From Our Readers: Top Business Insurance Topics of 2020

This year was definitely unpredictable! The COVID-19 pandemic continues to have a major impact on our personal and professional lives, and there were a few other legislative events that have also had an impact on the business insurance space. Before we flip our calendars and start a new year, Rose & Kiernan, Inc. wanted to provided our readers with a recap on the range of resources available to inform and assist our clients and friends. Here are some of the most-read business insurance blog posts and topics from 2020.

1. Workers’ compensation and COVID-19

This year, many of our most-read blog posts centered around the topic of workers compensation and COVID-19. Back in May, we wrote about the newly approved amendment establishing classification code 8873 released by the New York Workers’ Compensation Insurance Rating Board (NYCIRB) providing relief for workers’ compensation premiums. In addition, we wrote about New York State Workers’ Compensation Board (WCB)’s helpful Q&A and provided helpful information for business owners in another blog post. Though it was not related to COVID-19, our readers also searched for our blog post on calculating your experience modification factor (Mod) rating.

2. Risk management and COVID-19

When the number of coronavirus cases began to rise in the U.S. in March, we started to write about risk management and COVID-19, beginning with a blog post on helping businesses focus on contingency planning and disaster preparedness. In another blog post, we provided clarity for readers on what social distancing on construction sites means. We also put together cybersecurity risk management guidance for business owners dealing with a newly remote workforce.

3. New York state’s Child Victims Act (CVA) and its impact on insurance claims

In 2019, we wrote about the passage of New York State’s Child Victims Act (CVA) and its potential impact on insurance claims. In 2020, we followed up with another blog post that reviewed where were over a year after the CVA was signed into law and the impact thus far on both insurers and organizations with an eye on what could happen in the future. When the one-year “lookback window” was extended, we also wrote about its effect on businesses and organizations.

4. Drones and insurance

As drone usage rises, so will the number of questions surrounding drones and insurance. Thanks to some information from the Claims Department at Rose & Kiernan, Inc. we put together a resource as an overview for our readers and others thinking about owning a drone for recreational or commercial purposes.

5. Social inflation verdicts and their impacts on liability costs

Social inflation is a buzzword that is reverberating throughout the insurance industry. Our blog post looked closer at this complex phenomenon and what it means for rising deductibles, retentions and limits along with the role of agents and brokers in finding coverage for clients.

6. OSHA recording keeping requirements

Back in 2017, the Occupational Safety and Health Administration (OSHA) announced its intent to update employer requirements for injury and illness data record-keeping through required electronic submissions. At the beginning of this year, our readers were interested in learning more about record-keeping requirements for 2020. To help get ready for 2021, we recommend a recent blog post that looks at what a new presidential administration could mean for OSHA.

7. Contractors pollution liability insurance for general contractors

Many contractors assume that their general liability (GL) policy covers all “third-party stuff” including third-party injury and property damage, but this is not always the case. Our readers were interested in our blog post which talked about contractors pollution liability insurance (CPL), a specific type of environmental insurance for contractors.

8. A rise in COVID-19-related class action suits

The “new normal,” however temporary it may be, exposes businesses to different risks in areas that aren’t always included in a commercial general liability (CGL) insurance policy. In this blog post, we talked about class action lawsuits, on the rise across many sectors due to COVID-19, and shared how businesses can protect themselves.  

9. The passage of the New York State Salary History Ban Law

In response to a flood of information on the gender wage gap and the Time’s Up and #MeToo movements, this law went into effect in January 2020. This is one of several new laws aimed at gender equality in the workplace, and our blog post gave some advice to employers, including putting your Employment Practices Liability (EPLI) policy on notice.

10. Cybersecurity compliance in New York State

The New York Department of Financial Services (DFS) created a Cyber-Security Regulatory Regime in 2017, and last year, DFS created a Cybersecurity Division, as well. In this blog post, we looked at the first enforcement action by this regime and what business owners can learn from it.

What topics would you like to see us talk about in 2021? Contact us here or by calling (800) 242-4433.

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