Straight From The Source Blog

Construction contract risk management: Texas anti-indemnity laws

April 04 , 2017

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Reading and interpreting contracts can be frustrating, but it’s important to understand how each contract your company signs affects your company’s risk and insurance coverage. The industry and state in which you operate could make this process even more frustrating because many states have enacted anti-indemnity laws that limit the amount of risk that can be transferred between parties to a contract, and some are industry-specific. 

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Tags: Risk Management

Ransomware – A booming business risk management exposure

March 02 , 2017

Ransomware risk management

Many companies have been taken hostage by ransomware. Your company could be next.

Ransomware is a type of malware that infects computers and makes them impossible to use. Files may be encrypted. Programs may be blocked. The cybercriminal responsible for the attack then demands money to release the computer. The Insurance Journal reports that ransomware attacks quadrupled in 2016 and are expected to double again in 2017, based on a new report by specialty insurer, Beazley.

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Tags: Risk Management

Five megatrends in transportation & supply chain risk management

February 20 , 2017

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Our world economy has exploded in the last half century thanks to globalization, the resulting rise of global trade, and advances in technology. According to 2015 data from the United Nations Conference on Trade and Development, international trade in goods and services grew from around $4 trillion in 1990 to $24 trillion in 2014.

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Tags: Risk Management

Your 10-point warehouse fire prevention checklist

January 04 , 2017

Warehouse fire prevention checklist

When you operate a warehouse as part of your business, a fire can wipe out your entire inventory and potentially shut down your business. When you lease warehouses to put on concerts or other events, a fire can quickly turn to tragedy. That’s what happened in Oakland, California, in early December when a fire tore through the Ghost Ship, an old warehouse that had been converted into an artists collective, killing 36 people.

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Tags: Risk Management

New OSHA rule gives employers a leg up in protecting workers from falls

December 28 , 2016

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OSHA estimates that U.S. employers pay nearly a billion dollars every week in direct workers' compensation costs for injuries to their workers. And falls, both from height and on the same level, continue to be one of the leading causes of the most serious of those work-related injuries and deaths. The National Floor Safety Institute also reports that slip, trip and fall injuries are the number one cause of workers’ compensation claims, lost days from work and occupational injuries for employees 55 and older.

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Tags: Risk Management

Does your business have crime insurance?

December 20 , 2016

Employee theft crime insurance

On November 20, 2016, a Wichita Falls man was arrested and charged with theft for stealing more than 23,800 pounds of metal from his employer and selling it as scrap, pocketing a good $29,000 in cash. As reported by the Dallas Morning News, Ronald Gene Clark, 57, had been stealing large quantities of stainless steel tubing and brass from Motion Industries, where he worked as an office manager, for some time. After completing a thorough review of its inventory, the company concluded they had lost a total of $125,623.81 since May 2015 due to Clark's thefts.

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Tags: Risk Management, Business Insurance

OSHA anti-retaliation rules take effect

December 01 , 2016

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On May 12, 2016, the Occupational Safety and Health Administration (OSHA) issued a final rule requiring certain employers to electronically submit data from their work-related injury records. OSHA included anti-retaliation provisions in the final rule, which takes effect Dec. 1, 2016.

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Tags: Risk Management

Religious organization risk management: Eight essentials

November 22 , 2016

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As a religious organization, you play a crucial role in supporting the spiritual needs of your congregation and the goodwill of the community. But like any organization, you also have your own practical needs that must be met if you’re going to continue your vital work and maintain your commitment to those you serve.

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Tags: Risk Management

Slip, trip and fall risk management: Awareness is the seed of prevention

November 08 , 2016

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According to the National Safety Council, around 25,000 slip, trip and fall accidents happen every day in workplaces all across the U.S. And that’s just one of many sobering statistics about this all-too-common risk:

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Tags: Risk Management

Six spooky Texas business risks

October 28 , 2016

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They’re back – The ghosts, ghouls and goblins of Halloween have returned as millions around the world prepare to celebrate another season of creepy fun. It’s also a good time to remind you of the spooky risks you face in your business every day of the year. There’s nothing fun about these goblins!

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Tags: Risk Management