WELCOME FRIENDS AND VALUED CLIENTS OF JGS INSURANCE , A BALDWIN RISK PARTNER
As we move into the new year , I ’ d like to make you aware of the latest developments in the insurance industry that can have a major impact over the next several months .
Currently in the news is the uptick of cyberattacks on businesses across the world . Unfortunately , many small business owners seem to believe they are immune to such attacks and overlook a critical component to long-term success — cybersecurity . What they fail to understand is that criminals are aware that small businesses are easy targets because they typically have less security in place than larger companies . Nick D ' Onofrio , Associate Advisor , examines what steps need to be taken to ensure business safety and security .
Another issue that ’ s making headlines is the rise in nuclear verdicts within the transportation industry . Nuclear verdicts occur when a jury awards more than $ 10 million in damages to a plaintiff following catastrophic accidents . One study found that there has been a tenfold rise in nuclear verdicts . Moreover , a truck accident lawsuit involves more than just the incident itself . In addition to going after the driver , plaintiffs attempt to put the trucking company and its entire business under intense scrutiny . Meaghan Tyndale- Williams , Advisor , discusses why this is happening and how the insurance industry is handling the problem .
A subject we all need to take seriously is the global potential for systemic risk , a disruption to the flow of financial services that is caused by an impairment of all or parts of the financial system and has the potential to have serious negative consequences for the real economy . Events that present such risk include climate change , natural disasters , disease outbreak , and cyberattacks , to name a few . Gwen Luu , Partner , reveals how the insurance industry is handling these risks and what you can do to prevent them from affecting your business .
Giving integrity tests as a screening tool for prospective employees has become the latest method for employers who need to reduce workers ’ compensation claims . An integrity screening is a specific type of personality test designed to assess an applicant ’ s tendency to be honest , trustworthy , and dependable . Eric Wokas , Senior Risk Engineer , explores how the screening is used as a preventative measure .
Lastly , we look at steps HR teams can take to review what is and isn ’ t working with regards to their open enrollment benefits . One suggestion is to post open enrollment surveys to get concrete feedback about how much employees engage with their benefits and how they can improve in the upcoming open enrollment period . Our professional tips include how to ask the right questions and how to incentivize employee participation . Barry Fields , Partner , gives expert advice in this issue .
The information offered in this month ’ s edition of JGS Risk & Business Magazine will help you navigate these challenging times with exemplary guidance . On behalf of all of us here at JGS , thank you for taking the time to read through and we look forward to serving you . +
VINNIE HAGER , MANAGING PARTNER JGS INSURANCE , A BALDWIN RISK PARTNER JGSINSURANCE . COM
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