Cyber Risk Management
Cyber insurance, or cybersecurity insurance, is a specialized form of business liability insurance designed to shield organizations from cyber risks and data breaches. This insurance aids in restoring employee and customer identities, recovering lost data, and repairing damaged systems following incidents such as data breaches, ransomware attacks, or phishing scams.
All businesses that store data online face cyber risks. In the U.S., a data privacy attack happens approximately every 40 seconds. Without cyber insurance, your organization could face hefty state and federal fines, costs associated with forensic investigations, breach notifications, and potential lawsuits.
Cyber insurance typically covers a range of first-party and post-breach expenses, including:
- Legal fees for privacy attorneys
- IT forensic investigations
- Compliance with state notification requirements
- Credit monitoring services for affected individuals
- Public relations support for crisis management
- Regulatory fines
- Defense against class action lawsuits
Because cyber insurance policies can vary significantly, working with an experienced broker is crucial to ensure your business is adequately protected.
Property Risk Management
Maintain your property’s integrity by adopting a proactive strategy to reduce potential risks and liabilities, allowing you to focus on growing your business. Assess risks, create tailored management strategies, and enhance your security through services like internal audits, appraisals, inspections, and fire protection planning.
Whether it’s code compliance, security consulting, or loss investigations, a customized property risk management plan will address your needs and vulnerabilities. With expert guidance, your plan can include cost evaluations, building inspections, and other essential services to ensure the safety and stability of your property.
Workplace Safety Management
With nearly three million workplace injuries and illnesses annually, ensuring safety is critical. Assess and enhance your preventive, planned, and emergency protocols to safeguard your employees and reduce claims.
A tailored workplace safety program can protect both your workforce and bottom line. We’ll help you implement industry best practices and ensure compliance with relevant safety regulations, creating a reliable and effective strategy.
Through expert guidance, you’ll optimize training, conduct safety audits, and ensure adherence to regulations like OSHA, DOT, and Canadian Provincial Standards, minimizing risks and improving workplace safety.
Employee Productivity & Absence Management
Employees require time off for various reasons, from health issues and family care to personal time and vacations. Offering well-structured leave programs is crucial for employers to stay competitive and reduce the risk of non-compliance with local, state, and federal regulations.
Workforce absence programs can encompass:
- Short- and Long-Term Disability
- FMLA/State Leave of Absence
- Paid Time Off (PTO) for vacations, sick days, and more
- Workers’ Compensation and other company leaves
- Beyond compliance, these programs help attract and retain talent. Employers must also manage return-to-work strategies while ensuring ADA accommodations and consistent policies, no matter the business size. Navigating these complexities is critical, and expert assistance can simplify the process.
Fleet Risk Management
Reduce equipment failures and safeguard your drivers and vehicles with a customized Fleet Risk Management strategy to keep your operations running smoothly.
Limit company liability and ensure compliance by implementing a plan that includes safety training, audits, inspections, and pre-hire screenings, all backed by benchmark analysis.
Promote driver responsibility and minimize risks like distracted driving with a comprehensive set of programs designed to protect your team, fleet, and business. By using these strategies, you’ll enhance safety and reduce potential hazards on the road, ensuring long-term success for your company.
Risk Management Information Systems (RMIS)
HUB offers a cutting-edge Risk Management Information System (RMIS), which streamlines processes and enhances insights into your organization’s risk management efforts.
Designed for adaptability, the system features an intuitive interface and powerful tools that can be tailored to your specific requirements. It provides effective claims administration, audit, safety, and compliance.
Through this advanced platform, you can leverage analytics and benchmarking to make more informed decisions around core risk management activities, including risk identification, assessment, financing, and claims management, all aimed at optimizing operational performance
Here are several examples of how RMIS can be applied across various sectors:
- Construction: Monitor job-site performance with leading and lagging indicators, while seamlessly sharing data between job sites and the corporate office.
- Entertainment: Manage data throughout the production cycle, from pre-production to post-production, streamlining reporting and claims handling.
- Healthcare: Secure data aggregation allows for real-time decision-making and improves patient safety while reducing claims costs.
- Real Estate: Track and manage risk activities enterprise-wide, including leases, insurance certificates, and safety initiatives.
Transportation/Fleet: Monitor fleet details, claims, maintenance, inspections, and overall costs with customized dashboards for real-time data analysis.
Claims Management
Many organizations face significant time and financial burdens when it comes to managing claims, reserves, and disputes, whether they pertain to liability, workers’ compensation, or property. A well-designed claims management plan is essential to keeping your business running efficiently, mitigating risks, and minimizing long-term financial impact.
At HUB, we understand the importance of a strategic claims process. Our team of seasoned insurance professionals works closely with you to create customized strategies aimed at controlling costs, protecting your business, and minimizing the total cost of risk. With expertise in risk management and market collateral, our specialists are true partners in helping you manage claims effectively and efficiently.
Our expertise spans a broad range of industries, backed by over 225 claims professionals across North America. We specialize in workers’ compensation, property and casualty coverage, professional lines insurance, and more, working in close alignment with carriers and third-party administrators (TPAs). This collaboration allows us to manage claims proactively, ensuring timely resolution and reducing unnecessary risks.
HUB’s advocacy goes beyond claims handling—we focus on achieving strategic outcomes for your business. Our data analytics and benchmarking tools offer a comprehensive view of the evolving claims landscape, enabling us to identify trends and develop targeted strategies to minimize future claims. By employing informatics, we can reduce vulnerability, streamline claims processing, and prevent potential losses.
Key claims management services include:
- In-depth loss analysis and reporting
- Review of claims reserves and payment adjustments
- Strategic claims closure programs
- Benchmarking performance against industry standards
- Return-to-work initiatives and employer claims management practices
- Selection and oversight of TPAs
- Litigation and settlement management
- Medical case management, subrogation, and second injury fund recoveries
- Managing collateral through effective claims closure strategies
With HUB’s claims management solutions, your business benefits from proactive risk reduction, expert claims advocacy, and strategic guidance designed to ensure financial stability and operational efficiency.
Surety Bonds
Surety bonds play a crucial role in construction projects, offering protection to contractors, suppliers, subcontractors, and project owners. Required by law for public works in the U.S. and Canada, these bonds safeguard against project risks by ensuring the fulfillment of contractual obligations. Private sectors and financial institutions increasingly rely on surety bonds for economic protection.
Surety bonds involve three parties: the principal (contractor), the obligee (project owner), and the surety (insurance company). Various bond types, like bid, performance, and payment bonds, cover project phases. Commercial surety bonds also protect against legal or regulatory noncompliance in industries beyond construction.
Expert brokers streamline the complex process of securing surety bonds, helping contractors meet underwriting standards and negotiate favorable terms. HUB’s experts, with their extensive experience, ensure clients can navigate the surety bond landscape, offering tailored solutions to meet specific project needs through their partnerships with leading surety companies.
Get Started
Share a few details and a member of our team will contact you to schedule a free, no-obligation quote and complimentary review of your risk management needs.