Category: Property & Casualty

Emerging Risks in Construction Why contractors should care about professional and cyber liability

As a contractor in today’s operating environment, you need to consider both Professional Liability and Cyber Liability coverage.  The reality is that many risks have emerged in recent years that threaten your bottom line. With the differences in project delivery and design processes, and the introduction of more advanced technology, you need to understand these risks and how they may impact your business. In my experience, these two coverage lines – and potential exposures if not covered – are the most misunderstood and overlooked by many contractors, but both are vital components of your risk management program. 

How confident are you that you understand how you are exposed to professional and/or cyber liability?

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OSHA Final Rule Released Introduces new electronic reporting requirements and anti-retaliation provisions

Under the final rule released earlier this month by the Occupational Safety and Health Administration (OSHA), certain employers will be required to electronically submit data from their work-related injury records to OSHA. The final rule also solidifies employee anti-retaliation protections for reporting work-related injuries and illnesses.

Submitting Electronic Data

The final rule requires employers to electronically submit the injury and illness information they are already required to keep under existing OSHA regulations. The ruling applies to employers with:

•  250 or more employees; or

•  20 and 249 employees and are in a high-risk industry

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BYOD Risks in the Workplace Use of Personal Devices at Work Can Create Opportunity and Risk

Employees at companies of all sizes, either through their own volition or due to corporate requirements, are engaging in bring your own device (BYOD) programs in ever greater numbers. Many of these employees continue to work at home, beyond the traditional workday, on personal laptops, tablets and smartphones as the work and personal life divide continues to blur. Companies, once resistant to BYOD programs and their inherent risks, now embrace the increased collaboration, productivity and cost savings that BYOD allows.

According to a recent survey of global CIOs, half will require employees to supply their own devices by 2017.^¹ Companies that do not take a proactive approach to managing the use of personal devices face growing risks, as costs associated with data losses, privacy breaches and other cyber threats continue to rise.

Yet, only 39% of companies have a BYOD policy in place, according to another recent study.^² One in five employees surveyed reported that they were not aware whether or not their company had a formal policy in place, suggesting a need for increased training and communication.
  
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Slips, Trips and Falls

A janitorial employee was scrubbing the steps and floors with water and a cleaning agent.  An observant worker realized that soon dozens of employees would be going down the same steps to exit the building for their lunch break.  This person then took the proper action to avert this potentially dangerous situation and set up a wet floor sign.

Do Your Safety Part

Slips, trips and falls constitute the majority of general industry accidents.  They cause 15% of all accidental deaths and are second only to motor vehicles as a cause of fatalities.  An unguarded wet floor is just one of the many possible causes.  It is important to spot unsafe conditions that could lead to slips, trips and falls, and do what you can to prevent them.

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Hiring Safe Drivers for Commercial Vehicles

The majority of auto accidents are caused by driver error, whether it be following too closely, speeding, driving distracted, driving under the influence or a variety of other reasons.  As a business owner, you have control over who operates your vehicles and you should take this responsibility seriously.  Don’t underestimate the importance of making sure you are hiring a safe driver before you allow them to operate one of your fleet.  Always have an applicant sign a waiver permitting you to obtain a motor vehicle record (MVR) before you make a hiring decision.  If there is any doubt about the acceptability of the record, forward it to your Risk Advisor or insurance company for their guidance before allowing the applicant to drive a commercial vehicle.

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