Industry News

​The New York Compensation Insurance Rating Board has announced the new construction payroll limitation for 2021. Effective July 1, 2021, insurers can apply a maximum of $1,594.57 per week for payroll when calculating Workers' Compensation insurance premiums.New York insurance law limits the amount of payroll that insurers may apply when determining Workers' Comp premiums for employers in the construction industry. The limitation is a function of the state's average weekly wage and must be reset every year on July 1. The previous limitation was $1,450.17.Source

The Basic C​​ybersecurity Controls That Every Company MUST HaveWhen it comes to cybersecurity, don't underestimate the importance of basic controls. You and your employees are exposed in the pandemic-induced work from home environment to new cyber risks, raising the stakes for cyber best practices and education. Cyber criminals seek out the lowest hanging fruit. They're attacking organizations without the most basic controls, such as those with insecure remote desktop protocol (RDP) and those that lack multi-factor authentication (MFA) for remote access or administrative access into corporate networks. Make sure your agency is promoting basic cybersecurity measures.Employee Ben​​​efits in 2021: 3 Trends for the 'Next Normal'Employee…

​Highly Digital Agencies Grow 60% Faster Than the Competition​​​A recent survey of nearly 600 U.S.-based independent agents from Liberty Mutual and Safeco Insurance sought to understand how independent insurance agencies are evolving to meet new expectations. The results, published in the “Rise of the Digital Insurance Agency" report, found that digitally-savvy agencies grow an average of 60% more than their less digital counterparts. See marketing materials from Trusted Choice here.Commercial P&C ​​Insurance Rates Continue Upward Trajectory​During the first quarter of 2021, commercial property & casualty rates saw an overall gain of 7%, according to MarketScout Corp., which reported umbrella, professional liability and D&O all saw double-digit…