Straight From The Source Blog by Higginbotham Insurance

With so many insurance products available, figuring out which ones we need can seem daunting. No one wants to waste money on a superfluous policy. At the same time, no one wants to go without an essential policy – then pay the price for it later. One policy you may be wondering about is professional liability insurance.

Businesses today are seeing movement in their experience modification (e-mod) factors. In Texas, there have been changes over the last few years in how modifiers are calculated. Higher modifiers can cost contractors work and affect how underwriters view businesses as a risk.

We’ve all witnessed the unfolding drama with our food supply in recent years – the recalls of ground beef, spinach, bagged salad, eggs, and other products, and outbreaks of e-coli, salmonella and other contaminants. The bottom line: With an increasingly globalized network of growers, manufacturers, packers and distributors, the supply chain is more complex than ever.

Own a small business? Then you know it’s a juggling act. In addition to sales and growth, you have to protect your investment from potential exposures. Because there’s so much on the line, having the right business insurance protection is crucial.

When you run a business, smart risk management is always your best defense against loss. Unfortunately, many business owners make costly mistakes – and find out too late they’re not covered. Here are five of the most common mistakes businesses make with their commercial insurance coverage:

Let’s be honest, most business owners would rather not have to contend with filing and managing insurance claims. Whether it’s a workers’ compensation claim, a large property loss claim or a sticky liability lawsuit, the process can be tedious to say the least.

Today’s environmental risks are more complex than ever, and they’re constantly expanding as economic, workforce and regulatory issues continue to evolve. The risk of getting caught up in a costly pollution liability claim is greater than ever before.

Are your Texas workers’ compensation insurance costs growing every year? Then it’s time to take control by getting actively engaged and purposeful with your claims response. Here are five crucial steps:

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.