Commercial Rates Climb in Wake of Higher Claims Costs, Catastrophes

| posted in Blog

There is a confluence of factors affecting insurance rates going into 2018 that are pushing premiums higher in a number of commercial lines policies, including auto, liability and property. Increasing claims costs in commercial auto are at the top of the list, largely due to a spike in distracted driving accidents, injuries, deaths and higher costs to repair modern vehicles. Now, after the most expensive natural disaster season on record – hurricanes, floods and wildfires – premiums for commercial property are also on the rise. Workers’ compensation seems to be the outlier, as rates in most states have remained steady…
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Unique Approach to Real Estate Marries Strong Returns and Modern Design

| posted in Blog, Newsletter

Harris Bay is a private equity real estate firm, which was launched in 2014 and has quickly rolled out investments to 14 states and opened offices in California and Texas. It’s a unique operation where the owners use their years of experience to apply their methodical and analytical approach of investing that they blend with a goal of creating world-class design and function. Because of their unique take on real estate investing, CoreMark Insurance Services has decided to make Harris Bay our Client of the Month. We sat down with Harris Bay’s managing director, Jake Harris, to discuss the company…
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Why You Need to Review, Update Your Business Continuity Plans

| posted in Blog

We often urge you to have a risk management plan in place so that you are prepared for the many eventualities that can affect your business. Your risk management plan should be part of a larger business continuity plan for keeping your organization going during periods of disruptions that are both large and small. The plan should be broad to cover prevention and response, and that can only be done with input from representatives of all your firm’s divisions. Companies can spend considerable time putting together a risk management plan that is unique to their workplace and operations. But, after…
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Revisit Risk Response Plans in Light of Emerging Threats

| posted in Blog

There’s a lot going on in the world and the risks are changing and evolving rapidly, making it difficult for many companies to adjust and manage the risks they face effectively. Some risks that barely registered a decade ago now pose serious challenges to many businesses. There are novel technological risks with new threats constantly arising in the cyber world, economic and market volatility, terrorism, regulatory and legal challenges, supply chain vulnerability and political uncertainty. These risks can all be real for any business and it’s important that you and your manager sit down and try to identify the potential…
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Think like a risk manager to reduce your insurance costs

| posted in Blog

All large corporations and national businesses have someone in charge of risk management, if not a whole department. But hiring a risk specialist or dedicating a number of employees to that kind of work is typically too expensive for most small and mid-sized companies. So, this risk mitigation typically is left to the business owner or the duties are spread among senior managers. One way that you can reduce the risk to your finances is to purchase appropriate insurance coverage, which can sometimes be expensive. However, if you focus on managing your company’s risks, you can do more than solely…
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Study Finds Almost All Businesses Hit by Cyber Attacks

| posted in Blog, Newsletter

A new study has found that the majority of American businesses were victims of cyber attacks in the past year, greatly increasing the security stakes for companies of all sizes. Risk managers are aware of the increasing threat of cyber attack, but despite that, a majority of them said that they are not doing enough to thwart such an event, according to the study by The Hartford Steam Boiler Inspection and Insurance Company. The results are eye-opening and a wake-up call for all companies, especially firms that do not have a risk manager on staff. Worse yet, while in the…
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