Social inflation relates to the increase in claims severity (not the frequency of claims) that would be expected based on economic inflation. The increases in claim settlements have been caused by various factors. Desensitization to large jury verdicts; According to Marathon Strategies 2024 was the largest year by most metrics for “supersized verdicts against companies”…

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In today’s rapidly changing business environment being aware of emerging risk is paramount. Employment Practices Liability Insurance (EPL)is an important tool for business-owners to be aware of as they manage risk in their business. The changing work landscape has created new exposures that you must be aware of. Marijuana Legalization – Ohio legalized recreational marijuana…

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There are many reasons commercial auto rates are rising and as a business-owner you can control some of them. Inexperienced Drivers-A shortage of drivers caused by high demand, a retiring workforce and drivers leaving the industry. This turnover has put the industry in flux. As hiring standards are lowered more accidents are going to occur.…

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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…

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The Commercial Property Insurance landscape continues to shift, companies are leaving the marketplace, capacity is being reduced, minimum deductibles are being increased and premiums are going up. However, a not so obvious change is the adding of Warranty Clauses to the policy. What is a warranty in an insurance policy? They are statements made by…

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Most General liability policies issued today have an occurrence limit of $1,000,000.00 or $2,000,000.00 and commercial auto policies typically have limits of $500,000.00 to $1,000,000.00, but is that sufficient in today’s litigious environment? As a business owner if you don’t feel these liability limits are adequate based on a myriad of variables an umbrella policy…

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What an exciting time for your Church’s youth as they get ready for their mission trips. While Church leaders are getting their students ready physically, spiritually and mentally don’t forget about the mundane. Make sure the Church’s vehicles are ready to complete their job, nobody wants to miss part of the mission trip experience while…

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Discover a personal connection between what’s accessible and commercial insurance. Read about five Northeast Ohio amenities that rely on commercial insurance. Ohio is home. I grew up in Northeast Ohio and have always worked here. Despite trends of an aging population and shrinking workforce, Northeast Ohio has much to offer residents, workers, and visitors. Take…

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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’…

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Many trade contractors use their van or truck as their mobile office. Invoicing, credit card readers and receipts that need to be filed, are on the dash, shoved in the sun visor or in a cup holder,  you get the picture. There is even a pickup that touts its rear tailgate as being flexible enough…

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