<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2021 2021-01-20T17:05:15-05:00 <![CDATA[‘Tis the Season for Home Delivery Risk]]> https://risk-strategies.com/knowledge-center/article/tis-the-season-for-home-delivery-risk#When:15:54:48Z This time of year, driven by holiday spirit or just finding a great deal, people often give or receive large household items like TVs, dishwashers, washers, dryers, refrigerators and so on.

When preparing for the increase in delivery of these higher value items and related installations following the holidays, especially when mixed with the already high demand COVID-19 has placed on the industry, it’s important to first take a close look at your current insurance coverage to protect against any possible risk.

Installation Services Gone Wrong

With more and more delivery companies becoming the one-stop shop for both delivery and…]]> 2021-01-19T15:54:48+00:00 <![CDATA[Climate Change and Cyber Risks in 2021]]> https://risk-strategies.com/knowledge-center/article/climate-change-and-cyber-risks-in-2021#When:14:07:09Z I don’t claim to know what the future holds, or what catastrophic event will send the world wobbling next. COVID-19 took everyone off-guard, even though there were predictions and warning signs about a global pandemic for at least 20 years. COVID will have lasting effects on the way businesses operate, just as 9/11 forever changed air travel and security. Events of such magnitude have ripple effects far into the future and cause many of us to ask, “What’s next?”

From my perspective, the risks associated with climate change and cyber present very real threats to our personal and economic ways…]]> 2021-01-11T14:07:09+00:00 <![CDATA[2021 Industry Predictions: Architects and Engineers]]> https://risk-strategies.com/knowledge-center/article/2021-industry-predictions-architects-and-engineers#When:18:33:08Z As COVID-19 continues to dictate our lives and have far-reaching impacts in every industry, the Architect and Engineer team at Risk Strategies is taking a forward look at what we think the new year will bring.

Investment in Transportation

In the public sector, particularly in transportation, we’ve seen a mixed bag for our clients in terms of growth. Some are having a good year, while others are seeing measurable decline in revenue streams. This is directly tied to federal and state budgets and the incidental costs brought on by the pandemic.

On the federal level, the absence of a major…]]> 2021-01-05T18:33:08+00:00 <![CDATA[Demography, Regulation and Fringe Benefits]]> https://risk-strategies.com/knowledge-center/article/demography-regulation-and-fringe-benefits#When:14:59:31Z Risk Strategies recently announced the acquisition of FBA National, a firm primarily focused on benefits administration and tailoring benefit packages for clients complying with wage parity, living wage, and similar requirements such as prevailing wage rules for government contractors.

As a practical matter, the FBA National acquisition is a nice fit for our national Employee Benefits practice. Like our 2016 acquisition of TSG Financial they are headquartered on Long Island and are also a regional market leader in serving clients in the home health care industry

But the acquisition of FBA National is about much more than a…]]> 2020-12-23T14:59:31+00:00 <![CDATA[Is Health Insurance Actually Insurance?]]> https://risk-strategies.com/knowledge-center/article/is-health-insurance-actually-insurance#When:14:49:30Z One of the definitions of insurance by Merriam-Webster is: a means of guaranteeing protection or safety.

Sometimes insurance policies protect the value of property, cover the expense of defending a lawsuit, or the expenses resulting from a cybersecurity breach. But when it comes to health insurance, the definition seems not to apply as clearly. Is this “insurance” in the Merriam-Webster form, or is it something else?

When significantly large claims occur in those above policies, your insurance company may choose not to renew, or at best, offer to renew at an increased premium. Usually, the amount of increase is paltry…]]> 2020-12-23T14:49:30+00:00 <![CDATA[SolarWinds Orion Platform Exploitation Advisory]]> https://risk-strategies.com/knowledge-center/article/solarwinds-orion-platform-exploitation-advisory#When:21:49:48Z The Cybersecurity and Infrastructure Security Agency (CISA) has issued an emergency directive in response to a known compromise and ongoing exploitation by malicious attackers of SolarWinds Orion, SolarWinds Orion, a network monitoring and management platform commonly used by outsourced IT managed service providers. We recommend contacting your IT team or provider in order to determine if you use SolarWinds Orion and if steps need to be taken to secure your environment.

If you believe you have been impacted by this incident please contact the RSC Breach Response hotline at (888) 760-2493 or send an email to 2020-12-16T21:49:48+00:00 <![CDATA[2021 Industry Outlook: Transportation and Logistics ]]> https://risk-strategies.com/knowledge-center/article/2021-industry-outlook-transportation-and-logistics#When:21:02:39Z COVID-19 and the e-commerce boom, drones and robots making deliveries, Assembly Bill 5’s (AB5) effect on the gig economy. These are just a few trends we’ve seen emerge in 2020.

As we near the end of this year, its clear many obstacles remain for 2021 as the pandemic shows no signs of slowing down. Even with the promising development of Pfizer, Moderna and AstraZeneca’s vaccines showing a 90—95% effective rate in preventing the disease during preliminary trials.

But while there are no guarantees for what’s to come, we can offer a few predictions for the transportation and…]]> 2020-12-10T21:02:39+00:00 <![CDATA[10 Ways Physicians Can Reduce Operating Costs Amid the Pandemic]]> https://risk-strategies.com/knowledge-center/article/10-ways-physicians-can-reduce-operating-costs-amid-the-pandemic#When:21:22:15Z Revenue for physicians and physician groups has taken a hit during the pandemic because of a decline in patient visits.

In the early months of the pandemic, most physician offices were closed as lockdowns began and states asked that non-urgent procedures be put on hold. Many physician practices had to furlough workers. As states began to lift restrictions and reopen, patients remained hesitant to visit the doctor’s office for fear of exposure to the virus. Now, as we head into the holiday season and colder temperatures, the country is facing another COVID resurgence in the coming months.

Overhead costs like…]]> 2020-12-08T21:22:15+00:00 <![CDATA[2021 - Why Brokers Need to Specialize]]> https://risk-strategies.com/knowledge-center/article/2021-why-brokers-need-to-specialize#When:20:36:43Z This past year sent shock waves through the insurance marketplace. Claims are up, investment income is down. The COVID-19 pandemic dealt a financial blow to virtually every industry, climate change is altering risk models, economic and racial tensions led to widespread civil unrest, and insurers’ profitability has suffered.

The bottom line is that the hard market we are now in is here to stay, at least for a while.

For insureds, the hard market means that it will become increasingly more challenging and costly to secure coverage. Underwriters are repricing and reassessing the amount of risk they’re willing to absorb.…]]> 2020-12-02T20:36:43+00:00 <![CDATA[The State of State-Sponsored Attacks ]]> https://risk-strategies.com/knowledge-center/article/the-state-of-state-sponsored-attacks#When:17:28:38Z The recent advisory issued by the Office of Foreign Assets Control (OFAC) reminded companies to be wary of potential government sanctions when making ransomware payments. There has been an overall increase in state-sponsored attacks during the pandemic, particularly on financial and health care institutions. It makes sense that the OFAC would want companies (and their insurers, who often facilitate payments) to be especially cautious during these times.

So, exactly how worried should you be about a state-sponsored attack, and what can you do to protect yourself?

A State of Uncertainty

One of the most frustrating aspects of…]]> 2020-12-01T17:28:38+00:00