Straight From The Source Blog by Higginbotham Insurance

Captive insurance: a risk management tool

May 06 , 2020


Insurance rates are rising across most lines of business. This means that your company’s insurance rates may be going up – even if your claims are low. Or, you may find that there are exclusions in your commercial insurance coverage that are important to have covered. You may also see that deductibles are increasing while your premiums are also increasing. If you’re finding yourself in this situation, you may be looking for a new strategy that will help you keep your insurance costs contained and improve your overall risk management program. That strategy might be captive insurance. 

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Tags: Risk Management, Business Insurance

The risk management implications of marijuana legalization

April 01 , 2020

drug test

At least 11 states and the District of Columbia have passed laws allowing recreational marijuana, and many other states have legalized medical marijuana. Despite this state-level legislation, marijuana remains illegal at the federal level. This has put many employers in a difficult position, caught between federal and state laws, and with the situation evolving rapidly. 

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Tags: Risk Management

Are your business contracts exposing you to risk?

March 11 , 2020


Your company’s contracts may be exposing you to unnecessary risk. When your company does business with subcontractors, suppliers and other third parties, a poorly worded contract could shift liability to you for losses that you have no control over. To shield your company from losses stemming from third-party acts and claims, your attorney must include proper indemnification provisions in your contracts.

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Tags: Risk Management

Is your business complying with New York’s SHIELD Act?

February 26 , 2020

GettyImages-SHIELD law

Does your company hold personal data on New York residents? If so, you may need to comply with a new law that creates data security and data breach reporting requirements. New York’s SHIELD Act is designed to protect New Yorkers against data security risks, and non-compliance will come at a cost.

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Tags: Risk Management

Are you ready for the Drug and Alcohol Clearinghouse?

January 08 , 2020

GettyImages-FMCSA blog

In 2016, the FMCSA and DOT released a final rule on the Commercial Driver’s License Drug and Alcohol Clearinghouse. Since then, employers have had time to get ready. Now that time is up. The compliance date for the Clearinghouse rule is Jan. 6, 2020.

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Tags: Risk Management

The purpose of "primary and noncontributory" contract language

December 18 , 2019


A common insurance requirement in commercial contracts of all types (construction, energy, real estate, etc.) requires at least one party’s liability insurance to be “primary and noncontributory” to the other party’s liability insurance coverage. Those not well-versed in insurance policies may interpret this language to mean that one party’s liability insurance coverage will pay any and all claims arising from the contract, without limit – so that the other party’s liability insurance would never respond, regardless of the size of claim. If this interpretation was accurate, it would result in great confusion in contracts where both parties’ liability insurance are required to be “primary and noncontributory.” This incorrect interpretation often leads parties to a contract wanting to delete the term “and noncontributory” from the compound requirement “primary and noncontributory” because they think it means their insurance policy will provide unlimited coverage to the other party – but that is not the case.

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Tags: Risk Management

What is the FMCSA safety measurement system?

November 13 , 2019

GettyImages-rescue crew

According to statistics from the Federal Motor Carrier Safety Administration (FMCSA), 4,889 large trucks and buses were involved in fatal crashes in 2017, the latest year for which statistics are available. That’s a 9 percent increase from 2016 and a 42 percent increase from 2009.

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Tags: Risk Management

Will you still be in business after disaster strikes?

October 03 , 2019

Closed sign

For a business owner, few things are more frustrating than building a successful operation, only to have it shut down by forces beyond your control. Whether it’s a hurricane, fire, flooding from burst pipes, cyber attack or other emergency, an unexpected disaster can be devastating.

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Tags: Risk Management

The Texas Residential Construction Liability Act

September 04 , 2019

broken pencil v2

In 2003, Texas passed a law governing the steps a residential homeowner must take before bringing a lawsuit against a contractor for a construction defect. The process allows builders and other involved parties an opportunity to immediately inspect and repair before a homeowner may file suit, and it offers limitations on the consumer awards available under the Texas Deceptive Trade Practices Act.

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Tags: Risk Management

Contractors: do you have a silica exposure control plan?

August 07 , 2019


The air your workers breathe could be killing them. Respirable silica is a known health hazard. Because silica has many applications in the construction industry, construction site managers and employers should be aware of the risks and know how to manage them with a silica exposure control plan.

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Tags: Risk Management


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