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With the ongoing labor shortage and more veteran insurance agents moving into retirement, what makes the insurance industry a great career choice in 2023 and beyond?

When an employee is injured or becomes ill while on the job, it’s critical for a business to report the incident as soon as possible. The fact is, an employer’s failure to file a workers’ compensation (WC) claim in a timely manner can substantially increase costs to the business, as well as create ill will among workers.

As the world adjusts to a post-pandemic new-normal, changes implemented during the height of COVID-19 continue to impact how we live and work. By far, the biggest work-related change during the pandemic was the switch to remote work and the impact it had (and continues to have) on work-life balance for many individuals in the insurance industry.

Today’s technology and automation have transformed the construction industry – allowing businesses to find solutions for several key operational challenges. From improving on-the-job safety to increasing workflow efficiencies, the following technologies are having a significant impact on the construction industry.

Social inflation has become an important factor in the cost of liability insurance. But what exactly is social inflation, and how does it impact the cost of insurance?

Supply chain disruptions. Inflation. The labor shortage. The construction industry is grappling with several challenges that are resulting in an increase in contractual disputes and a significant rise in liability lawsuits.

Tools and equipment used on construction sites are often subject to theft and vandalism – creating project delays and impacting costs. Over time, multiple claims may also increase insurance premiums. While not every loss can be prevented, there are improved methods for safeguarding construction equipment that go beyond fences and standard locks.

The rising cost of building materials, supply chain challenges and the ongoing skilled labor shortage have prompted the construction industry to explore new options in home building.

According to the National Safety Council (NSC), 48% of workers surveyed across a wide range of industries said they are exposed to heavy equipment operation while on a jobsite – and 30% said that operating heavy equipment has caused or contributed to a serious injury.

From machine learning to language processing and robotics to ChatGPT, artificial intelligence (AI) has become a game-changer in so many industries – including those that have been slow adopters to this type of technology (we’re looking at you, insurance industry!).

There is a saying in the insurance industry that when it comes to building a book of business, an agent or broker always needs to be “prospecting where their feet are.” Simply put – wherever an insurance agent may be, they need to consider what sales opportunities might be available.

Cross-selling is the process of marketing related or complementary products to existing customers. According to Investopedia, cross-selling in the insurance industry has long been an effective method of generating new revenue because it involves selling products to clients that agents and brokers have already established relationships with.

Small business owners are often so busy with day-to-day operations, it can be easy for them to lose sight of key issues that could turn into costly legal claims. Here, we’ll look at five of the most common issues that your small to midsized business owner clients may encounter that could result in a costly lawsuit.

From improved efficiency to communications and safety, mobile technology in the construction industry continues to evolve. This has allowed businesses to work smarter and reduce the risk of job site injuries that in turn, can help reduce workers’ compensation (WC) insurance claim costs.

This year, more than two-thirds of small-business owners say they are having a tough time finding qualified employees to fill job openings. Unfortunately, the ongoing labor shortage has put small businesses in a tough spot, creating a problem that isn’t likely to go away anytime soon.