308.6 Billion A Year-The Cost of Insurance Fraud

Insurance Fraud

The annual cost of insurance fraud to businesses and consumers is $3,860,000,000.00 in America according to The Coalition Against Insurance Fraud. The Coalition broke down the most common types of insurance fraud as follows; Life insurance: $74.7 billion Property & casualty insurance: $45 billion; auto theft fraud totaled $7.4 billion Health insurance: $36.3 billion Workers’ […]

Train and Maintain

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Learn about equipment operator safety and maintenance of business equipment. Read about equipment maintenance checks important to protecting your business. Proper equipment maintenance is essential for workplace safety. Some businesses schedule planned shutdowns during which equipment is inspected and routine maintenance is performed. Planned shutdown or not, any business which involves the operation of equipment […]

Some Trains Need Waiver of Subrogation to Run

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Learn about subrogation and waiver of subrogation in commercial insurance. Read about the Waiver of Subrogation Endorsement/Clause and why your business may need it. Practically, and to a large extent legally, businesses need the protection provided through commercial insurance. The trains don’t run without proper commercial insurance in force. For some business sectors, a not-so-well-understood […]

Cyber Risk Immunity, Forget It – Adopt a Cyber Risk Resiliency Approach

Cyber Security Blog

Nobody is immune from cyber-attacks! In August 2021 T-Mobile had a total of 40 million subscriber, prospect, and former customer accounts hacked. The breach included names, driver’s license numbers, Social Security numbers, and device information. In 2020 SolarWinds, a provider of system management tools, was attacked using a supply chain of attack. This method inserted […]

Protect and Defend with Professional Liability/E&O Insurance

Protect and Defend

Read about Professional Liability/E&O Insurance and what types of businesses need it. Learn about Professional Liability/E&O Insurance, commonly written on a “claims-made” basis. Professional Liability Insurance is a type of commercial insurance that should be purchased by any business engaged in a profession. The business may be as small as a one-person sole proprietorship or […]

Subrogation, Part of the Claims Process

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On the Saturday before Memorial Day last year within the span of 5 minutes, I received three phone calls from three different insureds that somebody had driven their car into a building damaging it and taking off (luckily nobody was injured). In this situation, Richey-Barrett insures the building owner and two tenants of the building. […]

Basic Aspects of Business Insurance

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Are you just starting up your new business? Or perhaps you have recently been wondering if your current commercial insurance coverage is enough. It can be frustrating trying to educate yourself about business insurance options. Let us help you understand some basic aspects of business insurance. General Liability This is the foundation of most policies. […]

Distributors are an Undeniable Link in the Products/Completed Operations Chain

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Not all bicycles are created equally, but all bicyclists expect that the bicycle is safe to operate for its intended purpose. Let’s return to the hypothetical example in my earlier blog of a bike rider suffering an injury due to faulty hand brakes. Consider a distributor who sold defective brake levers to the bicycle manufacturer, […]

The Real Value of an Independent Insurance AGENT

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Learn why your local independent insurance agent is much more than a salesperson.  Read about customer commitment and your local independent insurance agent. The core of every business is customers. Without customers, there is no market. As an independent insurance agency, Richey-Barrett Insurance strives to be present, for real, for our customers. As we remind […]

Alternative to Risk Management

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If you are a regular reader of our blog, thank you and if not, welcome. To our regular readers, you may have noticed how we write about different categories of insurance or in digital marketing verticals. The vertical for business insurance in Ohio Insurance Solutions has touched on many specific items such as Worker’s Compensation, […]