OnMarket Insurance Associates

In January 2025, California’s workers’ compensation benefits will see a notable update, with both minimum and maximum temporary disability rates set to rise. These adjustments reflect the state's effort to keep benefits in line with wage growth and ensure that injured workers receive fair financial support during their recovery. This change also impacts those receiving long-term benefits, such as life pension or permanent total disability payments. The state’s proactive approach ensures that workers’ compensation benefits continue to reflect the evolving economic landscape, providing vital support to employees when they need it most.

As Hurricane Milton continues its devastating path, the insurance industry is grappling with what could be a $20 billion-plus event. The storm is reshaping Florida’s insurance market, with experts forecasting widespread damage, potential insurer insolvencies, and skyrocketing reinsurance costs. The future of Florida’s fragile insurance system hangs in the balance as this catastrophic event unfolds. The impacts of Hurricane Milton are likely to be felt for years, not just in property damage but in how insurance is structured and priced. With insurers under unprecedented strain, there’s growing concern about the sustainability of the market. #HurricaneMilton #CatastropheResponse

For owners of older properties, basic insurance may not cover the full costs when disaster hits. Ordinance or Law Insurance helps cover the often unexpected expenses required to bring buildings in line with current codes. Whether it’s tearing down undamaged sections, removing debris, or upgrading systems to meet modern regulations, this coverage ensures you're not stuck with hefty bills for code compliance. The policy is divided into three main areas: protecting the value of undamaged parts, covering demolition costs, and handling the extra expenses of rebuilding to today’s standards. Without this coverage, you could face significant out-of-pocket costs that go beyond typical repair work. If your property isn’t up to code, this coverage can help you avoid costly surprises. Learn how it works and why it’s a critical addition to your insurance plan. #PropertyInsurance #BuildingCodes #OrdinanceLawCoverage

As Hurricane Helene leaves significant damage across multiple states, the insurance industry is facing an influx of claims. Adjusters are working hard to navigate logistical challenges, including flooded areas and damaged infrastructure, while advancements in technology like drones and AI are helping expedite the claims process. Despite these tools, adjusters continue to race against time to assess properties and assist policyholders in getting their lives back on track. With weeks left in the hurricane season, it's crucial for homeowners and business owners to review their insurance coverage and ensure they are prepared for any future disruptions. #HurricaneHelene #ClaimsAdjusters

Is your business prepared for unexpected disruptions? Business Interruption Insurance can be a lifeline, covering lost revenue and operating expenses when a crisis forces you to temporarily shut down. Learn why it's essential for protecting your business and ensuring continuity during unexpected circumstances. Read the full article below. #InsuranceTips #BusinessInterruptionInsurance #RiskManagement

The catastrophic collapse of Baltimore's bridge, caused by a collision with a Singapore-flagged container vessel, highlights the significant financial and operational disruptions faced by businesses, particularly in insurance and supply chain management. The event underscores the necessity for robust risk management, diverse supply chain strategies, and comprehensive insurance coverage to mitigate such crises. Delve into the complexities of the incident's legal, operational, and insurance-related repercussions, highlighting strategies for business owners to strengthen their preparedness for unforeseen disasters. #RiskManagement #SupplyChain

Is your commercial property insurance set up to protect your business effectively? The choice between Replacement Cost Coverage (RCV) and Actual Cash Value (ACV) plays a critical role in determining your recovery after a loss. Ensuring proper valuation, avoiding hidden penalties, and understanding the differences can save your business from unexpected financial strain. Don't let the fine print catch you off guard—know what you're signing up for and ensure you're fully covered. #CommercialInsurance #PropertyInsurance #BusinessProtection

Does your business have a "claims-made" insurance policy? If so, it's crucial to understand the importance of the retroactive date. Learn why maintaining the same retroactive date with a new policy is essential for covering past work and avoiding costly gaps in coverage. #InsuranceTips #ClaimsMadePolicy #RetroactiveDate

Advanced predictive modeling is transforming insurance rate setting by addressing emerging risks that traditional methods can't capture. As insurers face challenges like climate change and cyber threats, leveraging real-time data and machine learning is essential for accurate pricing and ensuring stability in a complex risk environment. #PredictiveModeling #InsuranceInnovation #RiskManagement

Standard insurance often falls short when faced with substantial claims and lawsuits. Umbrella insurance bridges these gaps, providing an additional layer of coverage to ensure your assets remain protected. Whether it's a major car accident, a liability claim from a neighbor's injury, or a legal dispute, umbrella insurance can be your financial defense. As inflation drives up costs for repairs, medical bills, and legal settlements, having umbrella insurance is crucial. This enhanced coverage prepares you for unexpected events that could otherwise impact your financial stability. More people are recognizing the importance of this essential protection, making it a smart move for long-term financial security. #UmbrellaCoverage #InsuranceInsights