and why it matters | PA Benefits Advisors
“Social inflation” refers to the impact of rising litigation costs on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. While there’s no universally agreedupon definition, frequently mentioned aspects include: Proliferation of class-action suits and other lawyer- and government-driven actions (“runaway litigation”); Growing awards from sympathetic juries (“nuclear verdicts”); “Litigation funding”…
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Know Your Insurance: Navigating the Auto Insurance Marketplace in 2023 | PA Employee Benefits Advisors
Navigating the Auto Insurance Marketplace in 2023 Auto rates increased an average of 9% for drivers in 2022, with 1 in 5 US drivers reporting multiple auto rate increases over the 12-month period, according to Insurify. Unfortunately for drivers and auto insurance consumers, these rate increases are expected to continue in 2023. More accidents, rising…
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OSHA Citation Case Study | PA Employee Benefits Advisors
Oilfield Contractor Cited With $196,886 in Penalties Following Deadly Explosion Violations of workplace health and safety standards and subsequent OSHA citations can impact organizations of all sizes and sectors. In addition to highlighting unaddressed safety hazards, these citations often carry a number of consequences, including costly penalties, diminished workforce morale and widespread reputational damage. With…
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What Is Homeowners Insurance? | PA Employee Benefits Agents
Learn about homeowners insurance—and why you need it. Homeowners insurance provides you with financial protection in the event of a disaster or accident involving your home. Standard homeowners insurance protections A standard homeowners insurance policy insures your home’s structure (house,) and your belongings in the event of a destructive event, such as a fire. In addition,…
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