Straight From The Source Blog by Higginbotham Insurance

Your company’s reputation is one of its greatest assets. But what happens if something tarnishes that reputation? Your food makes a customer sick. Your products cause injury. Your website is hacked, revealing your customers’ personal details. Whether or not it’s your fault, reputational damage can hurt your bottom line.

Several cyberattacks made headlines in 2017. Incidents like the WannaCry ransomware infection and the Equifax data breach don’t appear to be flukes. Instead, they’re part of a bigger trend, and one that’s expected to continue through 2018. And hackers aren’t the only online threat. Infringement of intellectual property, defamation and other perils await anyone doing business online.

The Charitable Immunity and Liability Act of 1987 (the Act) was passed to reduce the liability exposure and insurance costs of charitable organizations and their employees and volunteers in order to encourage volunteer services and maximize the resources devoted to delivering these services.

Strengths. Weaknesses. Opportunities. Threats. As you plan for 2018, you may be conducting a formal or informal SWOT analysis for your business. When you get to the “Threat” category, make sure to add cyber risk to your list.

If your workers use vehicles for business purposes, the risk of a commercial vehicle accident is real. According to the Federal Motor Carrier Safety Administration (FMCSA), 4,311 large trucks and buses were involved in fatal crashes in 2015, representing an increase of 8 percent compared to the previous year. The same year, 415,000 crashes involving large trucks were reported to the police. Commercial vehicle accidents can result in significant loss, and accident prevention is in everyone’s best interest.

In the first two parts of this contract review series, we discussed the state-specific anti-indemnity laws affecting Texas construction and oilfield contracts. As we explained, the Lone Star State has specific anti-indemnity laws for the commercial construction, oilfield and motor carrier transportation industries. It’s important to understand these laws before your company signs a contract so you can avoid unexpected costs and litigation in the event of a claim.

The storm is over, but the recovery is only beginning. After making landfall in Texas on August 25, Hurricane Harvey caused massive damage both with high winds and with extreme flooding. Texas Governor Greg Abbot expects damage from the storm to cost at least $150 billion. As people try to return to life and work as normal, many potential hazards await them. For companies trying to resume business, it’s important to consider the workplace safety risks that such a major storm creates.

If your business is open to the public, you have a duty to exercise reasonable care in keeping customers safe. Among other things, exercising reasonable care involves keeping floors and sidewalks dry and free of hazards, using wet floor signs and maintaining good housekeeping.

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.

Rental property owners must manage a host of risks to protect their investment. It can seem like juggling a handful of ticking time bombs. From tenant lawsuits to property damage to potentially costly environmental claims, there are plenty of hazards that can put your business and personal assets at risk.